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- Fair Value Accounting: Q. How does fair value accounting differ from historical cost accounting? Discuss the advantages and challenges of using fair value in financial reportingQuestion: Why is it that fair value's are thought to be more relevant in some financial reporting situations? Please Explain.What is Fair Value Accounting? What are the factors contributing toward the trend of fair value accounting? How are the balance sheet and income statement affected by fair value accounting? Cite and give credit to the author that you are citing.
- Define contingent liability. What is the criteria to determine whether or not to report the contingency on financial statements? What supporting documentation is required? Please provide a detailed example of a contingent liability.Explain the difference between current and noncurrent assets and liabilities. Why is this distinction important to stakeholders?Which of the following accounting principles or conventions is contradictory to the GAAP requirement to expense R&D costs immediately? matching principle historical cost principle comparability conservatism
- Describe required fair value disclosures.Which of the following best describes the application ofgenerally accepted accounting principles to the valuation ofaccounts receivable?For a liability to be recognised within the financial statements, it needs to be reasonably apparent that an obligation to an ____________exists. Select one alternative: legal obligation external party another party counter party
- true or false The net defined benefit liability/asset that is presented in the balance sheet is the difference between the FVTA and the PV of DBO, subject to the asset ceiling if appropriate.Which of the following does not require disclosure in the financial statements? choices: There is a present obligation that probably requires an outflow of resources that can be measured reliably. There is a present obligation that probably requires an outflow of resources but the amount cannot be measured reliably. There is a possible obligation or a present obligation that may, but probably will not require an outflow of resources There is a possible obligation or a present obligation where the likelihood of an outflow of resource is remote.When should a contingent liability be recognized and reported on the financial statements? A. Reporting contingent liabilities do not require they be probable or reasonably estimated B. When the contingent liability is probable C. When a reasonable estimation can be made of the amount owed D. When the contingent liability is probable and a reasonable estimation can be made of the amount owed
