Understanding Australian Accounting Standards 3E - Loftus - SMch04_sm_loftus

《Understanding Australian Accounting Standards 3E - Loftus - SMch04_sm_loftus》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。

1、SolutionsManualtoaccompanyUnderstandingAustralianAccountingStandardsJaniceLoftus,KenLeo,RuthPicker,VictoriaWise,KerryClarkByKenLeoJohnWiley&SonsAustralia,Ltd2013Chapter4:FairvaluemeasurementChapter4–FairvaluemeasurementComprehensionQuestions1.Namethreecurrentaccountingstandardsthatpermito

2、rrequiretheuseoffairvalues.AASB3Businesscombinationspara32AASB9Financialinstrumentspara4.1AASB116Property,plantandequipment,para31AASB138Intangiblespara33,75AASB140Investmentpropertypara30AASB141Agriculturepara132.WhatarethemainobjectivesofAASB13?Themainobjectivesare:-todefinefairvalue-to

3、establishaframeworkformeasuringfairvalue-torequiredisclosuresaboutfairvaluemeasurement(AASB13,para1)3Whatarethekeyelementsofthedefinitionof‘fairvalue’?-currentexitprice:tosellanassetorpaidtotransferaliability-inanorderlytransaction-betweenmarketparticipants-atthemeasurementdate4.Howdoesen

4、trypricedifferfromexitprice?Anentrypriceisonethatwouldbepaidtobuyanassetorreceivedtoincuraliability.Anexitpriceisonethatwouldbereceivedtosellanassetorpaidtotransferaliability.TheyareexpectedtobethesameIFtheyrelatetothesameassetorliabilityonthesamedateinthesameforminthesamemarket.Thisispro

5、bablyonlytrueinanactivemarket.5.Isthereportingentityamarketparticipant?No.Assumptionsmadebymarketparticipantsarenotthosemadebytheentityitself.Thefairvalueisnotentity-specific.©JohnWileyandSonsAustraliaLtd20134.23Chapter4:Fairvaluemeasurement6.Doesthemeasurementoffairvaluetakeintoaccounttr

6、ansportcostsandtransactionscosts?Explain.Transactioncostsaretheincrementaldirectcoststosellanassetortransferaliability,whiletransportcostsarethecostsnecessarilyincurredtotransferanassettoitsmostadvantageousmarket.Themeasurementoffairvaluerequiresbothcoststobetakenintoconsiderationinthedet

7、erminationofthemostadvantageousmarket.However,onlytransportcostsareusedinthecalculationofthefairvaluenumber.Transactioncostsareentity-specific,transportcostsarenot;theyrelatetotheassetitself.SeeIllustrativeexample4.1.7.Whatarethekeystepsindeterminingafairvaluemeasur