If a Chien Bleu Ltd. puchased a buildiong in 2009 for 10,000,000 euros and as of December 31, 2015 had recorded accum,ulated deprecoation on the building of 3,000,000 euros. On December 31, 2015, the comapny conducted its first revaluation when the fair value was 12,000,000 euros. According to IAS 16, what account should be credited for 5,000,000 euros? Show
A. Loss on Revaluation--Building Through 50 years of high quality service, Domo Diagnostics Laboratory has created goodwill with its clients that management estimates is worth at least $20,000,000. Under IAS 38, how should this be recognized? A. An intangible asset "Goodwill" should be debited for $20,000,000. Synergy Ltd purchased a building in 2008 for 20,000,000 and as Dec 31, 2014 had recorded accumulated depreciation on the building of 6,000,000. On Dec 31, 2014 the company conducted its first revaluation when the fair value 24,000,000. Under IAS 16, the journal entry recorded on this date would include? A. a credit to Revaluation Surplus-Building for
10,000,000 Income under US GAAP will be lower by $1,700. Chien Bleu, Ltd. purchased a building in 2009 for 10,000,000 and as of December 31, 2015 had recorded accumulated depreciation on the building of 3,000,000. On December 31, 2015, the company conducted its first revaluation when the fair value was 12,000,000. According to IAS 16, what accounting should be credited for 5,000,000? Syngery Ltd. purchased a building in 2008 for 20,000,000 and as of December 31, 2014 has recorded accumulated depreciation on the building of 6,000,000. On December 31, 2014, the company conducted its first revaluation when the fair value was 24,000,000. Under IAS 16, the journal entry recorded on this date would include: Credit to Revaluation Surplus for 10,000,000 Sets with similar termsChien Bleu Ltd. purchased a building in 2009 for €10,000,000 and as of December 31, 2015 had recorded accumulated depreciation on the building of €3,000,000. On December 31, 2015, the company conducted its first revaluation when the fair value was €12,000,000. According to IAS 16, what account should be credited for €5,000,000? A. Loss on Revaluation—Building B. Gain From Revaluation of Building C. Revaluation Surplus—Building D. Revaluation Revenue—Building Through 50 years of high quality service, Domo Diagnostics Laboratory has created goodwill with its clients that management estimates is worth at least $20,000,000. Under IAS 38, how should this be recognized? A. An intangible asset "Goodwill" should be debited for $20,000,000. B. The $20,000,000 should be expensed over a period of 20 years. C. The $20,000,000 should be expensed over a period of 50 years. D. It should not be recognized in Domo's accounting records at all. Carrying value 100,000 Using IAS 36, what is the amount of impairment loss? A. €18,000 B. €37,000 C. €15,000 D. €25,000 Carrying value 100,000 Using IAS 36, what is the recoverable amount? A. €85,000 B. €82,000 C. €63,000 D. €75,000 Under U.S. GAAP, if the carrying value of a fixed asset was $50,000, the undiscounted expected future cash flows was $55,000, the discounted expected future cash flows was $51,000, and the selling price was $53,000, what is the amount of impairment loss? A. $5,000 B. $3,000 C. $1,000 D. $0 Synergy Ltd. purchased a building in 2008 for €20,000,000 and as of December 31, 2014 had recorded accumulated depreciation on the building of €6,000,000. On December 31, 2014, the company conducted its first revaluation when the fair value was €24,000,000. Under IAS 16, the journal entry recorded on this date would include: A. a credit to Revaluation Surplus—Building for €10,000,000. B. a debit to Revaluation Surplus—Building for €14,000,000. C. a debit to Loss on Revaluation—Building for €14,000,000. D. a credit to Loss on Revaluation—Building for €10,000,000. What is the journal entry required to recognize a deferred tax asset of $50,000? A. Dr. Deferred Tax Asset $50,000, Cr. Income Tax Benefit $50,000 B. Dr. Deferred Tax Asset $50,000, Cr. Equity $50,000 C. Dr. Income Tax Expense $50,000, Cr. Deferred Tax Asset $50,000 D. Dr. Deferred Tax Asset $50,000, Cr. Deferred Tax Liability $50,000 What is the biggest difference between IFRS and U.S. GAAP quizlet?What is the difference between U.S. GAAP and IFRS? One is based more on specific rules (U.S. GAAP), and the other is based more on broad principles (IFRS).
What types of differences can cause issues between U.S. GAAP and IFRS?GAAP tends to be more rules-based, while IFRS tends to be more principles-based. Under GAAP, companies may have industry-specific rules and guidelines to follow, while IFRS has principles that require judgment and interpretation to determine how they are to be applied in a given situation.
In what way does IAS 16 differ from U.S. GAAP concerning fixed asset measurement subsequent to initial recognition?IAS 16 allows both upward and downward revaluation of fixed assets, whereas U.S. GAAP only allows upward revaluation.
Which of the following is a difference between IAS 37 and U.S. GAAP with respect to restructuring provisions?Which of the following is a difference between IAS 37 and U.S. GAAP with respect to restructuring provisions? U.S. GAAP does not allow recognition of a restructuring provision until a liability has been incurred.
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Which of the following is generally true about the differences between U.S. GAAP and IFRS quizlet?
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