Question
Acceptable under IFRS US GAAP BOTH NEITHER Inventory is reported on the balance sheet using LIFO cost flow assumptions Allows PPE to be reported on
Acceptable under
IFRS
US GAAP
BOTH
NEITHER
Inventory is reported on the balance sheet using LIFO cost flow assumptions
Allows PPE to be reported on the balance sheet using a cost model (historical cost less accumulated depreciation and impairment losses) or a revaluation model (fair value at the balance sheet date less accumulated depreciation and impairment losses)
Prohibits fair value accounting for Investment property
The impairment loss is the difference between carrying amount and recoverable amount
If subsequent to recognizing an impairment loss, the recoverable amount of an asset is determined to exceed its new carrying amount, in such case the original impairment loss will be reversed
Development costs are expensed.
borrowing costs to be capitalized to the extent they are attributable to the acquisition, construction, or production of a qualifying asset
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