of your corporation’s tangible assets for possible impairments in value and also for possible impairment of value of the Goodwill booked on the corporation’s Balance Sheet, I have researched and concluded the following information and proper disclosures for XYZ Corporation. Tangible Assets Let’s begin with the tangible assets of the corporation. Over the useful life of the asset, it is necessary to periodically test for impairment. Impairment exists when the carrying value of a long-lived asset
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Chapter 11 Property, Plant, and Equipment and Intangible Assets: Utilization and Impairment Questions for Review of Key Topics Question 11-1 The terms depreciation, depletion, and amortization all refer to the process of allocating the cost of property, plant, and equipment and finite-life intangible assets to periods of use. The only difference between the terms is that they refer to different types of these long-lived assets; depreciation for plant and equipment
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............................2 Insurance .........................3 Asset impairments .......... 5 Non-impairment costs ............................... 7 Debt and liquidity issues ........................... 8 Tax considerations ..........9 Derivative and hedging considerations ..............9 Subsequent events ........ 10 Internal control implications ................ 10 Questions ....................... 11 Accounting and disclosure implications of Hurricane Sandy Overview
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of intangibles (internally-generated and purchased) and how to account for them Understand a special case of intangible – research and development, and how to account for them Understand a special case of intangible – goodwill, and how to account for them 2. 3. 3 A/Professor Indra Abeysekera 1 2/08/2013 Definition of intangible assets ………………………………………. Includes patents, goodwill, mastheads, brand names, copyrights, research and development, and trademarks The lack of physical
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Case 09-7 A2 Auto Corporation Impairment A2 Auto Corporation (“A2 Auto”) is one of the world’s largest manufacturers and distributors of automobiles and automobile ancillary parts operating in the Asia Pacific and American Markets. A2 Auto’s automotive operations include the design, manufacture, assembly, and sale of passenger cars, recreational and sport-utility vehicles, minivans and trucks, and related parts and accessories. In its Form 10-K, filed with the U.S. Securities and Exchange Commission
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--------------------------------------------------8 Question 9--------------------------------------------------------------------------------------------------------------------9 Question 10------------------------------------------------------------------------------------------------------------------10 Conclusion-------------------------------------------------------------------------------------------------------------------11 References--------------------------------------------------
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Memo TO: Professor Brown FROM: Carissa Lambert DATE: April 6, 2015 SUBJECT: Case 11-9 Goodwill Impairment I think that Galaxy management should have performed an interim goodwill step 1 impairment test. Although it was not required, I think it could have been beneficial considering the declines of the past few quarters. They did review ASC 350 and determined that the test was not necessary. If they reviewed ASC 350 then we might assume that they performed a qualitative assessment of the factors
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is that gains and losses on the disposal of individual assets need not be computed. True False 9. Statutory depletion is the maximum amount of depletion that may be reported in financial statements prepared according to GAAP. True False 10. A change in the estimated recoverable units used to compute depletion requires retroactive adjustments to the financial statements. True False 11. Changes in the estimates involved in depreciation, depletion, and amortization require retroactive
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Committee (IASC) issued a total of ______ International Accounting Standards (IAS) during the period 1973–2001. 2. The International Accounting Standards Board issued a total of 14 _____ ________ _______ ______ from 2001 to present. 3. In many cases, IFRS are more __________ than U.S. GAAP.. 4. Inventory is an example of IAS that provides less extensive guidance than U.S. GAAP. a. True/False 5. What should include in the cost of inventories? 6. List costs that are not included in the costs
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EDITION ISBN: 978-1-61853-151-3 Bookstores & Faculty: to order this book, call 800-619-6473 or email customerservice@cambridgepub.com. Students: to order this book, please visit the book’s Website and order directly online. Printed in Canada. 10 9 8 7 6 5 4 3 2 1 PREFACE W elcome to Advanced Accounting. We wrote this book with two major objectives in mind. First, we seek to reflect the changing topical emphases and content in the advanced accounting course; coverage is completely updated
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