...Case #2 Murong Feng, Duy Do, TJ Fritzgerald, Hayden Jacobs 2/13/15 Question 1 Given the facts provided for Eagle in Italy, the building is not impaired under IFRS as of December 31, 2010. The carrying value is 1,100,000, and undiscounted future cash flows are 1,150,000. The carrying value is less than undiscounted future cash flows. According to IAS36 paragraph 12, “in assessing whether there is any indication that an asset may be impaired, an entity shall consider, as a minimum, the following indications: (d) the carrying amount of the net assets of the entity is more than its market capitalization.” Thus, there is not any impairment on the building under IFRS. Question 2 Given the facts provided for Eagle in Italy, the building is impaired under U.S. GAAP as of December 31, 2010. Under ACS 360-35-17, “An impairment loss shall be recognized only if the carrying amount of a long-lived asset is not recoverable and exceeds its fair value. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset” In the case, the carrying value is 1,100,000, and the fair value is 850,000. The carrying value is more than its fair value, an impairment should be recognized. However, it is recoverable since its carrying value is less than undiscounted future cash flows. In ASC 360-35-17 “An impairment loss shall be measured as the amount by which the carrying value...
Words: 1345 - Pages: 6
...ACTG 351 Anne Surrey Investments Case Due: Wednesday, May 29 (at the beginning of class). Also, please be prepared to discuss the case and your solution in class on this date. Refer to the current, relevant accounting guidance to answer the questions on page 3 of the case. Required: Please be sure to reference the applicable professional guidance listed below. Your discussion should be typed, double-spaced and no more than 3 pages in length. Please prepare your case discussion in memo form (to Jim Beatty) addressing each of the questions. Applicable Professional Pronouncements: ASC 320-10-35: Investments – Debt and Equity Securities SAB 111: http://www.sec.gov/interps/account/sab111.htm Instructions for accessing the FASB Codification database: 1. Go to http://aaahq.org/ascLogin.cfm 2. User ID: AAA52999 3. Password: Fgkb9em 4. Click on link to FASB Accounting Standards Codification (from American Accounting Association webpage) 5. Search on 320-10-35 (or access via topical drop down menu) 1 Jim Beatty is the CFO of Anne Surrey Inc., an investment company that primarily invests in common stocks of both public and private companies. Anne Surrey categorizes these investments as available-for-sale. At the end of fiscal year 2010, Jim is trying to determine whether some of the investments in the public stocks that Anne Surrey owns are other-thantemporarily impaired. On an aggregate basis, the company’s equity investments are in a net unrealized gain position...
Words: 882 - Pages: 4
...ACTG 351 Anne Surrey Investments Case Due: Wednesday, March 5 (at the beginning of class). Also, please be prepared to discuss the case and your solution in class on this date. Required: Refer to the current, relevant accounting guidance to answer the questions on page 3 of the case. Please be sure to reference the applicable professional guidance listed below. Your discussion should be typed, double-spaced and no more than 3 pages in length. Please prepare your case discussion in memo form (to Jim Beatty) addressing each of the questions. Applicable Professional Pronouncements: ASC 320-10-35: Investments – Debt and Equity Securities SAB 111: http://www.sec.gov/interps/account/sab111.htm Instructions for accessing the FASB Codification database: 1. Go to http://aaahq.org/ascLogin.cfm 2. User ID: AAA52999 3. Password: BbJ5LMm 4. Click on link to FASB Accounting Standards Codification (from American Accounting Association webpage) 5. Search on 320-10-35 (or access via topical drop down menu) 1 Jim Beatty is the CFO of Anne Surrey Inc., an investment company that primarily invests in common stocks of both public and private companies. Anne Surrey categorizes these investments as available-for-sale. At the end of fiscal year 2013, Jim is trying to determine whether some of the investments in the public stocks that Anne Surrey owns are other-thantemporarily impaired. On an aggregate basis, the company’s equity investments are in a...
Words: 886 - Pages: 4
...| | | |Equivalent Modules Master List |Equivalent courses offered at Aalto University, School Of Economics. | | | | | |Courses offered are subject to changes. | | |Updated information on the courses will be sent to successful candidates by Aalto | | |University, School Of Economics. | | | | | |*The same course can be transferred only as 1 course. | |First Level Modules | | |ACC1006 Accounting Information Systems |International...
Words: 33073 - Pages: 133
...Handbook of Management Accounting Research Volume 3 Edited by CHRISTOPHER S. CHAPMAN Imperial College London, UK ANTHONY G. HOPWOOD University of Oxford, UK MICHAEL D. SHIELDS Michigan State University, USA AMSTERDAM – BOSTON – HEIDELBERG – LONDON – NEW YORK – OXFORD PARIS – SAN DIEGO – SAN FRANCISCO – SINGAPORE – SYDNEY – TOKYO Elsevier The Boulevard, Langford Lane, Kidlington, Oxford OX5 1GB, UK First edition 2009 Copyright © 2009 Elsevier Ltd. All rights reserved No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means electronic, mechanical, photocopying, recording or otherwise without the prior written permission of the publisher Permissions may be sought directly from Elsevier’s Science & Technology Rights Department in Oxford, UK: phone ( 44) (0) 1865 843830; fax ( 44) (0) 1865 853333; email: permissions@elsevier.com. Alternatively visit the Science and Technology Books website at www.elsevierdirect.com/rights for further information Notice No responsibility is assumed by the publisher for any injury and/or damage to persons or property as a matter of products liability, negligence or otherwise, or from any use or operation of any methods, products, instructions or ideas contained in the material herein. British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library Library of Congress Cataloging-in-Publication Data A catalog record for...
Words: 187223 - Pages: 749
...CONGRESS OF THE UNITED STATES CONGRESSIONAL BUDGET OFFICE CBO The Budget and Economic Outlook: Fiscal Years 2013 to 2023 Percentage of GDP 120 100 80 60 40 20 0 1940 1945 Actual Projected 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 Federal Debt Held by the Public Trillions of 2005 dollars 20 18 16 14 12 10 0 2000 2004 2008 Potential GDP GDP Actual Projected Percent 12 10 8 6 4 2 0 2000 Actual Projected 2012 2016 2020 2024 2004 2008 2012 2016 2020 2024 GDP and Potential GDP Unemployment Rate FEBRUARY 2013 Notes Numbers in the text and tables may not add up to totals because of rounding. Unless otherwise indicated, years referred to in describing the budget outlook are federal fiscal years (which run from October 1 to September 30) and years referred to in describing the economic outlook are calendar years. The figures in Chapter 2 have white vertical bars that indicate the duration of recessions. (A recession extends from the peak of a business cycle to its trough.) The economic forecast was completed in mid-January 2013, and the estimates of 2012 values shown in tables and figures in Chapter 2 and Appendix B are based on information available at that time. Supplemental data for this analysis and the historical budget data that are usually included in this report are available on CBO’s Web site (www.cbo.gov). CBO Pub. No. 4649 Contents Summary...
Words: 44343 - Pages: 178
