Us gaap, Financial Accounting

Assignment Help:

US GAAP follows the Historical Cost Concept in valuing the cost of Long-Term Assets. Explain this principle and how it compares to the standards used in the reporting of Long-Term Assets under International Financial Reporting Standards (IFRS). If there is a convergence of standards, which method do you believe should be used and why?


Related Discussions:- Us gaap

Maximize revenues from sales, You are a manager at the DaimlerChrysler. Dai...

You are a manager at the DaimlerChrysler. Daimler-Chrysler has lost money on the Smart car since the first model rolled off the assembly line in 1998. By bringing its little car in

What do you mean by bankruptcy, Q. What do you mean by Bankruptcy? Bank...

Q. What do you mean by Bankruptcy? Bankruptcy - Legal process, governed by federal statute, whereby the DEBTS of an insolventperson are liquidated after being satisfied to the

American institute of certified public accountants, American Institute of C...

American Institute of Certified Public Accountants (AICPA) - National professionalmembership organization which represents practicing CERTIFIED PUBLIC ACCOUNTANTS(CPAs). AICPA esta

Stockholder''s equity, 1. Lett Corp declared and issued a 15% stock dividen...

1. Lett Corp declared and issued a 15% stock dividend when they had 100,000 shares of common stock issued and outstanding. The market price of the stock was $20 per share on the de

Determine the carrying amount, An item of plant was purchased for $100,000 ...

An item of plant was purchased for $100,000 on 1 January 2009. At that time its estimated residual value was $5,000. At 31 December 2009 prices, the residual value was estimated at

Net realizable value of the accounts receivable, After the accounts are adj...

After the accounts are adjusted at the end of the year, Accounts Receivable has a balance of $215,000, Uncollectible Accounts Expense has a balance of $17,500, and Allowance for Do

Montana''s capital lease, Montana Company signs a five-year capital lease w...

Montana Company signs a five-year capital lease with Elway Company for office equipment. The yearly lease payment is $20,000, and the interest rate is 8%.   1. Compute the cu

Credit reference agencies and credit scoring, Q. Credit Reference Agencies ...

Q. Credit Reference Agencies and Credit Scoring ? A several organisations example Dun & Bradstreet and Standard & Poor provide credit scores and ratings for companies. These ma

Determine the npv and annual savings, Joe has two children, Sydney age 5 a...

Joe has two children, Sydney age 5 and William age 2, that he wants to provide for their education funding.  Currently, tuition is $10,000 per year and tuition inflation is 6%.  Jo

Write Your Message!

Captcha
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!

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