Provide proffesional argument as to why IFRS 16 is preffered for us over IAS 17, and three examples in use that distiquish the two

Q: What is the intent of FASB Statement 13 and ASU 2016-02?

A: FASB 32 is a statement establishing the guidelines and procedures for reporting leases by lessors…

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

A: IFRS: International Financial Reporting Standard is abbreviated as IFRS. The IFRS is set up to bring…

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: 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: Which of the following is not a required disclosure under PAS 1?

A: PAS 1 refers to the Philippine Accounting Standards as developed by the PFRS (The Philippine…

Q: er part (d) and s

A: As per requirement, the part d is solved.

Q: Explain the circumstances of reclassification from FVPL to FVOCI.

A: Reclassification is a journal entry which includes transfer from one general ledger to another. It…

Q: What is the requirement on Federal Truth-in-Lending (FTL)?

A: Following are the requirements of Federal Truth-in-Lending (FTL):   The financial data: The plan of…

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: Identify the three components of the upper limit on misstatements. How is each component calculated?

A:

Q: Under IFRS it is greater than probability that an obligation is going to arise and the amount can be…

A: International Financial Reporting Standards (IFRS) is an acronym for International Financial…

Q: the differencwe between the new IFRS 15 and old IFRS 15

A: The acronym IFRS stands for International Financial Reporting Standards that provide the rules,…

Q: s)/problem(s) faced by SSB by referring to the MFRS 137 Provisions, Contingent Liabilities and…

A: Contingent liabilities refer to the liability that arises to an entity out of an unexpected future…

Q: This question is related with MFRS116

A:

Q: SE13-1, SE13-2, SE13-4 were answered in a previous question. Please look at SE13-4, SE13-5, SE13-6.

A: Since, you have specifically asked for 4, 5 and 6 part. So, we have solved the same for you.

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: According to IAS 37 - Provisions, Contingent Liabilities, and Contingent Assets choose two of the…

A: IAS 37 is accounting standard which deals and provides guidelines about provisions and the…

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: 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: Which of the following does not belong to group: PAS 16, PAS 20.  PAS, 23,  PAS 41,  PFRS 6

A: PAS 16 - It is related to accounting of general Property, Plant and Equipment. PAS 20 - It is…

Q: What are reversing entries? Are they required by GAAP?

A:

Q: 020, Chalangs entered into an a nents. The geographical segm y distinguished, operationally a

A: Given: To calculate the discontinued operations of post tax loss on the year 2020 as,

Q: 64. According to the pny In upn should prepare which of the follow statements? Statement of Changes

A: The American Institute of Certified Public Accountants (AICPA) is the United States' primary…

Q: Which of the following is an exception for application of IFRS 15? Oa. Insurance contracts. O b.…

A: Following are some exclusions from IFRS 15: Leases (IAS 17 or IFRS 16) Financial instruments and…

Q: was due inancial State nc. should report

A:

Q: Within AASB 101 there is a prohibition on disclosing ‘extraordinary items’. Provide an assessment of…

A: Extraordinary items refers to the non-recurring items that are infrequent and unusual in the…

Q: I. A provision is a present obligation which may either be legal or constructive. II. Even if a…

A: As per IAS 37 Provisions, Contingent Liabilities and Contingent Assets, A provision is a present…

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: equivalent

A:

Q: for each of following citations, identify the type of authority (Statutory, administrative, or…

A: Below are the provided authority and the citation:

Q: what alternatives does FASB ASC Topic 305 provide in assessing the impairment?

A: The financial Accounting standard board provides an an accounting alternative expected to less the…

Q: Name and detail 3 types of differences that exist between IFRS and U.S. GAAP.

A: IFRS (International financial reporting standard): These are the set of guidelines and rules which…

Q: List and briefly describe the seven different threats to the 1.200.001 Independence Rule.

A: 1.200.001 of AICPA Code of Professional Responsibility talks about Independence

Q: COA needs to journalize the appropriation and allotment released by DBM. * true or false?

A: The government uses a different way to report their financial statements than the private sector…

Q: The NEC is published by whom?

A: The question is based on the concept of accounting theory.

Q: er 31, 2020 al analysis encil only, ennies blank aper properly. lines as

A: Multi-step income statement with vertical analysis refers to a type of financial statement analysis…

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: What are the Copies of all approved requisitions?

A: Requisition:-It is a process where one person requests using service or item. A requisition is a…

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: Q18: "Original exhange rate is £1 = US$1.4565, what is the reciprocal rate?"     1.1876…

A: Given £1 = US$1.4565

Q: n the case of a non-adjusting event, IAS 10 requires it to be: Select one alternative: disclosed…

A: Solution: In the case of a non-adjusting event, IAS 10 requires it to be "disclosed by way of note…