Explain the ‘qualifying asset’ and how do we treat exchange rate differences relating to the acquisition of qualifying assets? Compare and contrast this with the treatment for assets that are not qualifying assets?Give your answer as per AASB 123

How do U.S. GAAP and IFRS differ in their use of present values when measuring contingent liabilities?

How might the definition of “probable” affect determining whether a contract exists under IFRS as compared to U.S. GAAP?

Please focus on Goodwill when you answer the question below and when you apply an example to it.  The question: Explain and analyze the effect of major differences between IFRS and U.S. GAAP on Financial statements in terms of Definition, recognition, Measurement, and alternative methods of measrument (if allowed), the requirements, the presentation of the items in financial statements, and disclosure in the notes of the financial statements.

What are §1031 like-kind exchanges? And, what are qualifying assets? Please provide some examples.

Explain the relative merits of using an exchange-traded derivative contract versus using an over-the-counter derivative contract.

Explain the difference between Trade Payable and Other Payable with relevant examples.