Questions from Intermediate Accounting

Q: The IASB regularly updates and publishes a project plan that outlines the

The IASB regularly updates and publishes a project plan that outlines the timelines for the projects it is working on. Instructions: Using the IASB website (www.ifrs.org), identify new standards that...

Q: Penner Corp. has seven industry segments with total revenues as follows

Penner Corp. has seven industry segments with total revenues as follows: Based only on the revenues test, which industry segments are reportable under IFRS? Which industry segments are reportable un...

Q: Refer to the information in E19-7 about Berstler Limited’s defined

Refer to the information in E19-7 about Berstler Limited’s defined benefit pension plan. Instructions: (a) Prepare a 2017 pension work sheet with supplementary schedules of calculat...

Q: Operating profits and losses for the seven industry segments of Penner Corp

Operating profits and losses for the seven industry segments of Penner Corp. are as follows: Based only on the operating profit (loss) test, which industry segments are reportable under IFRS?

Q: Assets for the seven industry segments of Penner Corp. are as

Assets for the seven industry segments of Penner Corp. are as follows: Based only on the assets test, which industry segments are reportable under IFRS?

Q: What are the accounting problems related to the presentation of interim data

What are the accounting problems related to the presentation of interim data?

Q: How does seasonality affect interim reporting and how should companies overcome the

How does seasonality affect interim reporting and how should companies overcome the seasonality problem? Is there more of an effect on interim reporting for companies following IFRS or ASPE?

Q: Nguyen Limited buys land from its president for $390,000

Nguyen Limited buys land from its president for $390,000 in cash, which is the land’s appraised value at the time of the purchase. The land was purchased by the president 15 years ago for $65,000. (a)...

Q: Textile manufacturer Fiber right Corp. exchanges robotic equipment with an original

Textile manufacturer Fiber right Corp. exchanges robotic equipment with an original cost of $20,000 and a carrying amount of $11,000 with the equipment rental company Frederick Corp. The equipment tha...

Q: How would the transaction in BE23-13 be recorded if it

How would the transaction in BE23-13 be recorded if it were arm’s length? Data from BE23-13: Textile manufacturer Fiber right Corp. exchanges robotic equipment with an original cos...