Welcome

Anti Essays offers essay examples to help students with their essay writing.

Sign Up

Disclosures Under Ifrs Essay

Open Document

Below is an essay on "Disclosures Under Ifrs" from Anti Essays, your source for research papers, essays, and term paper examples.

1. Location of the disclosure requirements for PPE, intangible assets, and inventories in IFRS and in the Accounting Standards Codification:

The primary standards for PPE is IAS 16 “Property Plant and Equipment” and IAS 36, “Impairment of Assets.” For US GAAP the standards are located in ASC 360 “Property, Plant and Equipment”, ASC 410-20, “Asset Retirement Obligations-Asset Retirement Obligations”, and ASC 835-20 “Interest Capitalization of Interest. The primary standard for Intangible Assets is IAS 38. For US GAAP the standards are ASC 350-30. The Primary standards for inventories is IAS 2 and for US GAAP the standard is ASC 330.

2. Method for measuring AFP’s goodwill, other intangible assets, and PPE:

Goodwill is valued at historical cost. “Goodwill arising on acquisition of a business is carried at cost as established at the date of acquisition.” (AFP Financial Statements, Note 4, F-20 Item J-1)

Other Intangible Assets are valued at their historical cost as well. “Intangible assets acquired in a business combination and recognized separately from goodwill are initially recognized at their fair value at the acquisition date (which is regarded as their cost). Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortization and accumulated impairment loss.” (AFP Financial Statements, Note 4, F-20 Item J-2,J-3)

Property Plant and Equipment is valued at historical cost. “Items of property, plant and equipment are measured at acquisition cost less accumulated depreciation and impairment losses, if any.   (AFP Financial Statements, Note 4, F-20 Item k.

Inventory Valuation:

AFP Provida has a small amount of inventories and those inventories are also valued at historical cost. Specifically the lower of cost or net-realizable value. “The inventories are stated at the lower of cost and net realizable value.” AFP Financial Statements, Note 4, F-19, Section I.

Location of...

Show More


Citations

MLA Citation

"Disclosures Under Ifrs". Anti Essays. 13 Dec. 2018

<http://parimatch-stavka7.com/free-essays/Disclosures-Under-Ifrs-169447.html>

APA Citation

Disclosures Under Ifrs. Anti Essays. Retrieved December 13, 2018, from the World Wide Web: http://parimatch-stavka7.com/free-essays/Disclosures-Under-Ifrs-169447.html


Bad Move - Season 2 | Season 2 Episode 6 Janet and Michael | 1x13 Garo