Identifying Measurement Bases

Using content from this chapter and the previous chapter (on measurement), indicate whether you would expect the following asset accounts to be (1) measured at fair value, (2) tested for impairment at fair value, or (3) measured on some other basis (if so, explain what basis).

Assets  

Cash and equivalents

Accounts receivable

Inventories -LIFO or Retail Inventory Method

Inventories -Any method other than LIFO or Retail Inventory Method

Marketable equity securities

Lease “Right of Use” Assets

Property, plant, and equipment

Equity-method investments

Intangible assets

Derivative assets

Assets of businesses held for sale

Answer rating: 100% (QA)

Based on the information from the chapters on measurement and the nature of the asset accounts here is the expected measurement basis for each asset a... View the full answer