EBK FINANCIAL ACCOUNTING THEORY AND ANA
EBK FINANCIAL ACCOUNTING THEORY AND ANA
12th Edition
ISBN: 9781119299646
Author: CATHEY
Publisher: JOHN WILEY+SONS,INC.-CONSIGNMENT
Question
Book Icon
Chapter 3, Problem 3.5C

a)

To determine

To discuss : Qualitative concept of comparability and comparability of US companies with financial statements of other countries.

b)

To determine

To discuss : Qualitative concept of reliability and reliability of amount for property plant and equipment in United States companies in comparison to other countries.

c)

To determine

To discuss : Qualitative concept of relevance and relevance of amount for property plant and equipment in United States companies in comparison to other countries.

Blurred answer
Students have asked these similar questions
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?
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.?1) How should any claim for compensation from third parties for impairment be accounted for?2) How should the recoverability of the carrying amount of property, plant & equipment be accounted for?3) How should any revaluation surplus from a revalued asset be treated if the revalued asset is disposed of?4) What additional disclosures should be made if property, plant & equipment are stated at revalued amounts?5) Explain the effect on the company’s financial statements if a company switches from the historical cost principle to the revaluation model? How should this change be accounted for in the financial statements?
Accounting 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.
Knowledge Booster
Background pattern image
Similar questions
SEE MORE QUESTIONS
Recommended textbooks for you
Text book image
Financial Reporting, Financial Statement Analysis...
Finance
ISBN:9781285190907
Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:Cengage Learning
Text book image
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning