A company uses the double declining balance method to depreciate its machinery. How would this method be applied under both GAAP and IFRS?

Why is the historical cost principle important in asset acquisition under GAAP and IFRS?

A company is constructing a new factory and incurs interest costs on the construction loan. How should these costs be treated under GAAP and IFRS?

A company incurs research and development costs for a new software. How should these costs be treated under IFRS once the software is deemed technologically feasible?

A company uses the units of activity method to depreciate its delivery trucks. How would this method be applied under both GAAP and IFRS?

How does component depreciation under IFRS differ from the depreciation methods typically used under GAAP?

Which organization sets the standards for IFRS?

What term does GAAP use that is equivalent to 'residual value' in IFRS?

What does GAAP stand for in the context of financial accounting?

A company performs ordinary repairs and capital improvements on its equipment. How should these be accounted for under GAAP and IFRS?