• Accounting Principles - Paper
    related them to our identified key success factors. McDonald’s 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...
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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...
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  • Financialreportingdevelopments Bb1887 Impairment
    dispose of a long-lived asset prior to the end of its estimated useful life and as a result environmental exit costs will be incurred, then the costs should be included in the cash flow estimates. Excerpt from Accounting Standards Codification Property, Plant, and Equipment — Overall Implementation...
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  • Kim Park Non Monetary
    flow to the entity and the asset has a cost value that can be measured reliably.”2 Furthermore, Kim understood from the same background readings that under U.S. Generally Accepted Accounting Principles (GAAP) and the International Financial Reporting Standards (IFRS) cost model, long-lived...
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  • Research Proposals
    - 7, with a link to transition paragraph 205 - 20 - 65 - 1, as follows: Segment Reporting — Overall Implementation Guidance and Illustrations > > Operating Segments – Discontinued Operations 280 - 10 - 55 - 7 The Impairment or Disposal of Long - Lived Assets Subsections of Section 360...
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  • Ifrs and Gaap
    more than one accounting period. Long lived assets are depreciated in GAAP and IFRS Some of the major differences in accounting for long-lived or tangible assets between International Financial Reporting Standards (IFRS) and U.S. GAAP are discussed below In US GAAP cost components are similar to...
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  • Long-Term Asset Impairment
    cost and effort, the asset should be carried at this amount. (Meeting and Luecke) If an impairment loss is recognized, the adjusted carrying amount of a long-lived asset shall be its new cost basis. For depreciable long-lived asset, the new cost basis shall be depreciated (amortized) over the...
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  • management control system
    -lived intangible assets in U.S. GAAP is included in the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 350, Intangibles—Goodwill and Other, and the guidance related to accounting for the impairment or disposal of other long-lived assets in U.S. GAAP is...
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  • Rough Waters Ahead
    cash flows used in the test for recoverability are less than the long-lived asset’s (group’s) carrying amount, determine the fair value of the long-lived asset (group) and recognize an impairment loss if the carrying amount of the long-lived asset (group) exceeds its fair value.” • What assets...
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  • Fixed Assets Codes
    360-10-35-20 for a discussion of depreciation of a new cost basis after recognition of an impairmentloss. 35-6 See paragraph 360-10-35-43 for a discussion of cessation of depreciation on long-lived assets classified as held for sale. Declining Balance Method 35-7 The declining-balance...
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  • Case1
    life of the property, increase its capacity, and/or mitigate or prevent contamination from future operations. Environmental costs are also capitalized in recognition of legal asset retirement obligations resulting from the acquisition, construction and/or normal operation of a long-lived asset. Costs...
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  • International Financial Reporting Standards
    . However, IFRS differs from U.S. GAAP in the method and valuation for calculating impairment, and allows for reversal of impairment with the exception of goodwill. 4 Method Long-lived asset impairment is a one-step approach under IFRS and is assessed on the basis of recoverable amount, which is...
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  • Abcd
    AFS securities. Under IFRS, firms can choose to report certain long-lived assets at fair value rather than historical cost. In this case, the changes in fair value are also included in other comprehensive income. Read example: very important. Liquidity vs solvency Classified B/S (IFRS...
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  • Mcdonald
    tangible assets for purchases of restaurants from franchisees and appreciation of ownership in international subsidiaries such as McDonald’s Japan. Long-Lived Assets: In accordance with SFAS No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets, long-lived assets are reviewed...
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  • Sassy
    versus IFRS The basics 15 Depreciation Depreciation of long-lived assets is required on a systematic basis under both accounting models. ASC 250, Accounting Changes and Error Corrections, and IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors, both treat changes in residual value...
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  • Asset Impairment
    -sale are the excess properties that are expected to be sold within the next 12 months. These assets are impaired when the carrying amount of the asset exceeds its fair value less cost to sell. Lowe’s includes impairment losses in the SG&A expense account. In 2010 they recorded long-lived asset...
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  • Miss
    definite-lived intangible assets are consistent with those we use in our internal planning. When performing impairment tests of indefinite-lived intangible assets, we estimate the fair values of the assets using management's best assumptions, which we believe would be consistent with what a...
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  • Ifrsvsgaape&Y
    Depreciation of long-lived assets is required on a systematic basis under both accounting models. FAS 154 Accounting Changes and Error Corrections and IAS 8 Accounting Policies, Changes in Accounting Estimates and Error Corrections both treat changes in depreciation method, residual value, and useful...
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  • Accounting Paper 1
    When one is setting up and maintaining a business, 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...
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  • Unitedhealth Group Financial Analysis
    quarter of 2008 to estimates of medical costs incurred in prior periods. * Operating costs were 14% and 14.6% of revenues in the second quarters of 2009 and 2008, respectively. * The second quarter 2009 income tax rate of 34% included 100 basis points of benefit from...
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