Question 6

Question 6 - Question 6 Difference between IFRS and GAAP...

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Question 6 Difference between IFRS and GAAP about Property, Plant and Equipment By our discussing we found out some difference about Property, Plant and Equipment underlying IFRS and GAAP. There are the comparisons of those: Comparison of accounting treatments Section 3061 and IAS 16, IAS 36 and IAS 40 are converged, except that: (i) IAS 16 permits the revaluation of property, plant and equipment to fair value; (ii) IAS 16 requires the depreciable amount to be the asset cost less its residual value, rather than using the greater of the asset cost less its residual value or asset cost less its salvage value; (iii) IAS 36 requires discounting in determining the net recoverable amount of property, plant and equipment; (iv) IAS 40 allows investment property to be accounted for using a fair value or a cost-based model; (v) IFRSs contain an exemption from applying the GAAP hierarchy to develop accounting policies for exploration and evaluation activities; and (vi) IFRS 6 provides limited guidance on the financial reporting for exploration for, and evaluation of, mineral resources. Certain portions of Section 3061 and all of AcG-16 and EIC-126 are more comprehensive than
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This note was uploaded on 10/18/2010 for the course BUS ACC415 taught by Professor Bibijohn during the Spring '09 term at Seneca.

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Question 6 - Question 6 Difference between IFRS and GAAP...

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