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
23,850,424 questions answered
Popular Conversations
Which word has a more negative connotation for the sentence ...
Weegy: We bought __________________ souvenirs at the amusement park: a. inexpensive. User: The dictionary meaning ...
2/7/2016 8:01:03 AM| 3 Answers
3. The owner s equity division should contain what account(s)? A. 31 ...
Weegy: B. 31 P. Woodsley?Capital 32 Merchant?s Bank
2/6/2016 3:21:32 AM| 1 Answers
Crisis is synonymous with conflict. true or ...
Weegy: Communication is synonymous with conversation, delivery, transmission and many more.
2/6/2016 7:55:12 AM| 1 Answers
The events in a short story follow a natural, logical order. True or ...
Weegy: true The events in a short story follow a natural, logical order.
2/6/2016 7:51:04 AM| 1 Answers
Which term refers to all areas of Earth where life exists? biosphere ...
Weegy: Biome: a major ecological community, extending over a large area and usually characterized by a dominant ...
2/6/2016 7:56:20 AM| 1 Answers
Weegy Stuff
S
Points 219 [Total 616] Ratings 0 Comments 219 Invitations 0 Offline
S
P
P
Points 142 [Total 949] Ratings 0 Comments 142 Invitations 0 Offline
S
1
L
L
P
R
P
L
P
Points 106 [Total 11279] Ratings 0 Comments 106 Invitations 0 Offline
S
L
P
Points 46 [Total 2114] Ratings 0 Comments 46 Invitations 0 Offline
S
Points 27 [Total 37] Ratings 0 Comments 27 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
R
Points 2 [Total 438] Ratings 0 Comments 2 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)