Reference no: EM132863660

Question Set

- How is it determined whether a "transaction or other event" is considered a "business combination" in US GAAP and IFRS? (Do not use the definition of a business combination to answer this question.) If it is determined that the "transaction or other event" is a "business combination" what method must be used to account for the business combination in US GAAP and IFRS? What are the steps in the method identified in the previous question in US GAAP and IFRS?

- Are there circumstances under which a contingent gain can be recognized in US GAAP? Is it allowable to disclose information related to contingent gains in US GAAP? In IFRS are there circumstances under which it is allowable to recognize a contingent asset? In IFRS under what circumstances are contingent assets disclosed?

- In US GAAP for what amounts other than net income must an entity present basic and diluted earnings per share? What is the appropriate place for these presentations? In IFRS for what amounts other than profit or loss attributable to the ordinary equity holders of the parent entity must an entity present basic and diluted earnings per share? What is the appropriate place for these presentations?

- What does US GAAP say about the "use" of valuation techniques to measure fair value? What does IFRS say about the "use" of valuation techniques to measure fair value? What are the three valuation techniques that are used to measure fair value in US GAAP? How about IFRS? How many "levels" of inputs to the valuation techniques are there in US GAAP? Describe each. How many "levels" of inputs to the valuation techniques are there in IFRS? Describe each.