Sesi 2. Question to be discussed Are the trained staff assets of Open Safari? (Note: Open Safari
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Sesi 2. Question to be discussed
- Are the trained staff assets of Open Safari? (Note: Open Safari has incurred significant staff training costs and some staff possess specialised skills that are essential for Open Safari’s operations.)
- Which Standards apply when accounting for the acquisition of Freelands and the assets constructed thereon?
- What judgements and estimates are made to measure the cost of the property, plant and equipment (PPE)—staff housing, lodge, balloons, helicopter—at initial recognition?
- Would Open Safari depreciate any of its PPE (amortise any of its intangible assets) during 20X0–20X2? If so, when would depreciation of each item of PPE start?
- Other depreciation/amortisation issues (discuss judgements and estimates to be made in respect of each item of PPE even if depreciation of the item will start only in 20X3):
- How to determine whether components of that item must be depreciated separately?
- How to determine which depreciation method must be used?
- How to determine the residual value?
- How to determine the useful life?
- What additional judgements and estimates would be made for any class of PPE for which Open Safari follows an accounting policy of revaluing?
- Is the website an asset of Open Safari?
- Do the expenditures on advertising and promotion activities (for example, attending the trade fair) generate an asset as defined for Open Safari (ignore recognition requirements)?
- Are the unused chemicals, chemical spraying equipment and machetes assets of Open Safari?
- Is the initial operating loss an asset of Open Safari?
- Which Standards apply when accounting for the elements (for example, assets) identified from the information provided for Open Safari in 20X3?
- Which, if any, of the assets identified in 20X3 does IFRS prohibit Open Safari from recognising as an asset (and why)?
- What is the ‘unit of account’ for the assets recognised by Open Safari for the first time in 20X3?
- What judgements and estimates are made to measure the cost of the website at initial recognition?
- Which assets would Open Safari depreciate/amortise for the first time in 20X3? When would depreciation/amortisation start?
- Identify the assets acquired by Open Safari at the date of acquisition of WoXy Safaris?
- Assuming that goodwill arises in the accounting for the acquisition of WoXy Safari: is the goodwill an asset of Open Safari?
- Which Standards apply when accounting for the elements (for example, assets) identified from the information provided for Open Safari in 20X4?
- Which, if any, of the assets identified in 20X4 does IFRS prohibit Open Safari from recognising as an asset (and why)?
- Which assets would Open Safari depreciate/amortise for the first time in 20X4? When would depreciation/amortisation start?
- Other depreciation/amortisation issues (discuss judgements and estimates to be made in respect of each item of PPE even if the depreciation of the item will start only in 20X4):
- How to determine whether components of that item must be depreciated separately?
- How to determine which depreciation method must be used?
- How to determine the residual value?
- How to determine the useful life?
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