AASB 116 requires disclosure of the following by asset class:IIIIIIIVThe useful lives of assetsYesNoYesYesAccumulated impairment lossesNoYesYesYesItems pledged as securityYesYesNoYesAdditions during the yearYesYesYesNoΟΙO IV.O IIIOll

The disclosure obligations under AASB 116 (Property, Plant and Equipment) differ according to the…

Answered: AASB 116 requires disclosure of the…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 39BE: ( Appendix 7A) Impairment Listed below is information related to three assets reported in the...

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( Appendix 7A) Impairment Listed below is information related to three assets reported in the financial statements of Grant Company: Required: For each scenario, indicate whether the asset has been impaired and, if so, the amount of the impairment loss that should recorded.
33. the commercial package policy declarations contain interlines enduements cause of loss forms common policy conditions d description of the property insured
Which of the following is a current asset? Question 3 options: goodwill prepaid expenses accrued liabilities deferred revenue
Of the following, what information is required to calculate depreciation allowances under MACRSGDS? I. Useful life II. First cost. III. Salvage value. IV. Property class a. II and IV only. b. II, III, and IV only. c. I, II, and IV only. d. I, II, III, and IV.
Write CA if the item is normally reported as a current asset, NCA if non- current. If not an asset, write NA. 9. Contingent asset 10. Financial Asset at Fair Value at OCI
PFRS 5 provides unconditional requirement that the sale of the noncurrent asset held for sale should be expected to qualify for recognitionas a completed sale within one year from the date of classification. A. TrueB. FalseC. SecretD. I dunno
Under U.S. GAAP, what is the expense resulting from the increase in the carrying amount of an asset retirement obligation? Group of answer choices depletion expense contingent expense accretion expense vested expense
According to PFRS 9, which of the following represents a cessation of a financial asset’s impairment accounting? Reclassification of the financial asset from Amortized cost to FVPL Reclassification of the financial asset from FVPL to Amortized cost Reclassificatioimpairn of the financial asset from Amortized cost to FVOCI Reclassification of the financial asset from FVOCI to Amortized cost
Actuarial (Remeasurement) gains and losses are reported as OCI as they occur using a. U.S. GAAP. b. IFRS. c. Both U.S. GAAP and IFRS. d. Neither U.S. GAAP nor IFRS.
Under PFRS 9, a financial asset shall be measured subsequently at amortized cost when: I. The business model of the entity is to hold the financial asset in order to collect contractual cash flows on specifies dates. II. The contractual cash flows are solely payment of principal and interest on the principal amount outstanding. O Il only Both I anf II O Either I orll O lonly Next
What amount should be recorded as initial measurement of the right of use asset? **see attached pica. 5,600,000b. 4,088,000c. 3,912,000d. 3,288,000
7. Which of the following must be done when accounting for depreciation under IFRS GAAP but can be done under U.S. GAAP? a. Depreciate by function b. Depreciate by nature c. Depreciate by components d. All of these 8. When accounting for contingent liabilities IFRS GAAP defines ‘probable’ as a. likely b. more likely than not c. possible d. none of these 9. When accounting for contingent liabilities U.S. GAAP defines ‘probable’ as a. likely b. more likely than not c. possible d. none of these

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AASB 116 requires disclosure of the following by asset class: I II III IV The useful lives of assets Yes No Yes Yes Accumulated impairment losses No Yes Yes Yes Items pledged as security Yes Yes No Yes Additions during the year Yes Yes Yes No ΟΙ O IV. O III Oll