User Account

All Pages

In what ways have some of the approaches differed

Assignment Help Accounting Basics
Reference no: EM131013860

Write a 700- to 1,050-word summary of the team's discussion about IFRS versus GAAP, based on your team collaborative discussions. The summary should be structured in a subject-by-subject format. An introduction and a conclusion are needed. Your essay should include the answers to the following:

IFRS 8-1: What are some steps taken by both the FASB and IASB to move to fair value measurement for financial instruments? In what ways have some of the approaches differed?

IFRS 9-1: What is component depreciation, and when must it be used?

IFRS 9-2: What is revaluation of plant assets? When should revaluation be applied?

IFRS 9-3: Some product development expenditures are recorded as development expenses and others as development costs. Explain the difference between these accounts and how a company decides which classification is appropriate.

IFRS 10-2: Explain how IFRS defines a contingent liability and provide an example.

IFRS10-3: Briefly describe some similarities and differences between GAAP and IFRS with respect to the accounting for liabilities.

Reference no: EM131013860

Questions Cloud

A car company is offering a choice of deal : A car company is offering a choice of deals. You can receive $500 cash back on the purchase, or a 3 percent APR, 4-year loan. The price of the car is $15,000 and you could obtain a 4-year loan from your credit union, at 7 percent APR. Which deal is c..
Calculate their expected payments from a proposed fee : The HMO projects its hospital budget at 465 patient days per 1,000 members, with a payment rate of $1,000 per, patient day. The covered population is 25,000 members which produces a hospital budget of $11,625,000 (465 x 25x $1,000). The HMO proposes ..
Equivalent uniform annual worth : Charleston Industries is trying to decide if expanding to a new product line would be worth the investment. The new line is estimated to have annual expenses of $28731 and annual profits of $97695. What is the equivalent uniform annual worth (EUAW) o..
What is the equivalent uniform annual worth of project : A small company has a choice between 2 projects. Because the company is highly specialized, it picks its projects carefully. Project A has annual expenses of $556 and annual profit of $23340. The project will last for 5 years. Comparing the two proje..
In what ways have some of the approaches differed : Briefly describe some similarities and differences between GAAP and IFRS with respect to the accounting for liabilities.
Differentiate between the concept of accrued expense : Differentiate between the concept of accrued expense and accrued revenue.
By how much does the principal of the bond increase : A 8-year bond has a par value of $1,000 and a coupon rate of 5 percent. During the first six months after the bond was Issued, the inflation rate was 1.3 percent. By how much does the principal of the bond increase? What is the coupon payment after s..
Entity''s operating cycle if the cycle is longer than a year : What is the term used to describe a debt due to be paid within one year or within the entity's operating cycle if the cycle is longer than a year
The prevailing annualized yield on other bonds : A 2-year bond has a par value of $1,000 and a semiannual coupon rate of 5 percent. The prevailing annualized yield on other bonds with similar characteristics is 7 percent. What is the appropriate market price of the bond?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Indicate whether or not the wages are exempt

For each of the following kinds of wage payments, indicate whether or not the wages are exempt from the withholding of federal income taxes: Three weeks' vacation pay. Weekly advance to a sales representative for traveling expenses to be incurred.

  How should these impairments be accounted

Explain what is meant by the impairment value of property, plant, and equipment and intangible assets. How should these impairments be accounted for?

  Business analysis and financial reporting

What is shareholder's equity, how is it calculated, and where and how is it reported? What is comprehensive income and how does it influence equity? What happens to shareholder's equity when the firm issues more shares or buys back shares in the o..

  A severe shortage of plastic pellets has required the

sport luggage inc. makes high-end hard-sided luggage for sports equipment. data concerning three of the companys most

  The cost of the annuity was 46800 and cecil was expected to

cecil c. seymour is a 646-year-old widower. he had income for 2013 as followspension from former employer 39850interest

  Book value ratio for comparable firms

a. Estimate the average price/book value ratio for these comparable firms. Would you use this average P/BV ratio to price the IPO? b. What subjective adjustments would you make to the price/book value ratio for this firm and why?

  Application of the exclusion clauses

Tommy is a successful property developer who regularly attends Jay's Dry-Cleaning Service to have his expensive suits dry-cleaned.

  Ecology co sells a biodegradable product called dissol and

ecology co. sells a biodegradable product called dissol and has predicted the following sales for the first four months

  Financial accounting-periodic inventories

Olsen Company uses the periodic inventory method and had the following inventory information available for the month of November.

  Some students feel that the online courses should be

online degrees and courses are widely used by colleges and universities around the world. some students feel that the

  Tax-exempt interest income

In addition, Otter has tax-exempt interest income of $250,000 and makes distributions to Ellie and Linda of $50,000 each. Discuss the impact of this information on the taxable income of Otter, Ellie, and Linda if Otter is:

  What should jessica do under these circumatances

Is Jessica's decision or behavior unethical? What should Jessica do under these circumatances? What are Sara's possible alternatives for her next course of action?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd