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
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From Evernote: | Midterm Cases | Chapter 1: Davis v. Baugh Indus. Contractors‚ Inc. Trial Court dismissed the suit saying it was property owner’s fault. Issue: An employee of the property owner was killed when a concrete wall collapsed. Should the risk of liability stay only on the property owner‚ or extend to a contractor? Rule: For the past forty years it has been the rule that liability belongs only to the property owner
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Evaluate the Effectiveness of Law Reform in Australia Law Reform in Australia is effective in varying degrees. Through Native Title Reform and Law Reform in Sport‚ the effectiveness of Law Reform in Australia is further outlined. The term ‘Native Title’ refers to the right of Indigenous people to their traditional land. In Australia it has a legal significance of the right to an area of land‚ claimed by people whose ancestors were the original inhabitants of the land before European settlement
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Tibet‚ and Japan. (Drury; 1989; p 11). The TCD’s of ritual and induced ASC are important. Ritual consists of symbols‚ dance‚ dress‚ incantations etc. These rituals have a number of roles. The ritual is usually shrouded in mystery or secrecy giving the shaman respect and authority within his or her society. Hidden knowledge is the basic meaning of the word occult. A ritualistic routine is important but not essential . The role of an ASC as an occult practice need not be part of ritual. ASC’s do not require
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in length. Applicable Professional Pronouncements: ASC 270‚ Interim Reporting (Accounting Principles Board Opinion 28‚ Interim Financial Reporting) ASC 330‚ Inventory (Accounting Research Bulletin 43‚ Restatement and Revision of Accounting Research Bulletins (ARB 43) as amended by FASB Statement No. 151‚ Inventory Cost. and Emerging Issues Task Force 86-13‚ Recognition of Inventory Declines at Interim Reporting Dates (EITF 86-13)) ASC 905‚ Agriculture (Statement of Position 85-3‚ Accounting
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AACSB assurance of learning standards in accounting and business education require documentation of outcomes assessment. Although schools‚ departments‚ and faculty may approach assessment and its documentation differently‚ one approach is to provide specific questions on exams that become the basis for assessment. To aid faculty in this endeavor‚ we have labeled each question‚ exercise‚ and problem in Intermediate Accounting‚ 7e‚ with the following AACSB learning skills: Questions AACSB
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discuss the basis for your determination. Copyright 2007 Deloitte Development LLC All Rights Reserved. Case 10-4: Lack of Information MEMO To: From: Subject: Date: Page 2 Audit Engagement Team Controller‚ Lack of Information ASC 410-20 — Asset Retirement Obligations Summary December 31‚ 2010 Identification and Analysis of Potential Asset Retirement Obligations Lack of Information (LOI) owns and operates 50 warehouses throughout the country. As part of LOI’s efforts to
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service provider for the length of the contract; making Velocity Cellular Service multiple deliverables. Power Starterpack compromises of a single deliverable because the only service it is providing is the sale of the activation card. According to ASC 605-25-25-5‚ “In an arrangement with multiple deliverables‚ the delivered item or items shall be considered a separate unit of accounting if both of the following criteria are met: a. The delivered item or items have value to the customer on a standalone
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Comparison of reporting discrepancies between IFRS and GAAP Kaci Amon‚ Poonam Aujla‚ Daniel Aurora‚ Yuanyan Fang‚ Mark Gonzalez Accounting 306 C1 Professor Xuhong Luo August 12‚ 2012 Executive Summary The generally accepted accounting principal (GAAP) and international financial reporting standard (IFRS) are standards governing how economic events are reported. In the United States‚ the Securities and Exchange Commission (SEC) relies on the FASB‚ the accounting standard-setting body of
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Transitions and Organizational Patterns Part 1 Writers don’t let their thoughts wander aimlessly. They think logically. They organize details in patterns. In the written language these patterns help you follow ideas more easily and‚ therefore‚ improve your understanding of the text. Authors use transition words and phrases to create patterns within their writing. The following are common patterns of organization and transitions used in writing. Time Order/Process Pattern Ideas or events are presented
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