This topic contains a solution. Click here to go to the answer

Author Question: Which of the following is true about accounting for fixed assets? (Read 55 times)

@Brianna17

  • Hero Member
  • *****
  • Posts: 550
Which of the following is true about accounting for fixed assets?
◦ Depreciation expense under IFRS will likely be higher than under GAAP, because acquisitions of assets with multiple components must be separately depreciated under IFRS, whereas under GAAP assets could be bundled and depreciated over the longest of the useful life for any of the components.
◦ IFRS doesn't allow capitalization of any asset that separately accounts for less than 20% of total assets.
◦ Depreciation expense under IFRS will likely be less than under GAAP, because standards for depreciable lives on asset classes are much longer than under GAAP.
◦ IFRS and GAAP account for fixed assets in much the same way.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by @Brianna17 on Apr 8, 2019

ntsoane kedibone

  • Sr. Member
  • ****
  • Posts: 333
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
Answer Preview
Only 39% of students answer this correctly




@Brianna17

  • Member
  • Posts: 550
Reply 2 on: Apr 8, 2019
YES! Correct, THANKS for helping me on my review


ktidd

  • Member
  • Posts: 319
Reply 3 on: Yesterday
Wow, this really help

 

Did you know?

Stroke kills people from all ethnic backgrounds, but the people at highest risk for fatal strokes are: black men, black women, Asian men, white men, and white women.

Did you know?

The immune system needs 9.5 hours of sleep in total darkness to recharge completely.

Did you know?

Signs of depression include feeling sad most of the time for 2 weeks or longer; loss of interest in things normally enjoyed; lack of energy; sleep and appetite disturbances; weight changes; feelings of hopelessness, helplessness, or worthlessness; an inability to make decisions; and thoughts of death and suicide.

Did you know?

Signs and symptoms of a drug overdose include losing consciousness, fever or sweating, breathing problems, abnormal pulse, and changes in skin color.

Did you know?

In 1844, Charles Goodyear obtained the first patent for a rubber condom.

For a complete list of videos, visit our video library