Goodwill Impairment – FASC Section 350 a. What is Step 1 in the two step process for evaluating goodwill? The first step of the goodwill evaluation process compares the fair value of a reporting unit with its carrying amount, including goodwill (350-20-35-4). b. What is Step 2 in the two step process for evaluating goodwill? The second step of the goodwill evaluation process compares the implied fair value of reporting unit goodwill with the carrying amount of that goodwill (350-20-35-9)
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Taylor Hagans DeVry University Financial Statement Analysis of Apple, Inc. 10/14/2012 Question 1 | |2010 |2009 | |Property and equipment, net | 4,768 | 2,954 | |Depreciation expense | 1,027 | 734 | |Cash flow:
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Florence Man A424 Case 1 Summer 2013 Substantive procedures are designed to detect material misstatements in a transaction classes, account balance, and disclosure component of financial statements. Little Drummer Boy Inc. In the case of Little Drummer Boy Inc. management provided assertions in the following transaction classes: acquisition of long-term asset, depreciation of long-term asset, and allocation of cost in lump-sum purchase. The long-term asset account, depreciation and accumulated
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Deloitte Trueblood Case: 11-7 Due (5/28/13) Allfoods Corporation Team Members: Heidi Fosse (FosseH@cwu.edu) Josh Minert (MinertJ@cwu.edu) Brianna Brown (BrownB@cwu.edu) Summary: * Calendar year-end company * February 1, 2009 – Allfoods announced acquiring 80% of outstanding common stock of Baked Beans Corp. (Baked Beans) in business combination * August 1, 2009 (acquisition date) – Allfoods paid $40M cash and issued 2 million shares of Allfoods common stock to selling shareholders
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Goodwill industry is a global leader in the social services industry. They generate opportunities for people to help them achieve economic stability. They also help to build strong families and build their communities by offering job training, employment placement services, and many other community based programs for all kinds of people, and in a variety of different industries including in computer programming, manufacturing, technology, healthcare, and even construction. These people include
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Equipment/Balance Sheet 6. Research and Development/Income Statement 7. Charged as expense in the Income Statement 8. Operating Losses in the Income Statement 9. Charged as expense in the Income Statement 11. Not recorded; any costs related to creating goodwill incurred internally must be expense. 12. Research and Development Expense/Income Statement 14. R & D Expense/Income Statement 18. R & D Expense/Income Statement 20. R & D Expense/Income Statement 21. Long-term investment, or other
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IAS 38 — Intangible Assets Overview IAS 38 Intangible Assets outlines the accounting requirements for intangible assets, which are non-monetary assets which are without physical substance and identifiable (either being separable or arising from contractual or other legal rights). Intangible assets meeting the relevant recognition criteria are initially measured at cost, subsequently measured at cost or using the revaluation model, and amortised on a systematic basis over their useful lives (unless
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In 1924, Woolworths was introduced in Sydney as a remarkable inexpensive business using an advertising quote that “every man and woman needs a handy place where good things are cheap”. Seven years after, Woolworths has become a succession of sixteen stores around different states in Australia and even in New Zealand. The first store was founded in 1929. Due to this success, Woolworths currently has more than three thousand stores in different fields such as food, liquor, petrol, general merchandise
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asset they will classify the EAs as on their balance sheet. Following are three alternatives Polluter can consider as outlined in Deloitte’s “Accounting for Emission Rights” paper: 1. The EAs are intangible assets as defined under SFAS No. 142, Goodwill and Other Intangible Assets, because they lack physical substance but do not meet the definition of a financial asset under SFAS 140. 2. EAs are listed as financial assets because markets and exchanges for the trading of EAs provided evidence
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(1 Mark) 5. When does an asset meet the identifiability criterion? (1 Mark) 6. When should an intangible asset be recognised? (1 Mark) 7. How should an intangible asset be measured initially? (1 Mark) 8. How should internally generated goodwill be accounted for? (1 mark) 9. Name two (2) of the criteria that must be met if an intangible asset arising from the development phase is to be recognised? (1 Mark) 10. To assess whether outlays internally generated intangible asset meets the
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