Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 09, 2022

IFRS and GAAP account for inventory acquisitions at historical cost and evaluate inventory for LCNRV subsequent to acquisition. a. true b. false

IFRS and GAAP account for inventory acquisitions at historical cost and evaluate inventory for LCNRV subsequent to acquisition.
a. true
b. false

Step by Step Solution

★★★★★

3.53 Rating (153 Votes )

There are 3 Steps involved in it

Step: 1

a true IFRS and GAAP account for inventory acquisitions at historical cost and assess inventory for impairment following the acquisition LCNRV Who own... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

International Accounting

Authors: Timothy Doupnik, Hector Perera

3rd Edition

978-0078110955, 0078110955

More Books

Students also viewed these Economics questions

Question

★★★★★

IFRS and U.S. GAAP follow similar approaches for accounting for taxation. Nevertheless, differences in reported amounts for deferred taxes are among the most frequent between IFRS and U.S. GAAP . Why?

Answered: 1 week ago

Question

★★★★★

IFRS has a feature commonly referred to as the true and fair override. Read International Accounting Standard 1, paragraphs 19 through 24. 1. What is the true and fair override and should it be used...

Answered: 1 week ago

Question

★★★★★

Inventory that has a market value below the historical cost should be written down in order to recognize a loss.

Answered: 1 week ago

Question

★★★★★

In Exercises find the positive values of p for which the series converges. n=1 n

Answered: 1 week ago

Question

★★★★★

Now classify all of the expenses you have listed as being either fixed or variable. For mixed expenses, separate the expense into the fixed component and the variable component.

Answered: 1 week ago

Question

★★★★★

Be aware of the increasing globalization of retailing and how it affects not just the retailers who themselves are selling outside their national borders but also their suppliers and local...

Answered: 1 week ago

Question

★★★★★

3. Understand the implications of existing findings within the field of suspect interviews.

Answered: 1 week ago

Question

★★★★★

High-low, regression Pat Flip is the new manager of the materials storeroom for Serth manufacturing. Pat has been asked to estimate future monthly purchase costs for part #4599, used in two of Serths...

Answered: 1 week ago

Question

★★★★★

Following are the current asset and current liability sections of the balance sheets for Aroundsquare Inc. at August 31, 2020 and 2019 (in millions): August August 31, 2020 31, 2019 $ 5 Current...

Answered: 1 week ago

Question

★★★★★

Ludwig and Miller (2007) used a discontinuity in program funding for Head Start to test the impacts on child mortality rates. In the 1960s, the federal government helped 300 of the poorest counties...

Answered: 1 week ago

Question

★★★★★

Write the necessary commands to program the Nablus router using the protocol OSPF for this ip 2 0 . 0 . 0 . 0 / 8

Answered: 1 week ago

Question

★★★★★

In real estate, what are the competing interests between priority of federal vs. state tax liens? I need typed answer with explanation

Answered: 1 week ago

Question

★★★★★

Consider the following root's loci. 5 4 3 2 O Imaginary Axis (seconds) 3 -4 -5 -20 Root Locus -15 -10 -5 Real Axis (seconds) The angle of departure from the complex poles can be approximated by: A...

Answered: 1 week ago

Question

★★★★★

Use pivot table, privot chart, and basic excel functions to answer the following questions for data in "econ" tab. 1. For each of the variables in the next tab "econ": what is the average, the...

Answered: 1 week ago

Question

★★★★★

Question 18 1 pts For the gear trains sketched in the given figures, compute the output speed of the output shaft if the input shaft rotates at 1750 rpm (Accuracy .X RPM, don't include +'s or -'s...

Answered: 1 week ago

Question

★★★★★

Explain what cloud service the New York Times successfully utilized and the benefit this solution provided.

Answered: 1 week ago

Question

★★★★★

Projects' Free Cash Flows (dollars in thousands) Projcct number: 1 2 3 4 5 6 7 8 Initial investment $(2,000) $(2.000) $(2.000) $(2000) $(2,000) $(2,000) (2.000) $(2.000) Year 32,200 $1,666 334 165 $...

Answered: 1 week ago

Question

★★★★★

You are a Loan Officer with an Investment Bank. Today you need to set your lending parameters. They are: LTV: 55% 10 Year T-Bill: TBD Rate Markup: 300 Basis Points Term: 30 Years Amortization: 30...

Answered: 1 week ago

Question

★★★★★

When stock options are granted to employees, what is the basis for determining the amount of compensation cost that will be recognized as expense? a. The fair value of the service provided by the...

Answered: 1 week ago

Question

★★★★★

What is a group? Compare and contrast the different concepts of a group.

Answered: 1 week ago

Question

★★★★★

In translating the financial statements of a foreign subsidiary into the parents reporting currency under the current rate method, which of the following statements is true? a. Expenses are...

Answered: 1 week ago

Question

★★★★★

=+. Would it be reasonable to characterize the relationship between these two variables to be linear?

Answered: 1 week ago

Question

★★★★★

=+c. Fit a straight line to the (x, y= ) data. Assess the quality of the fit. Finally, based on the linear fit, predict the value of failure time from a load of 85%.

Answered: 1 week ago

Question

★★★★★

=+a. Determine the equation of the least squares line and interpret its slope.

Answered: 1 week ago

Previous Question Next Question