Entities have an accounting policy choice to account for some fixed- fee service contracts in accordance with either IFRS 17 or IFRS 15. As for IFRS 4, entities may account for financial guarantee contracts applying IFRS 17 if the entity previously asserted explicitly that it regarded such ...
Entities have an accounting policy choice to account for some fixed- fee service contracts in accordance with either IFRS 17 or IFRS 15. As for IFRS 4, entities may account for financial guarantee contracts applying IFRS 17 if the entity previously asserted explicitly that it regarded such ...
Under IFRS, balance sheets are presented fixed assets first, while US GAAP reports start with cash. IFRS allows both an order of liquidity and a current-non-current balance sheet format, while US GAAP only accepts the latter. On the income statement, IFRS accepts both a nature and function ...
一、GAAP 和IFRS 的主要区别：资产负债表各科目的规定 1． Marketable investment securities 2． Inventory 3． Property and Equipment 4． Interoperate investment 5． Goodwill 6． Identifiable Intangible Assets 7． Provision 二、 GAAP 和IFRS 的主要区别：利润表各科目的规定 1． Construction contracts 2． ...
The value of a company’s assets may fluctuate over a given period. When that happens, they need to be reevaluated (i.e., reappraised). Asset revaluation is crucial because it can help you save for replacement costs of fixed assets once they’ve run through their useful lives. It also...
We are awarethat under IFRS 16, we need to account for the right of use asset. How shall we treat its depreciation since the land has an infinite useful life and is not depreciated at all? Answer Here, you do not have the land, just the right to use it – that’s the different ...
ACCOUNTING STANDARDS FOR FIXED ASSETS OF U.S. GAAP AND IFRS: COVID-19 PANDEMIC AND EARNINGS MANAGEMENT PERSPECTIVESdoi:10.20473/baki.v6i1SP.27735Andreas Vernando
When it comes to fixed assets, such as property, furniture and equipment, companies using GAAP accounting must value these assets using the cost model. The cost model takes into account the historical value of an asset minus any accumulated depreciation. IFRS allows a different model for fixed ...
Asset revaluation is crucial because it can help you save for replacement costs of fixed assets once they’ve run through their useful lives. It also gives investors a more accurate understanding of your business. Plus, asset revaluation can reduce your debt-to-equity ratio, which can paint a...
This is one of the most notable differences between CAS and IFRS. Firms that use IFRS have the option of choosing their preferred method of valuation for certain types of fixed assets. You can opt to use thehistorical – cost valuationmethod or re-evaluating the asset. But when it comes...