VídeoAula EaD Premium -Teorias Gerais Da Contabilidade - Trilha 8

Summary

This video explains the concept of assets in a company, focusing on their control, ownership, and potential for future economic benefits. It highlights that assets can be owned or controlled by a company, such as leased airplanes in the case of airlines. The video further delves into the measurement of assets, emphasizing the need for reliable valuation, whether through historical cost, market value, or other metrics. It also covers the importance of asset recovery, and the regulations surrounding asset measurement, stressing that the appropriate measurement method depends on the type of asset and the relevant accounting norms.

Takeaways

• 😀 Assets are resources controlled or owned by a company, either directly or temporarily, to generate future economic benefits.
• 😀 A company may not always own assets but can still control them, such as when airlines lease airplanes.
• 😀 Control over an asset is essential for it to be considered an asset, regardless of ownership.
• 😀 Assets must generate future economic benefits, like a machine purchased to generate profits over its useful life.
• 😀 If an asset does not generate more revenue than its cost, it is not considered an effective asset.
• 😀 A company only recognizes an asset if it can measure it reliably, using methods like cost, fair value, or current cost.
• 😀 Reliable measurement means the value of an asset can be objectively determined, such as cost or fair market value.
• 😀 Different measurement criteria apply to different assets, such as historical cost for tangible items or fair value for biological assets.
• 😀 The company must apply the appropriate accounting standard for each type of asset to determine its measurement method.
• 😀 Common measurement criteria include historical cost, current cost, fair value, and present value, each depending on the asset type.
• 😀 Assets that are not expected to generate future benefits must undergo impairment testing to adjust their recognized value.

Q & A

What defines an asset in accounting?

An asset is defined as any resource that a company controls or holds. This can include ownership or merely temporary possession, with the primary requirement being that the company has control over the asset.

Can a company recognize an asset if it does not own it?

Yes, a company can recognize an asset even if it does not own it, as long as it has control over how the asset is used. For example, airlines may lease aircraft, maintaining control over their use but not owning them.

What is meant by an asset generating future economic benefits?

For an asset to be recognized, it must be expected to generate future economic benefits, such as profits. This could include machinery expected to produce more revenue than its purchase cost, leading to a net gain.

What happens if an asset does not generate expected future benefits?

If an asset is not expected to generate future economic benefits, it may be subject to impairment, where its value is reduced or written down, often through a process called impairment testing.

Why is reliable measurement important in asset recognition?

Reliable measurement is crucial because financial statements can only reflect assets that have been measured in a trustworthy and consistent manner. If an asset's value cannot be measured reliably, it should not be recognized in the financial statements.

What are the different criteria for measuring assets?

Various criteria can be used to measure assets, including historical cost (original purchase price), fair value (market value), current cost (replacement cost), and present value (discounted future value).

What is the difference between cost and fair value when measuring an asset?

Cost refers to the original price paid for an asset, while fair value is the current market value of that asset. These values may differ based on market conditions and other factors.

What is the 'lower of cost or net realizable value' rule?

For certain types of assets like inventory, the asset should be measured at either its cost or its net realizable value, whichever is lower. This ensures that assets are not overstated in financial statements.

How are biological assets like livestock or crops measured?

Biological assets, such as livestock or crops, are measured at their fair value less the cost to sell, which is often referred to as net realizable value. This is because these assets are expected to generate future benefits in the form of sale or harvest.

What role does specific accounting legislation play in asset measurement?

Specific accounting norms and regulations dictate how different types of assets should be measured, depending on their characteristics. These rules ensure consistent and standardized asset recognition and valuation across industries.