"Asset Impairments"
Compare and contrast the differences between asset impairment
under U.S. GAAP and IFRS. What are the financial statement
implications of these differences?
Compare and contrast how unrealised gains and losses
are treated under the following accounting standards:
Impairment Standard AASB 136
The Revaluation Standard AASB 116
Inventory Standard AASB 102
The Agricultural Standard AASB 141
Note: The answer can be done in
dot point form. Unrealised gains refer to the increase in value of
the assets that are yet to be sold.
Are the treatment of unrealised gains in these
Standards consistent with that of required under the Conceptual
Framework? Explain your...
Under current US GAAP, companies may opt to report financial
assets and liabilities at fair value.
Make an argument for Position #1: Present arguments in favor of
the fair value option for financial assets and liabilities.
Under current US GAAP, companies may opt to report financial
assets and liabilities at fair value. In at least three paragraphs,
support the position presented below. You should use references to
reference material, as necessary. Position: Present arguments in
favor of the fair value option for financial assets and
liabilities.
Under current US GAAP, companies may opt to report financial
assets and liabilities at fair value. In at least three paragraphs,
support one of the positions presented below. You should use
references to reference material, as necessary.
Position #1: Present arguments in favor of the fair value option
for financial assets and liabilities.
Position #2: Present arguments against the fair value option for
financial assets and liabilities.