26. The following information pertains to inventory held by a company at
December 31, 2011.
What amount of inventory should be reported under IFRS?
27. The following information pertains to inventory held by a company at
December 31, 2011.
What is the amount of inventory loss shown on the income statement under
IFRS?
28. The following information pertains to inventory held by a company at
December 31, 2011.
As a result of inventory loss, what is the difference in income between reporting
using U.S. GAAP and IFRS?
29. The following information pertains to inventory held by a company on
December 31, 2011.
What amount of inventory should be reported under U.S. GAAP?
30. The following information pertains to inventory held by a company on
December 31, 2011.
What is the amount of inventory loss shown on the income statement under U.S.
GAAP?
31. The following information pertains to inventory held by a company on
December 31, 2011.
What amount of inventory should be reported under IFRS?
32. The following information pertains to inventory held by a company on
December 31, 2011.
What is the amount of inventory loss shown on the income statement under
IFRS?
33. The following information pertains to inventory held by a company on
December 31, 2011.
As a result of inventory loss, what is the difference in income between reporting
using U.S. GAAP and IFRS?
34. A company acquired a new piece of equipment on January 1, 2009 at a
cost of $200,000. The equipment is expected to have a useful life of 10 years, a
residual value of $20,000 and is depreciated on a straight-line basis. On January
1, 2011, the equipment was appraised and determined to have a fair value of
$190,000 and a residual value of $25,000 and a remaining useful life of 10 years.
At what amount should the equipment be reported on the December 31, 2011
balance sheet under U.S. GAAP?
35. A company acquired a new piece of equipment on January 1, 2009 at a
cost of $200,000. The equipment is expected to have a useful life of 10 years, a
residual value of $20,000 and is depreciated on a straight-line basis. On January
1, 2011, the equipment was appraised and determined to have a fair value of
$190,000 and a residual value of $25,000 and a remaining useful life of 10 years.
At what amount should the equipment be reported on the December 31, 2011
balance sheet under the IFRS cost model?
36. A company acquired a new piece of equipment on January 1, 2009 at a
cost of $200,000. The equipment is expected to have a useful life of 10 years, a
residual value of $20,000 and is depreciated on a straight-line basis. On January
1, 2011, the equipment was appraised and determined to have a fair value of
$190,000 and a residual value of $25,000 and a remaining useful life of 10 years.
At what amount should the equipment be reported on the December 31, 2011
balance sheet under the IFRS revaluation model?
37. A company incurs research and development costs of $200,000 in 2011 of
which $50,000 of these costs relate to development activities because certain
criteria have been met which suggest that an intangible asset has been created.
What amount should be recognized as research and development expense in
2011 using U.S. GAAP?
38. A company incurs research and development costs of $200,000 in 2011 of
which $50,000 of these costs relate to development activities because certain
criteria have been met which suggest that an intangible asset has been created.
What amount should be recognized as research and development expense in
2011 using IFRS?
39. A company incurs research and development costs of $200,000 in 2011 of
which $50,000 of these costs relate to development activities because certain
criteria have been met which suggest that an intangible asset has been created.
As a result of research and development costs, what is the difference in income
between reporting using U.S. GAAP and IFRS in 2011?
40. A company sells a building to a bank in 2011 at a gain of $100,000 and
immediately leases the building back for period of five years. The lease is
accounted for as an operating lease. The building was originally purchased for
$200,000 and currently had a book value of $50,000 at the date of the sale.
What amount should be recognized in 2011 as a gain on the sale using U.S.
GAAP?
41. A company sells a building to a bank in 2011 at a gain of $100,000 and
immediately leases the building back for period of five years. The lease is
accounted for as an operating lease. The building was originally purchased for
$200,000 and currently had a book value of $50,000 at the date of the sale.
What amount should be recognized as a gain in 2011 using IFRS?
42. A company sells a building to a bank in 2011 at a gain of $100,000 and
immediately leases the building back for period of five years. The lease is
accounted for as an operating lease. The building was originally purchased for
$200,000 and currently had a book value of $50,000 at the date of the sale.
As a result of the sale and leaseback transaction in 2011, what is the difference
between income using U.S. GAAP and IFRS in 2011?
43. A company sells a building to a bank in 2011 at a gain of $100,000 and
immediately leases the building back for period of five years. The lease is
accounted for as an operating lease. The building was originally purchased for
$200,000 and currently had a book value of $50,000 at the date of the sale.
As a result of the sale and leaseback transaction in 2011, what is the difference
between income using U.S. GAAP and IFRS in 2012?
44. A company sells a building to a bank in 2011 at a gain of $100,000 and
immediately leases the building back for period of five years. The lease is
accounted for as an operating lease. The building was originally purchased for
$200,000 and currently had a book value of $50,000 at the date of the sale.
Assume the seller of the building is a U.S. company that is preparing to convert
from U.S. GAAP to IFRS. At December 31, 2012, with regard to the sale and
leaseback accounting, what amount would reconcile stockholders’ equity from
U.S. GAAP to IFRS at December 31, 2012?