Reference no: EM131432582
In 2015, Rocky Company purchased a coal mine for $30,000,000. Bethesda expected to be able to extract $100,000,000 worth of coal from the mine. By 2016 Bethesda had extracted 10% of the coal from the mine. During 2016, a new pollution law was passed which greatly impacted the Bethesda Company. With this new law, Bethesda Company expects to be able to only get $28,000,000 (present value $11,000,000) for their remaining coal.
Under GAAP is this asset impaired? What value should Bethesda show this asset at?
Under IFRS is this asset impaired? What value should Bethesda show this asset at?
In 2018, The Vault Company developed a new coal filter which removes 100% of the pollution from burning coal! With this new invention Bethesda Company is convinced that it can sell its remaining coal for $95,000,000.
Under GAAP at what value does Bethesda Company show for the coal mine on its balance sheet?
Under IFRS at what value dues Bethesda Company show for the coal mine on its balance sheet?
DOES GAAP OR IFRS GIVE US BETTER INFORMATION ABOUT THE MINE IN 2016? DEFEND YOUR ANSWER
DOES GAAP OR IFRS GIVE US BETTER INFORMATION ABOUT THE MINE IN 2018? DEFEND YOUR ANSWER
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