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level: PP&E

Questions and Answers List

level questions: PP&E

QuestionAnswer
U.S. GAAP PP&E NBV EquationNBV= Cost - A/D - Impairment
IFRS PP&E Valuations (2)1. NBV (same as US GAAP) 2. Revaluation = FV on Revaluation - Subsequent A/D - Subsequent Impairment
If there is an initial GAIN on IFRS Revaluation of a fixed asset, where does the GAIN get recorded?Other Comprehensive Income (pufieR)
If there is an initial LOSS on IFRS Revaluation of a fixed asset, where does the LOSS get recorded?Income Statement
Ordinary Repairs are ??? Extraordinary Repairs are ???Ordinary = Expensed Extraordinary = Capitalize by reducing A/D
When calculating costs of Land, all costs that prepare the Land for usage up to ??? is included in the Land's cost.Excavation
General Rule: Expense Interest as incurred except during ???Construction
Equation for capitalization of construction interestLesser of: - Weighted Avg Expenditures * Weighted Avg Rate - Actual Interest
Depreciation: Units of Production((Cost - SV)/Hours)= Rate per Unit * Units or Hours
Depreciation: Sum of Year's DigitsRate: (Remaining Life / SYD) SYD if 3 yr life = 1+2+3
Depreciation: Declining (200/150)IGNORE SALVAGE VALUE Rate: (200 or 150/Number of Years) = %