Ask Question
BusinessBusiness
13 October, 03:00

In measuring an impairment loss for a financial asset under U. S. GAAP and under IFRS, the carrying value of the financial asset would be compared to:

+5
Answers (1)
  1. 13 October, 03:08
    0
    In measuring an impairment loss for a financial asset under U. S. GAAP and under IFRS, the carrying value of the financial asset would be compared to:

    under U. S. GAAP Fair value and under IFRS recoverable amount.

    Explanation:

    In US GAAP, the cost of financial asset depreciation is calculated as the difference between carried value and fair value; in compliance with IFRS, a loss of financial asset impairment is defined as the difference between carrying value and the percentage of the asset that can be recouped.

    In compliance with US-based ASC 360-10-35-20. The recovery of a historically identified impairment loss (or "restoration") is forbidden because an item is deemed to have a new cost base after an impairment loss has been registered.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “In measuring an impairment loss for a financial asset under U. S. GAAP and under IFRS, the carrying value of the financial asset would be ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Marie contracts to buy coffee beans for her store from Owen. The contract price is $5.00 per pound. Owen breaches the contract and delivers no coffee. Marie's damages will be: a. the amount Owen can afford to pay. b. the amount she seeks. c.
Answers (1)
Economies of scale are: Select one: a. unit cost increases associated with learning effects. b. unit cost reductions associated with a large-scale output. c. realized when output is reduced to a minimum. d.
Answers (1)
If ecuador has a dispute with france over the importation of bananas, from which agency can ecuador seek arbitration?
Answers (1)
As a stockholder of bozo oil company, you receive its annual report. in the financial statements, the firm has reported assets of $9 million, liabilities of $5 million, after-tax earnings of $2 million, and 750,000 outstanding shares of common stock.
Answers (1)
A corporation is least likely to have which advantage? a. ability to sell stock b. ability to raise capital c. establishment of price ceilings d. limited liability of stockholders
Answers (1)
New Questions in Business
Question 20 if orange juice prices double next year, there will be a rightward shift in the demand for grapefruit juice. rightward shift in the supply of grapefruit juice. leftward shift in the supply of grapefruit juice.
Answers (1)
When groups rely on identity to overcome collective action problems that do so by focusing on individual's self interests and not community interests. Group of answer choices True False
Answers (1)
Is there anyone good in Accounting?
Answers (1)
In Baer Food Co.'s Year 3 single-step income statement, the section titled Revenues consisted of the following: Net sales revenue $187,000 Discontinued operations: Income from operations of component unit (including gain on disposal of $21,600)
Answers (1)
The owner of the new sharp scissors hair salon gave coupons to potential customers walking by her store to stimulate interest and trial of her new hair salon. the coupons are an example of advertising. publicity. sales promotion.
Answers (1)
Home » Business » In measuring an impairment loss for a financial asset under U. S. GAAP and under IFRS, the carrying value of the financial asset would be compared to:
Sign Up Forgot Password?