The following statement is TRUE / FALSE (circle one): Effective for fiscal years beginning after December 31, 2019, Accounting Standard Update 2017-04: “Simplifying Goodwill Impairment Testing" - which allowed privately held firms to amortize Goodwill over a ten-year period - has been expanded so that all firms, whether private or public, may now elect to amortize Goodwill.

Under IFRS 15, assuming the outcome of construction can be estimated reliably, what is the realized gross loss to be recognized by MDC for the year ended December 31, 20x22? On July 1, 20x31, Torela Company, a construction company, entered into a contract to construct a commercial building for a customer on customer-owned land for promised consideration of P1,000,000 and a bonus of P200,000 if the building is completed within 24 months.  An inception date, the entity expects total construction costs of P700,000 to complete the building.  The entity accounts for the promised bundle of goods and services as a single performance obligation satisfied over time in accordance with paragraph IFRS 15 because the customer controls the building during construction.  At contract inception, the entity cannot conclude that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur with respect to inclusion of bonus to contract price.  Completion…

How much accretion expense will the company record in its income statement for the 2021 fiscal year related to this transaction? Determine the specific Codification citation for each of the following, based on the format indicated, a. the calculation of accretion expense and b. the classification of accretion expense in the income statement. Explain to Anna how Portsmouth would account for the restoration if the restoration costs differed from the recorded liability in three years. By way of explanation, prepare the journal entry to record the payment of the retirement obligation in three years assuming that the actual restoration costs were $ 4.7 million. Describe to Anna the necessary disclosure requirements for the obligation. What specific Codification citation contains these disclosure requirements?

At the beginning of 2024, a construction company that began operations in 2022 changed from the completed-contract method to the percentage-of-completion method for accounting purposes but not for tax purposes. Gross profit figures under both methods for the past three years appear below: 2022 2023 2024 Completed-Contract $565000 725000 800000 $2090000 Percentage-of-Completion $1010000 1050000 1150000 $3210000 The company reports two years of comparative statements. Assuming an income tax rate of 20% for all years, the effect of this accounting change on prior periods after taxes should be reported by a credit of O $616000 on the 2024 income statement. O $356000 on the 2023 retained earnings statement. O $896000 on the 2023 income statement. O $896000 on the 2024 retained earnings statement.