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ASSET MEASUREMENT (How to measure assets (for Tangible Asset (Historical…
ASSET MEASUREMENT
How to measure assets
for Tangible Asset
Historical cost; US GAAP through SEC’s position
“From its founding, the SEC rejected any deviations from historical cost accounting in the body of the financial statements.”
IASB standards as well, but permit subsequent remeasurement. (IAS 16 Property, Plant, and Equipment and IAS 40 Investment Property)
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for Intangible Asset
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The use of a current value model for intangible assets is rare (because no active market for intangible assets)
for Financial Instrument
type of financial asset
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financial assets held for trading, or classified as fair value through profit or loss and derivatives
measurement method
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Amortized cost, subject to review for impairment in value
fair value, with gains or losses from remeasurement recognised in equity
fair value, with gains and losses arising on remeasurement taken to profit and loss
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