Question and answer
Has the concept of asset impairment changed accounting for long-lived assets under the historical cost model? If so, how?
no the concept of asset has not changed.
Expert answered|mari1313|Points 1|
Question
Asked 11/15/2011 2:45:41 PM
0 Answers/Comments
Get an answer
New answers
Rating

There are no new answers.

Comments

There are no comments.

Add an answer or comment
Log in or sign up first.
Questions asked by the same visitor
What is included in the cost basis of a long-lived asset? Explain for at least two types of such assets
Weegy: Both accounting models have similar recognition criteria, requiring that costs be included in the cost of the asset if future economic bene?ts are probable and can be reliably measured. [ Neither model allows the capitalization of start-up costs, general administrative and overhead costs or regular maintenance. However, both US GAAP and IFRS require that the costs of dismantling an asset and restoring its site (that is, the costs of asset retirement under FAS 143Accounting for Asset Retirement Obligations or IAS 37) be included in the cost of the asset. Both models require a provision for asset retirement costs to be recorded when there is a legal obligation, although IFRS requires provisions in other circumstances as well. Read more: ] User: What sources are reliably used to estimate an asset's useful life? Weegy: Please specify in which context you associate "asset" with. Business? Philosophy? (More)
Question
Expert Answered
Asked 11/15/2011 11:23:07 AM
0 Answers/Comments
Has the concept of asset impairment changed accounting for long-lived assets under the historical cost model? If so, how?
Weegy: Both accounting models have similar recognition criteria, requiring that costs be included in the cost of the asset if future economic bene?ts are probable and can be reliably measured. [ [ Neither model allows the capitalization of start-up costs, general administrative and overhead costs or regular maintenance. However, both US GAAP and IFRS require that the costs of dismantling an asset and restoring its site (that is, the costs of asset retirement under FAS 143Accounting for Asset Retirement Obligations or IAS 37) be included in the cost of the asset. Both models require a provision for asset retirement costs to be recorded when there is a legal obligation, although IFRS requires provisions in other circumstances as well. Read more: ] ] (More)
Question
Expert Answered
Asked 11/15/2011 2:44:39 PM
0 Answers/Comments
23,874,048 questions answered
Popular Conversations
Small family owned businesses usually require applicants to submit ...
Weegy: TRUE. Small family owned businesses usually require applicants to submit electronic resumes.
2/8/2016 8:47:01 AM| 3 Answers
Which action associated with the United States' "return to normalcy" ...
Weegy: Washington Disarmament Conference was on 1921 and established a treaty between the United States, France, ...
2/8/2016 9:35:32 AM| 2 Answers
The King James Bible was written by A. King James. B. a ...
Weegy: The King James Bible was written by A. King James.
2/8/2016 12:55:50 PM| 2 Answers
Weegy Stuff
S
Points 271 [Total 668] Ratings 0 Comments 271 Invitations 0 Offline
S
P
P
Points 178 [Total 985] Ratings 0 Comments 178 Invitations 0 Offline
S
1
L
L
P
R
P
L
P
Points 117 [Total 11290] Ratings 0 Comments 117 Invitations 0 Offline
S
L
P
Points 46 [Total 2114] Ratings 0 Comments 46 Invitations 0 Offline
S
R
Points 9 [Total 445] Ratings 0 Comments 9 Invitations 0 Offline
S
Points 7 [Total 291] Ratings 0 Comments 7 Invitations 0 Offline
S
Points 4 [Total 904] Ratings 0 Comments 4 Invitations 0 Offline
S
Points 4 [Total 4] Ratings 0 Comments 4 Invitations 0 Offline
S
Points 2 [Total 2] Ratings 0 Comments 2 Invitations 0 Offline
S
Points 1 [Total 2] Ratings 0 Comments 1 Invitations 0 Offline
* Excludes moderators and previous
winners (Include)