Are there circumstances in which the cost method is required under U.S. GAAP but not under IFRS? Explain.

Q: What do the allowable deductions include?

A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…

Q: how do you determine when goodwill will be written off under the impairment rules

A: Goodwill:Goodwill is the good reputation developed by a company over years. This is recorded as an…

Q: What's the difference between IFRS and US GAAP when it comes to the word "contingent liability"?

A: Contingencies - Existing Condition involving uncertainty that may result in possible gain (gain…

Q: is amortization of patent included in statement of costs of goods manufactured?

A: The income earned by a corporation after deducting the direct costs of manufacturing its products is…

Q: Do U.S. GAAP and IFRS (under IAS No. 39) differ in how they account for otherthan- temporary…

A: Generally Accepted Accounting Principles (GAAP): These are the guidelines necessary to create…

Q: Describe any differences in segment disclosure requirements between U.S. GAAP and IFRS.

A: International Financial Reporting Standards IFRS is a set of global accounting standards issued by…

Q: measure a provision a. at fair value b. at cost c. at the best estimate of the amount required to…

A: Small manufacturing companies have a small investment with its lower scope of business activities.…

Q: Under U.S. GAAP, the impairment tests for goodwill and PP&E are different. Describe the main…

A: Property, plant and equipment:   Property, plant and equipment are the tangible assets which are…

Q: What guidance does the Codification provide concerning the disclosure of research and development…

A: Research and development (R&D) incorporate activities that are taken up by an organization to…

Q: How do the non-GAAP measures differ from related official GAAP measures?

A: Generally Accepted Accounting Principles  or GAAP  provides an uniform set of rules and formats…

Q: State the key differences between IFRS and U.S. GAAP.

A: IFRS stands for International Financial Reporting Standards. These are accounting standards issued…

Q: Explain the differences between US GAAP and IFRS in the calculation of a goodwill impairment loss in…

A: Answer: Goodwill is the type of asset that are intangible in nature. It is tested for annual…

Q: What is the purpose of valuation in terms of statutory dimension

A: The valuation is done to ensure that the book value of the assets are measured and recorded in…

Q: What amount of gain should be reported as a result of the modification of terms under ifrs?

A: As per the restructuring of terms, 1. Loan reduced by 20% i.e., P3,000,000 * 20% = P 600,000 2. Loan…

Q: Based on Appendix 12B) How does IFRS differ from current U.S. GAAP in accounting for…

A: When the asset value reduces due to market or technological factors which it turn fall below its…

Q: Briefly describe how IFRS guidelines for recognizing revenue from multiple-deliverable arrangements…

A: Definition: Revenue recognition principle: Revenue recognition principle emphasizes, that the…

Q: Discuss the primary differences between U.S. GAAP and IFRS with respect to current liabilities and…

A: Generally Accepted Accounting Principles (GAAP): Generally Accepted Accounting Principles are the…

Q: 18. Which of the following statements is Incorrect? * The fair value of investment property shall…

A: Investment- Investment is defined as the purchase of an asset in order to generate income or capital…

Q: What guidance does the Codification provide concerning reporting inventories above cost?

A: Inventory management: Inventory management is defined as a set of processes clearly determined for…

Q: In the United States, GAAP comes under the purview of the

A: In United states, GAAP comes under the purview of the Financial Accounting Standards Board (FASB).

Q: How does IFRS differ from current U.S. GAAP with respect to accounting for impairments?

A: When the asset value reduces due to market or technological factors which it turn fall below its…

Q: What types of fees and conditions are prohibited under RESPA?

A: Real Estate Settlement Procedures Act (RESPA)? The Real Estate Settlement Procedures Act, or RESPA,…

Q: What is meant by fair trade

A: Fair-trade is an agreement between a buyer and seller, in which seller has to provide good working…

Q: nstrument is used by the exporter and nporter to fulfill their short term nancial requirement?

A: Banks provide credit to the business for import and export.

Q: Distinguish between the Customs Act, Customs Tariff Act, an EIPA Further, what is the purpose of…

A: Customs Act: Customs Act deals with the administration part of the customs transactions and general…

Q: IASB requires the use of _____ as a measurement basis. a. historical cost b. not given c. current…

A: Introduction:- The International Accounting Standards Board (IASB) issued Framework for the…

Q: Is the threshold for recognizing a provision under IFRS different than it is under U.S.GAAP?…

A:

Q: Discuss the primary differences between U.S. GAAP and IFRS with respect to revenue recognition.

A: IFRS revenue recognition is directed by two primary standards and four general interpretations. On…

Q: How do U.S. GAAP and IFRS differ in their treatment of a range of equally likely losses?

A: Loss contingency: Loss contingency is a contingency where the existing situations or circumstances…

Q: differentiate between the Customs Act, Customs Tariff Act, and EIPA

A: Customs Act: Customs Act deals with the administration part of the customs transactions and general…

Q: What is TDS on commission, what is stated under section 194 H?

A: The income statement of the company will be prepared, and maintained by the management which will…

Q: Which organization is responsible for promulgating U.S.​ GAAP?

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…

Q: Why do somew companies report "Non-GAAP" measures?

A: Non GAAP measures are the measures opted by the companies to show some aspects outside the financial…

Q: What is the primary difference between interim reports under IFRS and U.S. GAAP?

A: IFRS and GAAP:

Q: Differentiate between IFRS vs. U.S. GAAP.

A: International Financial Reporting Standards (IFRS): IFRS are a set of international accounting…

Q: How might a license for symbolic intellectual property be treated differently under IFRS as compared…

A: International Financial Reporting Standards: They are commonly known as IFRS. These are set of…

Q: What is the difference between the use of the term contingent liability in U.S. GAAP and IFRS?

A: Contingent Liability  Contingent liability is one form of liability that arises based on a…

Q: s it true that legal enforceability of a right, for example ownership, is necessary for control over…

A: Legally enforceable right states that the right to set off need to be contingent on the future event…

Q: b) Briefly describe how the fair value model, as allowed by LAS 40, is applied.

A: As per IAS 40 Investment property,  Investment property is property held to earn rental revenue or…

Q: Explain how the closing process is different between accounting under IFRS versus U.S. GAAP

A:

Q: What are some exceptions to UBIT provided by legislation?

A: The question is related to some exceptions to Unrelated Business Income tax .Unrelated business…