Ch10 - Exchange of Non-monetary Exchange with lacking...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Comparison of US GAAP and IFRS US GAAP IFRS Definition Tangible, long-term in nature, and Similar acquired for specific uses Initial recognition of PPE Cost of assets includes the purchase cost Similar and all costs incurred to bring assets for its intended use Capitalization of interest Lesser amount of actual interest expense Two methods and avoidable interest 1) Capitalized actual interest costs 2) Similar to US GAAP Include exchange rate differences Interest revenue Do not offset each other Offset borrowing costs by invest income earned
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Exchange of Non-monetary Exchange with lacking commercial substance Exchange with lacking commercial substance asset- recognize partial gain when cash received- no (partial gain) recognized Subsequent valuation Cost model Cost model or reevaluation model Revaluate using available fair market value Cost after acquisition Capitalized when the cost extend Similar estimated useful life, improve quality or quantity...
View Full Document

{[ snackBarMessage ]}

Ask a homework question - tutors are online