What is the fair value of the biological assets on December 31, 2021?

Q: Investment Property can be classified under the following methods except?   Cost Cost and Fairvalue…

A: Solution: Investment Property can be classified under the following methods except "Cost and Fair…

Q: When fair value is used in measuring assets in the financial statements, current GAAP provides…

A: (1) Full form of GAAP - Generally Accepted Accounting Principles. (2) It is a collection of the…

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: How is property, plant, and equipment measured on the balance sheet under IFRS? How does this differ…

A: Generally Accepted Accounting Principles: The principles which are followed by the management to…

Q: compare and contrast the recording of fixed assets under US GAAP and IFRS How would you determine…

A: GAAP (General Accepted Accounting Principles):-It is a collection of rules and standards prepared…

Q: Why allow the fair value option for financial assets and liabilities and not for, say, buildings or…

A:

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: IFRS 5 requires certain conditions to be met before an asset or disposal group can be classified as…

A: IFRS 5 deals with the held for sale, non-current assets.

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: Identify the two exceptions to valuing property, plant, and equipment and intangible assets acquired…

A:

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: What are permanently restricted net assets?

A: The permanently restricted net assets are held by the non-profit organizations.

Q: Assuming IASB board is considering amendment to the IAS 16: Property, Plant and Equipment, what…

A: The primary objective of IAS 16 is to prescribe the accounting treatment of property plant equipment…

Q: Under a property policy,  insurable interest must exist at which of the following times?  when the…

A: Insurable interest is a type of insurance which protect the policy holder from the financial loss…

Q: What basic principle do U.S. GAAP and IFRS rely upon in recording the initial acquisition value for…

A: Generally Accepted Accounting Principles (GAAP): Generally Accepted Accounting Principles are the…

Q: right of use asset and a lease liability on the part of the lessee?

A: Lease -: A Lease is an agreement summarizing the conditions in which one party decides to rent…

Q: O IAS 40 INVESTMENT PROPERTY SHOULD BE TAKEN UP IN SOPL OR OCI

A: Step 1 As per the provisions of IAS 40, investment property is means land or building or both which…

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: When using the fair value method, we adjust the reported amount of the investment for changes in…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

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: what us the 2021 general entry?

A: An employer agrees to provide employees with a predetermined amount of retirement benefits upon…

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: What are temporarily restricted net assets?

A: Assets: These are the resources owned and controlled by business and used to produce benefits for…

Q: aims of the Basel II capital accords

A: The Basel Committee on Bank Supervision (BCBS) established the Basel Accords, a series of three…

Q: over what period of time should the cost of a patent aquired by purchased be amortized?

A: Cost of patent acquired by Purchase should be amortized over its useful life which cannot be longer…

Q: Why was land registration a critical issue in maintaining property rights?

A: The primary goal of property rights, as well as their primary accomplishment, is to eliminate…

Q: In computing the realized gain in a like-kind exchange, it is necessary to compare A) the fair…

A: market value of the assets given up.

Q: Identify the term being referred to: An agreement where one party conveys to the another party the…

A: The question contains an agreement between two parties . One party coveys the right to use the asset…

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: How do U.S. GAAP and IFRS differ in their treatment of a range of equally likely losses?

A: Loss contingency: Loss contingency is a contingency where the existing situations or circumstances…

Q: Which of the following intangible assets would not be subject to amortization? Goodwill Patent…

A: An asset that does not have a physical form is known as an intangible asset. It is a long-term…

Q: Describe why allow the fair value option for financial assets and liabilities and not for buildings…

A: