Explain why it is necessary to define 'asset' or 'expense' from first principles, but not both. Why

Question:

Explain why it is necessary to define 'asset' or 'expense' from first principles, but not both. Why has the IASB chosen to define the former?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Comparative international accounting

ISBN: 978-0273703570

9th Edition

Authors: Christopher nobes, Robert parker

See More Books

Question Posted: Aug 31, 2012 01:14 AM

See More Questions

Explain why it is necessary to distinguish between cash bud get estimates and operating budget estimates.
Explain why it is necessary to consider variability around the mean or nominal dimension as a measure of quality.
Explain why it is necessary to engage with the literature before making final decisions regarding the focus of the research project.
Albert owns 100% of the shares of ProTech Services Inc and is has decided to sell the business. He initially invested STG 100,000 in the shares of the business 20 years ago. He has negotiated a...
The following is the sales budget for Tesoro Azul, Inc., for the first quarter of 2016. Credit sales are collected as follows: 65 percent in the month of the sale 20 percent in the month after the...
An ad for Crest Whitestrips Premium claims that the strips will whiten teeth in 7 days and the results will last for 12 months. A researcher who wishes to test this claim studies 20 sets of identical...
A study in one state compared the traffic fatality rates (number of fatalities per miles driven) on highways with 55, 65, and 75 miles per hour speed limits. They found that highways with a 75 mph...
Loretta Smith, president and owner of Custom Enterprises, applied for a $250,000 loan from City National Bank. The bank requested financial statements from Custom Enterprises as a basis for granting...
On January 1, 2009, Bruno owed $8,384 to his friend Alexandra, who was kind enough not to charge Bruno any interest. Each month during 2009, Bruno paid Alexandra some of the money he owed. If Bruno...
For some years, Mel has contracted with several major pizza retailers for home delivery services, He uses a MARR of 12% per year in all business dealings. His current van, purchased 10 years ago for...
'Substance over form is a recipe for failing to achieve comparability between financial statements of different enterprises.' Discuss.
Is it necessary and useful to have different valuation bases for different assets?
Why is it harder to design a data cache than an instruction cache?
Gravitational Fields Use the gravitational field equations to solve the problems below. 1. A 485 kg sphere sits at 14.0 km due North of a 852 kg sphere. What is the force of gravity on the first...
Convert the following to standard scientific notation. 46. 0.253x102 0.00253 47. 0.009711000000000971 48. 0.000085410-5 49. 0.015481000000 01598 50. 0.00000841x10-12 51. 0.0799104 0.000007911 52....
Answer all of the following questions. Please write neatly. If you do not write neatly, your problem will not be graded. You MUST show all your work. 1. Working with Vectors A.) If A = 121 - 161 |...
5. Method of images: A point charge near a grounded conducting plane I. A 32 mC point charge is 0.25 m from a very large grounded conducting plane. Find the following: (a) The magnitude of the force...
FIGURE 2 shows a circuit which is used to charge a capacitor of 50 F which is initially without charge. The circuit consists of a voltage source of 12 V, resistor of 800 k2, switch S and galvanometer...
Meyers Window Company introduced a new window design but sales were below expectations. Sales in units last year were 800 units. Variable cost per unit averaged $105.72, the fixed cost was $42,000,...
Find the equation of the plane passing through the points P 5,4,3 ,Q 4,3,1 and R 1,5,4
Is your companys strategy ethical? Why or why not? Is there anything that your company has done or is now doing that could legitimately be considered as shady by your competitors?
Assume that an enterprise has ten operating segments. Of these, five segments qualify as reportable segments by passing one of the 10% tests. However, their combined revenues from sales to...
What disclosures are required for the reportable segments and all remaining segments in the aggregate?
What disclosures are required for the reportable segments and all remaining segments in the aggregate?
can anyone let me know what the capital and non-capital purchases would be from the cash book records Ben's Bookkeeping Cash Receipts Journal GST Other receipts Date Rec no. Particulars Bank...
When assessing a foreign country, market managers have to evaluate how feasible it is to target the market. What are marketing model drivers and enabling conditions? Briefly explain using the example.
The firm is looking to invest (in Year 0) in the design and development of an e-bike docking station for which a Return on Investment (ROI) of 30% is desired by the firm which anticipates an annual...

Explain why it is necessary to define 'asset' or 'expense' from first principles, but not both. Why

Question:

Step by Step Answer:

Costs are treated as either expenses or assets Therefore to ensu...View the full answer

Comparative international accounting

Students also viewed these Accounting questions