Do U.S. GAAP and IFRS (under IAS No. 39) differ in how they account for otherthan- temporary impairments? Explain.

Q: Adherence to the IFRS' standards is mandatory in the United States. O True False

A: False. In the United States, while many large multinational corporations may voluntarily adhere to…

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: Describe several tariff and nontariff barriers to trade

A: What are tariff barriers  These are government induced barriers on international trade. These…

Q: What is the IFRS adoption in the U.S. ? Please explain?

A: Step 1: Understanding IFRSInternational Financial Reporting Standards (IFRS) are a set of accounting…

Q: Why should granted emission allowance be measured at fair value?

A: The emission allowance is a special type of allowance that companies get from the government.  This…

Q: Explain the impairment of goodwill, in general

A: Corporate finance is referred as the decision of the firm to take capital investments and other…

Q: In what circumstance must entities register for GST in Australia?

A: GST is goods and services tax which is a form of indirect taxes. This is charged on goods and…

Q: Should the United States also adopt IFRS?

A: International financial reporting framework (IFRS): International financial reporting framework is…

Q: hy should emission allowance be recognised as an intangible asset and measured at f

A: Intangible assets are those which do not have any kind of physical existence and but they still have…

Q: Define Temporarily Restricted Contributions based on the U.S. GAAP SFAS.

A: Statements of Financial Reporting Standards were created to address particular accounting concerns…

Q: Describe differences and similarities in the treatment of goodwill impairment between the FASB and…

A: The International Accounting Standards Board (IASB) is responsible for developing and promoting…

Q: How do the impairment test for indefinite-lived intangible assets and definite-lived intangible…

A: Impairment is the permanent reduction in the value of the asset. Circumstances that indicate…

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: Is the substituted basis of the qualifying property received in a nontaxable exchange more or less…

A: A nontaxable exchange, also known as a  duty-  remitted exchange, refers to a  sale in which the…

Q: Identify the specific factors discussed in the Codification as it relates to Goodwill & Impairment.…

A: Goodwill is an intangible asset; it is the brand value of the business and it is calculated as…

Q: Which of the following statements in relation to GST are correct?   a. Imports do not attract GST…

A: Goods and services tax is the tax on the commodities and services to be given to the consumers. It…

Q: What factors lead to differences between countries? What are the implications for the IAS? Are the…

A: INTERNATIONAL ACCOUNTING STANDARDS HAVE NOT BEEN ADOPTED BY ALL THE COUNTRIES. MANY OF THESE…

Q: What is the Dormant Commerce Clause ?   a. An affirmative constitutional grant to states to…

A: The Dormant Commerce Clause means the congress has given the power over interstate commerce.

Q: What are the different ways a country might use IFRS?

A: International Financial Reporting Standards refers to the accounting standards which is issued by…

Q: ist and discuss Impairment measurements, Testing for Impairment, Asset Grouping, and Accounting for…

A: When the fair market value of an assets of the entity depreciates more than the asset's book value…

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: Evaluate the recoverability test used in U.S. GAAP.

A: Recoverability test is used for determining and accounting for impairments in the value of fixed…

Q: One of the main differences between U.S. GAAP and IAS/IFRS is the measurement of property, plant &…

A: Definition: IAS 16 deals provide a framework for the accounting treatment of property plant and…

Q: Briefly explain the difference between U.S. GAAP and IFRS in the measurement of an impairment loss…

A: Impairment loss of assets:   Impairment loss of assets arises when the carrying value of the assets…

Q: Some say that IFRS are now GAAP in the European Union. How is this statement true, and how is it…

A: IFRS is the organization which set up the accounting standards to be followed by all the companies…

Q: Under IFRS, the retrospective approach should not be used if:

A: Here is the answer :

Q: Generally, the EEOC attempts to remedy an unlawful practice through mandatory arbitration. ⒸFalse…

A: Generally, the EEOC attempts to remedy an unlawful practice through conciliation

Q: n the United States, the __________, a government agency, has the legal authority to set GAAP.

A: Financial Accounting Standard board (FASB) is a government body established for the purpose of…

Q: Explain the ‘qualifying asset’ and how do we treat exchange rate differences relating to the…

A: A qualifying asset is an asset that necessarily takes a substantial period of time to get ready for…

Q: In Morocco, certain items are exempted from VAT while others are zero-rated. Explain the difference…

A: Value Added Tax is an indirect tax imposed on the value added on every stage of buying and selling…

Q: Which of the following is a commonly found encumbrance? neither of the answers shown air and…

A: A right, lien or any other type of restriction on the unrestricted use of property is referred to as…

Q: discuss the prospects and consequences of trade protection, citing relevant and recent examplesI)

A: For the purpose of increase and decrease in the trade activities of the country, the implementation…

Q: For which of the following does U.S. GAAP permit recognition of recovery of impairment? Group of…

A: The objective of the question is to identify which asset types are allowed for the recognition of…

Q: How does Measurement criteria answer the question of "at what amount should it be recorded?" Explain…

A: In Canadian Generally Accepted Accounting Principles (GAAP), the measurement criteria determine the…

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

A: Property, Plant, and Equipment:   Property, plant, and equipment are those assets which are…

Q: According to IFRS, the retrospective technique should not be employed if any of the following…

A: The question explains about  According to IFRS, the retrospective technique should not be employed…