Impairment loss reported for us gaap and ifrs, Accounting Basics

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Impairment loss reported for us gaap and ifrs

At the end of its reporting year, SunnySide shows the following intangible assets on its books: $30,000 patents with estimated remaining useful life of 10 years, and $46,000 goodwill with an indefinite life. Before closing its books, the company evaluates its intangible assets and identifies a $10,000 impairment in patents and a $15,000 impairment in goodwill. For IFRS, SunnySide accounts for its intangible assets using the cost method.

a. How will the impairment loss be reported for US GAAP and IFRS?

b. At the end of the following year, SunnySide determines the company has recovered $6,000 of the patent impairment and $8,000 of the goodwill impairment. How will this be reported for US GAAP and IFRS?

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Accounting Basics: Impairment loss reported for us gaap and ifrs

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Accounting Basics: Impairment loss reported for us gaap and ifrs

Reference No:- TGS092938

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Accounting Basics: Impairment loss reported for us gaap and ifrs

Reference No:- TGS092938

Recent Questions Asked Accounting Basics

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