(1808) YouTube True/False Questions 1. As in x QUIZ 9 Chapter 12 IFRS x Int Accts Fall 2020 QUIZ 9 (CH X Int Accig Fall 2020 QUIZ 7 (CH X How to Take Full Screenshots x + File /home/chronos/u-d1bd3f34830dfd41921d42ad4d2ab76b4ca6040b/MyFiles/Downloads/Int%20Acctg%20Fall%202020%20QUIZ%209%20(CH%2012) %20IFRS.pdf Int Accts Fall 2020 QUIZ 9 (CH 12) IFRS.pdf 2/2 Identify which of these are research phase items and will be immediately expensed under GAAP and IFRS. GAAP a. $1,200,000 b. $2,400,000 IFRS $1,200,000 $1,400,000 c. $4,400,000 $4,400,000 d. $4,400,000 $3,700,000 14. Identify which of these are development phase items and will be immediately expensed under GAAP and IFRS. GAAP IFRS a. $1,200,000 $1,200,000 b. $2,400,000 $1,400,000 c. $2,400,000 $2,500,000 d. $3,200,000 $2,500,000 15. The primary IFRS related to intangible assets and impairments is found in a. IAS 38 and IAS 10. b. IAS 16 and IAS 36. c. IAS 1 and IAS 34. d. IAS 38 and IAS 36. 16. IFRS allows reversal of impairment losses when a. the reversal is greater than the amount of the original impairment. b. the reversal falls in a subsequent fiscal year of the company's operations. c. there has been a change in economic conditions or in the expected use of the asset. d. reversal of impairment losses is never allowed. 17. Under GAAP, impairment losses a. can be reversed but only if the reversal is greater than the amount of the original impairment. b. can be reversed but only if the reversal falls in a subsequent fiscal year of the company's operations. c. cannot be reversed for assets to be held and used. d. none of these answer choices are correct. 18. IFRS and GAAP a. are diametrically opposed in their accounting for impairments of assets held for disposal. b. are similar in the accounting for impairments of assets held for disposal. c. are moving toward common around in their accounting for impairments of assets i M + 8:10 (1808) YouTube x True/False Questions 1. As in X QUIZ 9 Chapter 12 IFRS Int Accts Fall 2020 QUIZ 9 (CH X Int Accio Fall 2020 QUIZ 7 (CH X How to Take Full Screenshots x + File /home/chronos/u-d1bd3f34830dfd41921d42ad4d2ab76b4ca6040b/MyFiles/Downloads/Int%20Acctg%20Fall%202020%20QUIZ%209%20(CH%2012)%20IFRS.pdf Use this information for #13 and #14 13. The following costs are incurred during the research and development phases of a laser bone scanner Laboratory research aimed at discovery of new knowledge Search for application of new research findings Salaries of research staff designing new laser bone scanner $800,000 400,000 1,200,000 Material, labor and overhead costs of prototype laser scanner Costs of testing prototype and design modifications 850,000 450,000 Engineering costs incurred to advance the laser scanner to full production stage (technological feasibility reached) 700,000 04129 pag 2 Identify which of these are research phase items and will be immediately expensed under GAAP and IFRS. GAAP a. $1,200,000 IFRS $1,200,000 b. $2,400,000 $1,400,000 c. $4,400,000 $4,400,000 $3,700,000 d. $4,400,000 14. Identify which of these are development phase items and will be immediately expensed under GAAP and IFRS. GAAP a. $1,200,000 IFRS $1,200,000 b. $2,400,000 $1,400,000 c. $2,400,000 $2,500,000 d. $3,200,000 $2,500,000 15. The primary IFRS related to intangible assets and impairments is found in a. IAS 38 and IAS 10. b. IAS 16 and IAS 36. c. IAS 1 and IAS 34. d. IAS 38 and IAS 36. M 8:10