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International Accounting Essay

1204 words - 5 pages

(P.58 Ch. 2 #9) According to Nobes, what are the two most important factors influencing differences in accounting systems across countries?

(P. 158 Ch. 4 #17-18) What is the current IAS 23 treatment with respect to borrowing costs? How does this differ from the treatment allowed previously?

(P.164 Ch.4 #21) Jefferson Company acquired equipment on January 2, Year 1, at a cost of $10 million. The asset has a five-year life, no residual value, and is depreciated on a straight-line basis. On January 2, Year 3, Jefferson Company determines the fair value of the asset (net of any accumulated depreciation) to be $12 million. ...view middle of the document...

You’re given a list of items bellow, and asked to write onl ...view middle of the document...

..... ed in the ... to (or of) the ..... when there is more than a ... possibility of an outflow of resources.

(P. 226 Ch. 5 #28) Cypress Co. enteres into a fixed-fee contract to provide architectural services to the Gervais Group for $300,000. Gervais, which will make monthly payent of $50,000, is a new client for Cypress. Cypress agreed to provide Gervais with plans and drawings for a new manufacturing facility that will qualify for a green building certification. Cypress has no experience in designing green buildings, but it has guaranteed Gervais that the plans and drawings will be completed in six months. Would it be appropriate for Cypress to account for its contract with Gervais on a “stage-of-completion basis” or “cost recovery method”?

(P. 108 Ch.3 #12) Is the IASB’s Framework part of the IFRS? Yes or No. In what way is the IASB’s Framework intended to assist firms in preparing IFRS-based financial statements?

(P.157 Ch.4 #4) What are the two models allowed by IAS 16 for measuring property, plant, and equipment at dates subsequent to original acquisition?

(P. 165 Ch. 4 #24) In Year 1, in a project to develop Product X, Lincoln Company incurred research and development costs totaling $10 million. Lincoln is able to clearly distinguish the research phase from the development phase of the project. Research-phase costs are $6 million, and development^phase costs are $4 million. All of the IAS 38 criteria have been met for recognition of the development costs as an asset. Product X was brought to market in Year 2 and is expected to be market^able for five years. Total sales of Product X are estimated at over $100 million. Determine the impact on Year 1 and Year 2 income related to research and development costs under IFRS, filling in the brackets provided below.

You’re given a list of items below, and asked to write only those items individually in the spaces under Equity and Liabilities of the Consolidated Statement of Financial Position provided in the next page.

Why is it difficult to compare IAS 18, Revenue, to U.S. GAAP? A classmate’s answer is: “The IASB definition of revenue is very complicated whereas the definition of revenue under U.S. GAAP is straightforward”. Do you agree? Yes or No. Concisely write your reasoning below.

(P.225 Ch.5 #25) Gators Technologies Co introduced a new Product X to the market on January 1, 201X. It...

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