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: ]
Ask a question
Not a good answer? Get an answer now. (FREE)
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 ... (More)
Question
All Categories|No Subcategories|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
All Categories|No Subcategories|Expert Answered
Asked 11/15/2011 2:45:41 PM
0 Answers/Comments
Home | Contact | Terms | Privacy | Social | ©2013 Purple Inc.
Ad
Popular Conversations
which life stage does nutritional issue might cause the most problems ...
Weegy: Malnutrition is a common problem in cancer patients that has been relief from nutrition impact symptoms and ...
4/19/2014 1:18:55 AM| 5 Answers
Pax Romana lasted from the reign of
Weegy: Pax Romana lasted from the reign of: Marcus Aurelius.
4/19/2014 4:45:15 PM| 3 Answers
Energy from sunlight is harmful to our skin.
4/19/2014 4:02:26 AM| 2 Answers
Helen's sign for her mother was touching her hand to her
Weegy: forehead User: The students at Perkins Institute sent Helen a(n): Weegy: The students at Perkins Institute ...
4/19/2014 7:05:08 AM| 2 Answers
(3+ (6)) (6+ 5)=
Weegy: (3+6)(6+5) 9 + 11 = 20
4/19/2014 8:54:53 AM| 2 Answers
As temperature increases, the speed of ...
Weegy: No, it decreases because when temperature is low water is present in atmosphere which let sound to go fast
4/19/2014 1:04:54 PM| 2 Answers
Read the argument below and answer the question that follows. All ...
Weegy: The answer would be D. Premise: All football players are required to attend weekly strengthening workshops. ...
4/19/2014 5:11:29 PM| 2 Answers
a common time killer
Weegy: Kill: To put to death. b. To deprive of life User: what does gas means Weegy: Methane.
4/19/2014 9:00:16 PM| 2 Answers
Weegy Stuff
S
L
P
C
L
P
C
Points 1541 [Total 6928]| Ratings 0| Comments 1541| Invitations 0|Offline
S
L
P
C
P
C
1
L
P
C
Points 1453 [Total 9334]| Ratings 0| Comments 1453| Invitations 0|Offline
S
1
L
1
L
P
Points 480 [Total 7157]| Ratings 1| Comments 470| Invitations 0|Offline
S
L
Points 405 [Total 2852]| Ratings 2| Comments 375| Invitations 1|Online
S
R
Points 175 [Total 287]| Ratings 5| Comments 105| Invitations 2|Offline
S
Points 163 [Total 579]| Ratings 0| Comments 163| Invitations 0|Offline
S
Points 154 [Total 154]| Ratings 6| Comments 74| Invitations 2|Online
S
1
Points 154 [Total 484]| Ratings 3| Comments 124| Invitations 0|Offline
S
Points 133 [Total 777]| Ratings 1| Comments 123| Invitations 0|Online
S
L
1
1
1
Points 119 [Total 3385]| Ratings 6| Comments 59| Invitations 0|Offline