tailieunhanh - Lecture Intermediate accounting (IFRS 2nd edition): Chapter 11 - Kieso, Weygandt, Warfield

Chapter 11 - Depreciation, impairments, and depletion. After completing this chapter you should be able to: Explain the concept of depreciation, identify the factors involved in the depreciation process, compare activity, straight-line, and decreasing-charge methods of depreciation, explain special depreciation methods. | PREVIEW OF CHAPTER Intermediate Accounting IFRS 2nd Edition Kieso, Weygandt, and Warfield 11 Explain the accounting procedures for depletion of mineral resources. Explain the accounting for revaluations. Explain how to report and analyze property, plant, equipment, and mineral resources. After studying this chapter, you should be able to: Depreciation, Impairments, and Depletion 11 LEARNING OBJECTIVES Explain the concept of depreciation. Identify the factors involved in the depreciation process. Compare activity, straight-line, and diminishing-charge methods of depreciation. Explain component depreciation. Explain the accounting issues related to asset impairment. Allocating costs of long-lived assets: Fixed assets = Depreciation expense Intangibles = Amortization expense Mineral resources = Depletion expense Depreciation is the accounting process of allocating the cost of tangible assets to expense in a systematic and rational manner to those periods expected to benefit from the use of the asset. DEPRECIATION—METHOD OF COST ALLOCATION LO 1 Explain the accounting procedures for depletion of mineral resources. Explain the accounting for revaluations. Explain how to report and analyze property, plant, equipment, and mineral resources. After studying this chapter, you should be able to: Depreciation, Impairments, and Depletion 11 LEARNING OBJECTIVES Explain the concept of depreciation. Identify the factors involved in the depreciation process. Compare activity, straight-line, and diminishing-charge methods of depreciation. Explain component depreciation. Explain the accounting issues related to asset impairment. Factors Involved in the Depreciation Process Three basic questions: What depreciable base is to be used? What is the asset’s useful life? What method of cost apportionment is best? DEPRECIATION—COST ALLOCATION LO 2 Depreciable Base for the Asset Factors Involved in Depreciation Process ILLUSTRATION 11-1 Computation of Depreciation Base LO 2 Estimation of . | PREVIEW OF CHAPTER Intermediate Accounting IFRS 2nd Edition Kieso, Weygandt, and Warfield 11 Explain the accounting procedures for depletion of mineral resources. Explain the accounting for revaluations. Explain how to report and analyze property, plant, equipment, and mineral resources. After studying this chapter, you should be able to: Depreciation, Impairments, and Depletion 11 LEARNING OBJECTIVES Explain the concept of depreciation. Identify the factors involved in the depreciation process. Compare activity, straight-line, and diminishing-charge methods of depreciation. Explain component depreciation. Explain the accounting issues related to asset impairment. Allocating costs of long-lived assets: Fixed assets = Depreciation expense Intangibles = Amortization expense Mineral resources = Depletion expense Depreciation is the accounting process of allocating the cost of tangible assets to expense in a systematic and rational manner to those periods expected to benefit from the use

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