When is a lease a “green lease”? The term “green lease” is actually an umbrella term which captures any lease which contains or refers to environmental provisions. For example, it would include a commercial lease with a non-binding environmental memorandum of understanding which sits alongsid...
Provisions under IAS 37– maybe you will need to think of any restructuring plans, or provisions for onerous contracts; Measurement of inventories under IAS 2– maybe the value of inventories of different kinds will go down, just because some of them might have an expiry period (and you are...
Onerous contracts If you assessed the lease as onerous contract under IAS 37 immediately before the date of initial application, you do NOT have to perform the impairment test on right-of-use asset, but you can adjust its carrying amount by the amount of provision for onerous contract instead....
What is the gain to be recorded on this transaction per IFRS? What is one key difference between the IFRS Statement of Financial Position and a U.S. GAAP Balance Sheet? Explain how IFRS defines a provision and give an example. What are the two most important factors...
Learn more about this topic: Balance Sheet Definition, Format & Examples from Chapter 2 / Lesson 3 123K Learn about balance sheets. Understand what a balance sheet is, learn what a balance sheet shows, examine its format, and s...
How is the term provision used differently under IFRS than under U.S. GAAP?What are the differences between the IFRS and US GAAP on the Treatment of Onerous Contracts? Explain.How do the different valuation methods of U.S. GAAP and IFRS affect the result...
What are the differences between the IFRS and US GAAP on the Treatment of Restructuring Provisions? Explain. What is the basic differences between IFRS and GAAP, Have an opinion as to which one the US should be using and support that opinion, list...
What is the difference between U.S. GAAP and i-GAAP on reporting assets on the balance sheet? How is the term reserve used under IFRS, and how does it differ from its meaning under U.S. GAAP? How is the term provision used diffe...