1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Arte-miy333 [17]
3 years ago
10

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:
Business
1 answer:
Vitek1552 [10]3 years ago
7 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.

You might be interested in
An investment adviser has a soft dollar arrangement with DEF Brokerage Company. An investment adviser representative brings a bi
juin [17]

Answer:

The remaining part of the question:

Which statement is TRUE?

A. Because the payment received by the IAR is small, there is no requirement to notify the client of the payment arrangement with the executing broker

B. Because the client has an investment objective of aggressive growth, requiring an active trading strategy, there is no requirement to notify the client of the payment arrangement with the executing broker

C. The IAR must notify the client of the payment arrangement with the executing broker

D. The IAR must notify RIA of the payment arrangement with the executing broker

<u>Correct Answer:</u>

<u>C. The IAR must notify the client of the payment arrangement with the executing broker .</u>

<u />

Explanation:

7 0
3 years ago
"A high-ranking officer of ABC Corporation owns 10,000 shares of ABC Corporation control stock that she wishes to sell under the
LuckyWell [14K]

Answer: $9,000

Explanation:

Rule 144 is a regulation that governs the trading of restricted, unregistered, and control securities and is enforceable by the SEC.

Under the rule, the person, as an officer of the ABC Corporation is limited to selling the higher of 1% of the Outstanding stock the company has or the average weekly trading volume over the preceding 4 weeks.

1% of the outstanding 900,000 shares is;

= 1% * 900,000

= 9,000 shares

This is higher than the average weekly trading volume over the preceding 4 weeks so this is the maximum permitted sales figure.

3 0
3 years ago
State the following statement is True or False, and explain why. Thor who lives in Montana purchased a car produced in Japan for
Likurg_2 [28]

Answer:

false

His purchase left GDP unchanged

Consumption of non durables would increase.

Also, net export would decrease.

these effects would cancel out

Explanation:

Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year

GDP calculated using the expenditure approach = Consumption spending by households + Investment spending by businesses + Government spending + Net export

Net export = exports – imports

3 0
2 years ago
Whats the process of how a business incorporates?
torisob [31]
This is the process! have a good day!

7 0
3 years ago
An income statement for Sam's Bookstore for the first quarter of the year is presented below: Sam's Bookstore Income Statement F
yawa3891 [41]

Answer:

The contribution margin for Sam's Bookstore for the first quarter is 0.84 or 84 %

Explanation:

Contribution Margin = Contribution ÷ Sales

Where,

<em>Contribution = Sales - Variable Costs</em>

where,

Sales :

Sales = $ 900,000

Number of Books Sold = $ 900,000 ÷ $50

                                      = 18,000 books

Variable Costs Calculation :

Cost of goods sold                                                           $630,000

Variable selling expenses ($5 × 18,000 books)               $90,000

Variable administrative expenses( 4% × $ 900,000)       $36,000

Total Variable Costs                                                         $756,000

Therefore,

Contribution Margin =  $756,000÷  $ 900,000

                                  = 0.84 or 84 %

7 0
3 years ago
Other questions:
  • What are the likely reason(s) that the market for dress shirts is not perfectly competitive? please select all that apply?
    10·2 answers
  • You are planning a graduation trip to Mexico. Other things the same, if the dollar appreciates relative to the peso, then
    5·1 answer
  • A module that performs a single function or task has a high degree of ____, which is desirable.
    15·1 answer
  • The manager of the main laboratory facility at Elmhurst HealthElmhurst Health Center is interested in being able to predict the
    10·1 answer
  • Which of the following statements regarding the market growth stage of the product life cycle is false?A. Innovators still earn
    10·1 answer
  • Suppose the following information: The cost of a full-page color ad in the U.S. national edition of The Wall Street Journal (new
    9·1 answer
  • Pro Clean Company, a manufacturer of hand sanitizers, intends to produce 40,000 units in the third quarter and 35,000 units in t
    9·1 answer
  • Harbour Company makes two models of electronic tablets, the Home and the Work. Basic production information follows:
    10·1 answer
  • Fix-It Co. wishes to maintain a growth rate of 9.89 percent a year, a constant debt-equity ratio of .42, and a dividend payout r
    11·1 answer
  • Preparing a consolidated income statement - with noncontrolling interest, but AAP or intercompany profits
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!