MEMORIZE

Question 1

Intangibles - US GAAP

Answer 1

Cost

Question 2

Intangibles and Fixed Asset- IFRS

Answer 2

1. Cost
2. Revaluation
   Loss - Income Statement (reverse gain from OCI)
   Gain - OCI “PUFER” (reverse loss from I/S)

Question 3

Impairment of Intangibles & Fixed Assets

US GAAP

Answer 3

G/L on I/S
-  No reversal unless Held for Sale
Finite/Fixed assets - 2 Steps
Indefinite - 1 Step
Goodwill - 2 Steps @ reporting units

Question 4

Impairment of Intangibles & Fixed Assets

IFRS

Answer 4

G/L on I/S
- Reversal permitted
Finite/Indefinite - 1 step (BV vs NRV - greater of SP-disposal cost and value in use)

Question 5

Investment Property - IFRS

Answer 5

1. Cost
2. FV
   - G/L I/S

Question 6

OCBOA

Answer 6

No cash flow statement