• Accounting Principles - Paper
    most important factors include consolidation, financial statement estimates, revenue recognition, advertising costs, compensation from stocks, property and equipment, goodwill, long-lived assets, franchise revenues, and employee benefit plans. We determined that McDonald’s has a large amount of flexibility...
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  • Historical Cost Model
    What is included in the cost basis of a long- lived asset? Explain for a least two types of such assets. Add the original price of your investment and any transaction costs. For example, if you buy 100 shares of stock at $10 per share and pay a $20 broker’s commission, your purchase expense totals...
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  • Financialreportingdevelopments Bb1887 Impairment
    or Financial reporting disposal of longdevelopments lived assets Revised October 2011 To our clients and other friends ASC 360-10, Impairment and Disposal of Long-Lived Assets (ASC 360), provides accounting guidance for impairments of assets that are held for use, held for sale and to be disposed...
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  • Research Proposals
    Other assets XX XX XX $ XX Trade payables $ XX Short-term borrowings XX Long-term borrowings XX Other liabilities XX XX XX $ XX Total assets of the disposal group classified as held for sale in the statement of financial position Carrying amounts of major classes of liabilities included as part...
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  • Long-Term Asset Impairment
    121 "Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of". The statement established accounting standards for the impairment of long-lived assets, certain identifiable intangibles, and goodwill related to those assets to be held and used. The statement also...
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  • Ifrs and Gaap
    IFRS and GAAP Convergence 1. Describe IFRS and GAAP and what convergence means. Generally Accepted Accounting Principles (GAAP). GAAP has a specific meaning for accountants and auditors .   As long as an accountant uses GAAP as his guide and does not stray far from its principles his/her work...
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  • Kim Park Non Monetary
    9-110-017 REV: JUNE 4, 2010 DAVID HAWKINS Kim Park (A): Long-lived Nonmonetary Assets While attending a U.S. graduate business school, Kim Park, a South Korean exchange student, developed a deep interest in the materials covered in her first-year MBA accounting course. This growing interest...
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  • management control system
    Assurance Services U.S. GAAP vs. IFRS: Impairment of long-lived assets at-a-glance Increasing globalization coupled with related regulations continues to put pressure on moving towards a common global accounting framework – International Financial Reporting Standards (IFRS). Currently, more...
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  • Fixed Assets Codes
    Fixed asset Property, plant, and equipment typically consist of long-lived tangible assets used to create and distribute an entity's products and services and include: • a. Land and land improvements • b. Buildings • c. Machinery and equipment • d. Furniture and fixtures. Initial measurement ...
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  • Rough Waters Ahead
    following are the required steps to identify, recognize and measure the impairment of a long-lived asset (group) to be held and used:  Step 1: Indicators of impairment — FASB ASC 360-10-35-21 “A long-lived asset (asset group) shall be tested for recoverability whenever events or changes in circumstances...
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  • Asset Impairment
    The Asset impairment standard exists to ensure that assets are carried on the books of a company for no more than their fair value or recoverable amount. Under current US GAAP for long-lived assets there are two steps in determining if impairment indicators exist. The first step in determining impairment...
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  • Case1
    answering the following: 1. Who are Dow’s external auditors? Describe the two opinion letters that Dow received for 2008. In your own words, explain what these opinions mean. Why are the opinions dated several weeks after Dow’s year end? 2. Use a spreadsheet to construct common-size income statements...
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  • Abcd
    report comprehensive income in the statement of shareholder’s equity. Prepaid expenses, unearned revenue, income taxes payable contra account What is the accounting entries for adjustment? How come we have contra account coming from I/S? L.O.S 25b. According to IASB: Revenue is recognized...
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  • International Financial Reporting Standards
    ...................................................................................................................4 Impairment of Long-Lived and Indefinite-Lived Assets .............................................................................................................................4 Property...
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  • Miss
    recoverability and impairment tests of noncurrent assets in various regions around the world. When recoverability and impairment tests of noncurrent assets in accordance with accounting principles generally accepted in the United States. For other assets, impairment tests are required at least annually...
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  • Mcdonald
    franchise fees and marketing fees, which are calculated as a percentage of sales, McDonald's may also collect rent, which may also be calculated on the basis of sales. As a condition of many franchise agreements, which vary by contract, age, country, and location, the Corporation may own or lease the properties...
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  • Accounting Paper 1
    a large investment in property, plant and equipment is often required. These assets are often referred to as fixed assets or capital assets. There are two types of assets included in the cost of basis in long lived assets. The first is real property. Real property consists of land, land improvements...
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  • Sassy
    ................................. 14 Long-lived assets ........................................................... 15 Intangible assets............................................................ 17 Impairment of long-lived assets, goodwill and intangible assets ........................................
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  • Governmental & Nfp Review
    Gov’t and Non For Profit Review 2 30 C (2 pts each) and 8 Computation (5 pts each) Ch. 5 Capital Assets and Capital Projects Funds * Where are general capital assets and capital projects funds recorded in which accounting record? * Capital projects fund * Two Types ...
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  • Npo's Financial Statement Analysis
    statements and explain how the statements stated in the Form 990 differ from those in audited financial statements. Sample financial statements are included in this section, while sample 990 Tax returns are presented in Appendix 1.7 8 The accounting system for nonprofits is designed to capture the economic...
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