Analysis of Long-Term Assets
15 important questions on Analysis of Long-Term Assets
The cost of a inite-lived intangible asset is ....... over its useful life.
Indefinite- lived intangible assets are ........ ....... , but they are tested for ......... at least annually. If impaired, the reduction in value is recognized in the ....... as a loss in the period in which the impairment is recognized.
Under IFRS research costs are ....... And development costs ....
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Lessee: Under US GAAP research costs and development are both... But for software there is an exception:
Lessee: What is the differnce between IFRS and GAAP with regards to LESSEE REPORTING
- BUT IFRS, reports the depreciation and interest expense on the income statement splitted
- WHILE US GAAP, use straight line lease expense
Lessee: For both GAAP and IFRS short term leases or value below 5k what happens with regards to the two statements
For short-term leases, rent expense is reported on the income statement, and no balance sheet entries are required.
When is an asset impaired under IFRS, and what do both mean
Under IFRS: If impaired, the asset is written down to the ........... Loss recoveries are permitted, but not above ..........
When is an asset impaired under US GAAP, and what do both mean
Under US GAAP: If impaired, the asset is written down to its ....... Subsequent recoveries are not allowed for assets held for use.
Asset impairments result in ....... in the income statement. Impairments have no impact on ....... , as they have no tax or other cash flow effects until disposal of the asset
When a long-lived asset is sold, the difference between the sale proceeds and the carrying (book) value of the asset is reported as ......... in the income statement.
When a long-lived asset is abandoned, ........... is removed from the balance sheet, and a loss is recognized in that amount.
If a long-lived asset is exchanged for another asset, a gain or loss is computed by comparing the ............ with ............. (or fair value of the new asset, if more clearly evident)
Formula average age
The question on the page originate from the summary of the following study material:
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