Intermediate Accounting, 10 Ed
10th Edition
ISBN: 9781260310177
Author: Mark W. Nelson, Wayne B. Thomas J. David Spiceland
Publisher: McGraw-Hill Education
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Chapter 11, Problem 11.20Q
To determine
Property, Plant, and Equipment:
Property, plant, and equipment are those assets which are tangible and long-term assets used in the operations of the business.
Intangible assets:
Intangible assets are the long term assets which are used in the operations of a business have no physical substance. Example: Patent, Trademark,
To Identify: Any differences between U.S. GAAP and IFRS in the subsequent valuation of property, plant, and equipment and intangible assets.
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Students have asked these similar questions
Please explain and analyze the effect of major differences between IFRS and U.S. GAAP related to the financial reporting of a specific category of account (e.g. intangibles, biological assets, goodwill, non-controlling assets).
Identify any differences between U.S. GAAP and International Financial Reporting Standards in the subsequent valuation of property, plant, and equipment and intangible assets.
Analyze the impact of differences between IFRS and U.S. GAAP in asset recognition and measurement rules on financial statements.
You may focus on Inventories; PPE; Investment Property; Biological Assets; Impairment of Assets; Intangible Assets; Business combination and consolidated financial statements; and Borrowing costs.
Chapter 11 Solutions
Intermediate Accounting, 10 Ed
Ch. 11 - Prob. 11.1QCh. 11 - Depreciation is a process of cost allocation, not...Ch. 11 - Identify and define the three characteristics of...Ch. 11 - Discuss the factors that influence the estimation...Ch. 11 - What is meant by depreciable base? How is it...Ch. 11 - Prob. 11.6QCh. 11 - Prob. 11.7QCh. 11 - Why are time-based depreciation methods used more...Ch. 11 - Prob. 11.9QCh. 11 - Prob. 11.10Q
Ch. 11 - Briefly explain the differences and similarities...Ch. 11 - Prob. 11.12QCh. 11 - Prob. 11.13QCh. 11 - What are some of the simplifying conventions a...Ch. 11 - Explain the accounting treatment required when a...Ch. 11 - Explain the accounting treatment and disclosures...Ch. 11 - Explain the steps required to correct an error in...Ch. 11 - Prob. 11.18QCh. 11 - Prob. 11.19QCh. 11 - Prob. 11.20QCh. 11 - Prob. 11.21QCh. 11 - Briefly explain the differences between U.S. GAAP...Ch. 11 - Under U.S. GAAP, litigation costs to successfully...Ch. 11 - Cost allocation At the beginning of its fiscal...Ch. 11 - Prob. 11.4BECh. 11 - Prob. 11.5BECh. 11 - Prob. 11.8BECh. 11 - Prob. 11.10BECh. 11 - Prob. 11.11BECh. 11 - Prob. 11.12BECh. 11 - Prob. 11.13BECh. 11 - Impairment; property, plant, and equipment LO118...Ch. 11 - Prob. 11.18BECh. 11 - IFRS; impairment; property, plant, and equipment ...Ch. 11 - Prob. 11.20BECh. 11 - Prob. 11.21BECh. 11 - IFRS; impairment; goodwill LO1110 IFRS Refer to...Ch. 11 - Subsequent expenditures LO119 Demmert...Ch. 11 - Prob. 11.1ECh. 11 - Prob. 11.2ECh. 11 - Prob. 11.3ECh. 11 - Prob. 11.4ECh. 11 - Depreciation methods; solving for unknowns LO112...Ch. 11 - Prob. 11.10ECh. 11 - Prob. 11.12ECh. 11 - Prob. 11.13ECh. 11 - Prob. 11.15ECh. 11 - Prob. 11.16ECh. 11 - Prob. 11.26ECh. 11 - Impairment; property, plant, and equipment LO118...Ch. 11 - IFRS; impairment; property, plant, and equipment ...Ch. 11 - Prob. 11.30ECh. 11 - Prob. 11.31ECh. 11 - Prob. 11.32ECh. 11 - Prob. 11.33ECh. 11 - FASB codification research LO118 The FASB...Ch. 11 - Prob. 11.35ECh. 11 - Subsequent expenditures LO119 Belltone Company...Ch. 11 - Concept s; terminology LO111 through LO116, LO118...Ch. 11 - Depreciation methods; change in methods LO112,...Ch. 11 - Prob. 11.6PCh. 11 - Prob. 11.7PCh. 11 - Prob. 11.10PCh. 11 - Prob. 11.12PCh. 11 - Prob. 11.14PCh. 11 - Analysis Case 111 Depreciation, depletion, and...Ch. 11 - Communication Case 112 Depreciation LO111 At a...Ch. 11 - Judgment Case 113 Straight-line method; composite...Ch. 11 - Prob. 11.4DMPCh. 11 - Prob. 11.8DMPCh. 11 - Research Case 119 FASB codification; locate and...Ch. 11 - Prob. 11.11DMPCh. 11 - Real World Case 1115 Depreciation and depletion...Ch. 11 - Prob. 11.16DMPCh. 11 - Target Case LO112, LO118, LO119 Target...
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Discuss the primary differences between U.S. GAAP and IFRS with respect to theutilization and impairment of property, plant, and equipment and intangible assets.arrow_forwardHow is property, plant, and equipment measured on the balance sheet under IFRS? How does this differ from the way property, plant, and equipment is measured on the balance sheet under U.S. GAAP?arrow_forwardDiscuss the primary differences between U.S. GAAP and IFRS with respect to the acquisition of property, plant, and equipment and intangible assets.arrow_forward
- 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.arrow_forwardDetermine the impact that specific differences between IFRS and U.S. GAAP have on financial statements, and prepare adjustments to convert IFRS balances to U.S. GAAP.arrow_forwardEvaluate the recoverability test used in U.S. GAAP.arrow_forward
- Which of the following is most accurate in describing the measurement of assets and liabilities? a. Fair value should be used as often as possible. b. Assets are marked at historic cost, especially for U.S. GAAP, and liabilities are recorded at present value. c. A number of different methods are allowed for calculating asset and liability values.arrow_forwardDefine the term “intangible assets” in accordance with IAS 38. Take a financial statement for an Oman-based company and explain why “goodwill” is treated as an intangible asset within the statement of financial position.arrow_forwardAccounting for plant assets involves cost determination, depreciation, additional expenditures, and disposals. Is plant asset accounting broadly similar or dissimilar between IFRS and U.S. GAAP? Identify one notable difference between IFRS and U.S. GAAP in accounting for plant assets.arrow_forward
- One of the main differences between U.S. GAAP and IAS/IFRS is the measurement of property, plant & equipment subsequent to initial recognition. Read IAS 16 and answer the following questions. Provide a list of the references you have used to search this topic. How should any claim for compensation from third parties for impairment be accounted for? How should the recoverability of the carrying amount of property, plant & equipment be accounted for? How should any revaluation surplus from a revalued asset be treated if the revalued asset is disposed of?arrow_forwardWhen fair value is used in measuring assets in the financial statements, current GAAP provides following references as basis of fair value, except Price in active market Price in recent transaction Price taken from industry or sector benchmarks Price based on assessed value of government bodiesarrow_forwardWhich of the following statements about IFRS and U.S. GAAP accounting and reporting requirements for the balance sheet is not correct? a. Both IFRS and GAAP allow the use of title “balance sheet” or “statement of financial position.” b. One difference between the reporting requirements under IFRS and those of U.S. GAAP balance sheet is that an IFRS balance sheet may list long-term assets first. c. Both IFRS and U.S. GAAP require that comparative information be reported. d. Both IFRS and U.S. GAAP require that property, plant and equipment be revalued on the balance sheet.arrow_forward
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