Cost or Fair Value

  • Creator
    Topic
  • #181149
    Anonymous
    Inactive

    Hi everyone. I seem to get hung up on selected the wrong valuation between cost or fair value for recording assets. Is there something that I’m missing? Any tips.

    Thanks.

    Dave

    FAR 11/23/13 Coming soon

    BEC 1/6/14

    AUD tbd

    REG tbd

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  • #459435
    mjp44
    Member

    It depends on the account:

    Current/short-term assets: Fair value

    Inventory: Lower of cost or market (lower of cost or NRV for IFRS)

    Long-lived assets: Historical cost – accum depreciation/amoritization

    Marketable securities (Trading or Available for sale): Fair value

    Intangible Assets: Acquisiton cost?

    FAR- PASSED (11/13)
    REG- PASSED (2/14)
    BEC- PASSED (5/14)
    AUD- PASSED (8/14)

    If it's important to you, you will find a way. If it isn't, you will find an excuse.

    #459567
    mjp44
    Member

    It depends on the account:

    Current/short-term assets: Fair value

    Inventory: Lower of cost or market (lower of cost or NRV for IFRS)

    Long-lived assets: Historical cost – accum depreciation/amoritization

    Marketable securities (Trading or Available for sale): Fair value

    Intangible Assets: Acquisiton cost?

    FAR- PASSED (11/13)
    REG- PASSED (2/14)
    BEC- PASSED (5/14)
    AUD- PASSED (8/14)

    If it's important to you, you will find a way. If it isn't, you will find an excuse.

Viewing 2 replies - 1 through 2 (of 2 total)
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