Articles
Introduction to Income Tax
Introduction A company’s accounting policies (such as depreciation choices, and valuation of assets) can cause differen...
Financial Reporting of Investment Property Vs. PPE
Under US GAAP, there is no distinction between investment property and other long-lived assets. Under IFRS, investmen...
Disclosures Related to PPE and Intangible Assets
Disclosures under IFRS Disclosures for PPE Measurement basis Depreciation method Estimated useful lives or equi...
Derecognition of PPE and Intangible Assets
Derecognition happens when an asset is sold, exchanged or abandoned and therefore removed from the balance sheet. ...
Impairment of Long-lived Assets
A long-lived asset has become impaired when the book value of the asset as recorded on the balance sheet is not expected...
Revaluation Model for Fixed Assets
US GAAP does not permit firms to revalue the fixed assets on their balance sheets. Assets are reported on the balance sh...
Amortization of Intangible Assets
As we learned earlier, the intangible assets can have finite lives or indefinite lives. For assets with finite lives, th...
Depreciation – Important Points
Choosing a Useful Life– In isolation, the shorter the useful life, the higher the depreciation expense. A company’s ...
Impact of Depreciation Methods on Financial Statements
The table below summarizes the early year impacts on selected financial reporting items by choosing the straight-line me...
Depreciation Methods for Property, Plant, and Equipment (PPE...
Depreciation is defined as the ‘allocation of the depreciable amount of an asset over its estimated life’. According to ...
Financial Reporting of Intangible Assets
Intangible assets are those assets that have no physical substance such as patents, trademarks, franchises, and copyrigh...
Capitalizing Vs. Expensing Costs
Management typically has some discretion in determining if the cost of an item should be capitalized to the balance shee...
Long-lived Assets - Introduction
Long-lived assets refer to the long term assets that include property, plant and equipment (PPE), natural resources, int...
Impacts of LIFO and FIFO Inventory Methods on Selected Finan...
The following table summarizes the impact of LIFO and FIFO inventory methods on selected financial ratios. FINANC...
Disclosures Relating to Inventories
Under US GAAP and IFRS, companies are required to make the following disclosures about inventory. Accounting policie...
Inventory at Net Realizable Value
International and U.S. accounting standards require companies to carry inventory on the balance sheet at the lower of co...
Impact of Inventory Valuation Methods
We discussed the impact of LIFO and FIFO valuation methods on COGS, ending inventory, and gross profits under the increa...
Perpetual Vs. Periodic Inventory Systems
A company can account for changes in inventory using either periodic inventory system or perpetual inventory system. ...
Inventory Accounting Analysis and Inflation/Deflation
Inflation and Inventory Accounting Analysis LIFO income statement in a rising price environment – LIFO method will lowe...
Analyze Securities Using Tableau Visualizations
I recently came across the visualization tool called Tableau. You can use your data to create any kind of visualization ...
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