You have new items in your feed. Click to view.
Question and answer
What is included in the cost basis of a long-lived asset? Explain for at least two types of such assets
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: ]
Get an answer
Original conversation
User: 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: ]
batotoy|Points 350|

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?
Expert answered|patmarone|Points 2110|

Question
Asked 11/15/2011 11:23:07 AM
0 Answers/Comments
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
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
Has the concept of asset impairment changed accounting for long-lived assets under the historical cost model? If so, how?
Weegy: no the concept of asset has not changed. (More)
Question
Expert Answered
Asked 11/15/2011 2:45:41 PM
0 Answers/Comments
27,040,476 questions answered
Popular Conversations
Weegy Stuff
S
P
P
L
Points 482 [Total 1251] Ratings 2 Comments 462 Invitations 0 Offline
S
P
P
L
P
P
Points 424 [Total 2398] Ratings 1 Comments 414 Invitations 0 Offline
S
P
P
L
P
Points 226 [Total 1440] Ratings 0 Comments 226 Invitations 0 Offline
S
Points 30 [Total 30] Ratings 3 Comments 0 Invitations 0 Offline
S
Points 24 [Total 24] Ratings 0 Comments 14 Invitations 1 Offline
S
Points 14 [Total 14] Ratings 1 Comments 4 Invitations 0 Offline
S
Points 12 [Total 112] Ratings 1 Comments 2 Invitations 0 Offline
S
Points 12 [Total 22] Ratings 1 Comments 2 Invitations 0 Offline
S
Points 5 [Total 5] Ratings 0 Comments 5 Invitations 0 Offline
S
Points 4 [Total 4] Ratings 0 Comments 4 Invitations 0 Offline
* Excludes moderators and previous
winners (Include)
Home | Contact | Blog | About | Terms | Privacy | © Purple Inc.