included in the “asset group” as defined by ASC 360-10 for purposes of performing the recoverability test? For purposes of recognition and measurement of an impairment loss‚ a long-lived asset or assets shall be grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Asset groups may include assets and liabilities outside the scope of ASC 360-10 (for example‚ goodwill — if certain conditions
Premium Depreciation Discounted cash flow Generally Accepted Accounting Principles
Nine Planets in vedic astrology In Hindu Astrology there are nine planets or Grahas. These include Mercury‚ Venus‚ Mars‚ Jupiter‚Sun‚ Moon‚Saturn Rahu and Ketu‚ which are astronomical points formed where the moons orbit intersects the apparent path of the Sun around the earth. Each planet is considered to be having masculine‚ feminine or neutral characteristics as well . Grahas and their equivalents in Western Astrology Indian Grahas Western Names Sex Ravi Sun Masculine Chandra Moon Feminine Kuja
Premium Mars Sun Ecliptic
Case 11-3 Master of the Universe Saturn Inc. (“Saturn”) and Venus Inc. (“Venus”)‚ two unrelated parties‚ form Jupiter‚ a joint venture. Saturn owns 51 percent of Jupiter and Venus owns 49 percent of Jupiter. The purpose of Jupiter is to own and operate organic clothing design and manufacturing facilities and sell organic clothing to unrelated retailers. When Jupiter was formed‚ Saturn contributed $561 million to Jupiter and Venus contributed four manufacturing facilities with an assembled
Premium Copyright Planet All rights reserved
are continually changing‚ some argue that recognizing this gains and losses in net income is misleading. Issues: My client has asked: What is the definition or example of comprehensive income? Applicable Accounting Standard (Codification) ASC 220-10-55-2 enumerates the items that are required to be reported as other comprehensive income. Some of these items are: (a) Foreign currency translation adjustment; (b)Gains and losses of foreign currency transactions; (c) Gains and losses on intra-entity
Premium Generally Accepted Accounting Principles Income statement Stock market
(CP-TBD) 5125 Adanson Street - Suite 500 Orlando‚ Florida 32804 Driver Education School American Safety Council‚ Inc. (C-TBD) 5125 Adanson Street - Suite 500 Orlando‚ Florida 32804 This contract assures that the American Safety Council‚ Inc. ("ASC") driver education school‚ ("school") agrees to provide the registered student ("student") with a six clock-hour Online Driver Education Course Exclusively for Adults. For the purpose of this Contract‚ a student is any person that accepts this Contract’s
Premium Education Driver's license Driving
to products and services‚ geographic areas of operation‚ and major customers that are required to be disclosed. Copyright ©2012 Pearson Education‚ Inc. Publishing as Prentice Hall 15-4 Segment Financial Reporting 1: REPORTABLE OPERATING SEGMENTS ASC 280-10-05 TO 55 Copyright ©2012 Pearson Education‚ Inc. Publishing as Prentice Hall 15-5 Operating Segments According to GAAP‚ companies that have publicly traded debt or equity instruments must report on their business segments. Reporting is based
Premium Generally Accepted Accounting Principles Income statement Balance sheet
(FASB) Accounting Standards Codifications (ASC) 360 – Property‚ Plant and Equipment to conduct our tests for recoverability on the cruise ship. Our analysis has helped us conclude that the value of the cruise ship has been impaired and Smooth Sailing will have to record an impairment loss of $1.6 million. The first step is to determine whether there were any indicators of impairment of the asset. According to FASB’s Accounting Standards Codification (ASC) 360-10-35-21: “A long lived asset shall
Premium Generally Accepted Accounting Principles Corporate finance Asset
FASB Codification Assignment 1 – Receivables You are spending your summer working for a local wholesale furniture company‚ Beds and Beyond‚ Inc. The company is considering a proposal from a local financial institution‚ Old Faithful Financial‚ to factor Bed and Beyond’s receivables. The company controller is unfamiliar with the most recent FASB pronouncement that deals with accounting for the transfer of financial assets and has asked you to do some research. The controller wants to make sure
Premium Asset Debt Balance sheet
current UK financial reporting practice. The ASC was set up in the 1970’s‚ where at the time there was no clear statement of accounting principles‚ accept that the accounts should be prudent; consistent; follow the accrual accounting procedures and be based on the assumption that the entity would remain a going concern. Up until 1990 standards were set by the ASC; a body made up of six professional accounting bodies in the UK. By 1991 the ASC had produced twenty-five standards‚ however they
Premium Balance sheet Generally Accepted Accounting Principles
recoverable amount would be $900‚000. The impairment loss is the difference between the carrying amount of $1‚100‚000‚ and the recoverable amount of $900‚000. Under IFRS‚ the building is impaired by $200‚000 as of December 21‚ 2010. 2. According to ASC 360-10-35-17‚ “ An impairment loss shall be recognized only if the carrying amount of a long-lived asset (asset group) is not recoverable and exceeds its fair value. The carrying amount of a long-lived asset (asset group) is not recoverable if it exceeds
Premium Generally Accepted Accounting Principles Depreciation Investment