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发表于 2011-3-21 15:26 | 只看该作者

Reading 37: Long-lived Assets-LOS j 习题精选

2011, equipment, property, relating, assets
Session 9: Financial Reporting and Analysis: Inventories, Long-lived Assets, Income Taxes, and Non-current Liabilities
Reading 37: Long-lived Assets

LOS j: Discuss the financial statement presentation of and disclosures relating to property, plant, and equipment, and intangible assets.

 

 

Which set of accounting standards requires firms to disclose estimated amortization expense for the next five years on intangible assets?

A)
 IFRS.
B)
 Both IFRS and U.S. GAAP.
C)
 U.S. GAAP.

 

Estimated amortization expense for the next five years is required by U.S. GAAP but is not required by IFRS.

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发表于 2011-3-21 15:27 | 只看该作者

Lucille Edgewater, CFA, is analyzing Pfaff Company, which reports its long-lived assets using the revaluation model. Edgewater needs to determine 1) what Pfaff’s carrying value of property, plant and equipment would be under the historical cost model, and 2) which of Pfaff’s intangible assets have finite useful lives. Will these items be disclosed in Pfaff’s financial statements?

A)
 Neither of these items is required to be disclosed.
B)
 Both of these items are required to be disclosed.
C)
 Only one of these items is required to be disclosed.

Under IFRS, firms that use the revaluation model for PP&E must disclose its carrying value under the historical cost model. Firms must also disclose whether the useful lives of intangible assets are finite or indefinite.

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