INTERNATIONAL ACCOUNTING CH 4 HW

INTERNATIONAL ACCOUNTING CH 4 HW - International Accounting...

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International Accounting Chapter 4: International Financial Reporting Standards 1. Definitions Recognitions Measurements Alternatives Lack of requirements or guidance Presentation Disclosure 2. How does application of the lower of cost or market rule for inventories Pg. 116: IAS2 allows capitalization of interest for those inventories that “require a substantial period of time to bring them to a saleable condition.” IAS2 does not allow LIFO 3. What are the two models allowed by IAS 16 for measuring property, plant, and equipment at dates subsequent to original acquisition? Slide: Historical cost- (cost model) recognizes the asset @ cost less accumulated deprecation, required by US GAAP. Revaluation- requires that all assets within a class be revalued periodically. 4. How are internally generated intangibles handled under IAS 38? How does this different from US GAAP? Slide: IAS 38 allows capitalization of many development costs 5. How is a impairment loss on property, plant, and equipment determined and measured under IAS 36? How does this differ from US GAAP? Slide:
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This note was uploaded on 02/09/2011 for the course ACCT 547 taught by Professor Sc during the Fall '11 term at Campbell University .

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INTERNATIONAL ACCOUNTING CH 4 HW - International Accounting...

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