Posted: September 15th, 2015

An Inventory

Submit responses in MSWord as one document. Label each section clearly. If using an Excel spreadsheet for question 2, please copy and paste the spreadsheet into the Word document.

1. How is an impairment loss on property, plant and equipment determined and measured under IFRS? How does this differ from US GAAP?

2. Please determine the amount at which the inventory should be reported on December 31 Year 1 balance sheet using the following information:

Historical cost

Replacement cost

Estimated selling price

Estimated costs to complete and sell

Normal profit margin as a percentage of selling price


The entire inventory on hand at December 31, Year 1 was completed in Year 2 at a cost of $1,800 and sold at a price of $17,150.

3. Determine the impact on income in Year 1 and Year 2 under (1) IFRS and (2) US GAAP.

Place your order now for a similar paper and have exceptional work written by our team of experts to guarantee you A Results

Why Choose US

6+ years experience on custom writing
80% Return Client
Urgent 2 Hrs Delivery
Your Privacy Guaranteed
Unlimited Free Revisions

Expert paper writers are just a few clicks away

Place an order in 3 easy steps. Takes less than 5 mins.

Calculate the price of your order

You will get a personal manager and a discount.
We'll send you the first draft for approval by at
Total price:
Live Chat+1-631-333-0101EmailWhatsApp