Sep 14, 2018 · There are many different standards that will affect Trinity Industries under IFRS. Those standards include revenue recognition for contract work; depreciation of fixed assets; and the inventory cost method used.
IFRS: Standards The IFRS implementation will affect Trinity organization in many fronts. Changes in the organization will bring transformation across all levels of the organization. Trinity industries will need to modify the procedures in administration, leadership and common workers.
Dec 12, 2017 · V. IFRS a) What are the implications of a change in accounting standards? For example, what kinds of changes to data calculation and information reporting are likely to occur with a transition to a new standard? b) What changes will be required for Trinity to improve internal control compliance? c) What standards will affect Trinity as a result of IFRS? d) …
One standard that will affect Trinity as a result of IFRS is the depreciation of buildings which is done separately by components. ... Comparing and Contrasting International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles ... Course Hero, Inc.
The core principle in IAS 36 is that an asset must not be carried in the financial statements at more than the highest amount to be recovered through its use or sale. If the carrying amount exceeds the recoverable amount, the asset is described as impaired. The entity must reduce the carrying amount of the asset to its recoverable amount, and recognise an impairment loss. IAS 36 also applies to groups of assets that do not generate cash flows individually (known as cash-generating units).
IAS 36 also applies to groups of assets that do not generate cash flows individually (know n as cash-generating units). IAS 36 applies to all assets except those for which other Standards address impairment. The exceptions include inventories, deferred tax assets, assets arising from employee benefits, financial assets within the scope of IFRS 9, ...
In April 2001 the International Accounting Standards Board (Board) adopted IAS 36 Impairment of Assets, which had originally been issued by the International Accounting Standards Committee in June 1998. That standard consolidated all the requirements on how to assess for recoverability of an asset. These requirements were contained in IAS 16 ...
Fair value less costs to sell is the arm’s length sale price between knowledgeable willing parties less costs of disposal. The value in use of an asset is the expected future cash flows that the asset in its current condition will produce, discounted to present value using an appropriate discount rate.
An impairment loss for goodwill is never reversed. For other assets, when the circumstances that caused the impairment loss are favourably resolved, the impairment loss is reversed immediately in profit or loss (or in comprehensive income if the asset is revalued under IAS 16 or IAS 38).