Questions from Advanced Accounting

Q: How does the accounting for a hedge of a foreign currency firm

How does the accounting for a hedge of a foreign currency firm commitment affect assets and liabilities reported on the balance sheet differently from the accounting for a hedge of a forecasted foreig...

Q: How are changes in the fair value of an option accounted for

How are changes in the fair value of an option accounted for in a cash flow hedge? In a fair value hedge?

Q: Was the IASB–FASB convergence process successful?

Was the IASB–FASB convergence process successful?

Q: What authoritative pronouncements make up International Financial Reporting Standards (IFRS)?

What authoritative pronouncements make up International Financial Reporting Standards (IFRS)?

Q: How are safe payments to partners calculated when cash becomes available for

How are safe payments to partners calculated when cash becomes available for distribution?

Q: What effect does application of the modified approach have on reporting within

What effect does application of the modified approach have on reporting within the government- wide financial statements?

Q: A teacher employed by the City of Lights qualifies for a defined

A teacher employed by the City of Lights qualifies for a defined benefit pension plan. The city sets up a pension trust fund to monitor the resources held for these future payments. How is the amount...

Q: At the start of Year 1, the City Peacock leases 30

At the start of Year 1, the City Peacock leases 30 computers for use by various officials in school administration and public safety at a total cost of $90,000 per year. The first lease payment is mad...

Q: Pittston County has an empty school building with a net book value

Pittston County has an empty school building with a net book value of $700,000 and a remaining life of 10 years with no expected residual value. The building is leased to the City of Lincoln at the st...

Q: SK Corporation acquired Neptune, Inc., on January 1, 2020

SK Corporation acquired Neptune, Inc., on January 1, 2020, by issuing 125,000 shares of common stock with a $5 per share par value and a $30 market value. This transaction resulted in recognizing $95,...