(long-term) assets because they produce benefits over several years. They are valuable because they provide rights and privileges to their owners. Examples of intangible assets are: trademarks, copyrights, patents, franchises, customer lists, and goodwill. Intangible assets have the following classifications: 1. Purchased vs. internally created intangibles 2. Limited-life vs. indefinite-life intangibles ← Purchased intangibles are recorded at the cost incurred to purchase an intangible
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to present. 4. In many cases, IFRS are more flexible than U.S. GAAP. True or False? 5. Inventory is an example of IAS that provides less extensive guidance than U.S. GAAP. True/False 6. What should include in the cost of inventories? 7. How does IAS 2 require inventory to be reported on the balance sheet? How does U.S. GAAP require inventory reported on the balance sheet? 8. Which items should be included in the cost of property, plant, and equipment under IAS 16? 9. What are the two models
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Q1-2 The split-off and spin-off result in the same reduction of reported assets and liabilities. Only the stockholders’ equity accounts of the company are different. The number of shares outstanding remains unchanged in the case of a spin-off and retained earnings or paid-in capital is reduced. Shares of the parent are exchanged for shares of the subsidiary in a split-off, thereby reducing the outstanding shares of the parent company.
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Audit Approach 9 • Going concern risk 9 • Revenue 10 • Expenses 11 • Inventory 11 • Account Receivables – valuation and existence 13 • Goodwill 13 • Account payables 14 • Capital Assets 15 Materiality 16 Evaluation of Internal Auditor work 17 Additional procedures performed at future inventory count 18 • Procedures performed during inventory count 19 • Procedures followed after inventory count 20 Audit program for Property Plant and Equipment 22 ROMM 22 Approaches to testing 22 Audit
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Intangible Assets In April 2001 the International Accounting Standards Board (IASB) adopted IAS 38 Intangible Assets, which had originally been issued by the International Accounting Standards Committee in September 1998. That standard had replaced IAS 9 Research and Development Costs, which had been issued in 1993, which itself replaced an earlier version called Accounting for Research and Development Activities that had been issued in July 1978. The IASB revised IAS 38 in March 2004 as part of the
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FOCUSED ON THE CUSTOMER MACY’S, INC. • 20 09 ANNUAL REPORT MACY’S Macy’s, established in 1858, is the Great American Department Store – an iconic retailing brand with about 810 stores operating coast-to-coast and online at macys.com. Macy’s offers powerful assortments and the best brands, tailored to each and every customer with obvious value, engaging service and unforgettable moments. MACY’S, INC. IS ONE OF THE NATION’S PREMIER RETAILERS, WITH FISCAL 2009 SALES OF $23.5 BILLION
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in each case and problem. CASES Case 5-1 In this case, students must discuss how to value employees and patentable products and how these assets should be amortized or checked for impairment on an annual basis. Case 5-2 (prepared by Peter Secord, Saint Mary’s University) In this real life business combination, students are directed to identify all of the intangible assets acquired and to discuss the valuation problems associated with them. Case 5-3 In this case, adapted
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Chapter 8 Discussion Question #3, #5, and #11 3. The purchase method is used when one entity acquires another, whereas the pooling method accounts for the uniting of the ownership interests of two (or more) entities. The pooling-of-interest method provides distinct advantages to many firms entering into a business combination. The assets and liabilities of both parties are combined at book value and revenues and expenses are combined retroactively. With the purchase method
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Research Based Case Study and Report (ACCG224) Cervantes Corporation Ltd. South Perth, WA Clean Seas Tuna Limited South Australia BY: Jiamei Gu Student ID: 42184169 October 2, 2012 Table of Contents EXECUTIVE SUMMARY 3 INTRODUCTION 4 EVALUATION OF THE DISCLOSURES OF SELECTED COMPANIES 5 Disclosures on Intangible Assets 5 Compliance with AASB 138, Paragraphs 118 to 123 and 126 to 128 6 Differences in Disclosures Between the Two Companies 7 RECOMMENDATIONS 9 LIST OF REFERENCES 10 APPENDICES
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..............................7 Business combinations ...................................................11 Inventory .......................................................................13 Long-lived assets ...........................................................14 Intangible assets ............................................................16 Impairment of long-lived assets, goodwill and intangible assets ............................................................18 Financial instruments
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