You have new items in your feed. Click to view.
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
25,809,503 questions answered
Popular Conversations
Weegy Stuff
S
P
L
Points 624 [Total 1374] Ratings 3 Comments 594 Invitations 0 Offline
S
L
P
P
P
Points 435 [Total 3183] Ratings 0 Comments 435 Invitations 0 Offline
S
P
Points 379 [Total 638] Ratings 1 Comments 369 Invitations 0 Offline
S
Points 364 [Total 785] Ratings 2 Comments 344 Invitations 0 Offline
S
L
P
P
P
Points 112 [Total 3816] Ratings 0 Comments 112 Invitations 0 Offline
S
Points 88 [Total 227] Ratings 0 Comments 88 Invitations 0 Offline
S
Points 21 [Total 71] Ratings 2 Comments 1 Invitations 0 Offline
S
1
L
L
P
R
P
L
P
P
R
Points 8 [Total 12606] Ratings 0 Comments 8 Invitations 0 Offline
S
Points 5 [Total 5] Ratings 0 Comments 5 Invitations 0 Offline
S
L
Points 3 [Total 1766] Ratings 0 Comments 3 Invitations 0 Offline
* Excludes moderators and previous
winners (Include)
Home | Contact | Blog | About | Terms | Privacy | © Purple Inc.