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Choose a company from the Securities and Exchange Commission (SEC) EDGAR Web site for your Key Assignment to evaluate for the impact of convergence to IFRS.
Review the financial reports and notes for the company that you have chosen from the EDGAR Web site. Using this company as your point of reference, provide general information on the following:
Create an overview on IFRS.
What will be some of the main concerns for your company as it moves from U.S. GAAP to IFRS?
Generate a list of differences that you would expect to see on your income statement and your balance sheet after the convergence process is complete.
Describe what impact the convergence will have on your company's inventory account (IAS 2).
Describe some of the differences between IFRS and U.S. GAAP regarding the accounting for financial instruments.
Give a minimum of 2 examples of how your company will be impacted by the conversion process (IAS 32, IAS 39, and IFRS 7).
Ethical Code in cost & Management Accounting, CIMA has provided the following as elements of code of conduct to be followed by cost and management accounts. Define and explain them in relation to cost and Management Accounting.
During 2010, Hopkins purchased $760,000 of raw materials, incurred direct labor costs of $100,000, and incurred manufacturing overhead totaling $128,000. How much is total manufacturing costs incurred during 2010 for Hopkins?
On his deathbed, Chester gave his live-in caregiver $5,113,000 of listed bonds, incurring a gift tax liability of $35,000. After Chester died, the executor of his will filed a gift tax return and remitted the gift tax to the IRS. Assume Chester's ..
Discuss the importance of periodic reporting and the time period principle.
A toy company has been marketing souvenir toys in conjunction with various professional sports teams in a number of cities. Over the past few years, this experience has provided some data on the effect of advertising on sales revenues because the ..
Greg, a cash method of accounting taxpayer, owns 100 shares of Parker Corporation stock with a basis of $20,000. Greg receives two liquidating distributions of $8,000 on March 3 of last year, and $8,000 on August 8 of this year. The amount of the ..
Cayuga Meadows purchased 42,000 shares of common stock of Long Corporation as a long-term investment for $1,000,000. During the year, Long Corporation reported net income of $500,000 and paid dividends of $200,000.
The County Commission of Brook County adopted its General Fund budget for the year ending June 30, comprising estimated revenues of $3,200,000 and appropriations of $2,900,000. Brook County utilizes the budgetary accounts required by GASB stan..
Somerville Corp. purchases office supplies once a month and prepares monthly financial statements. The asset account Office Supplies on Hand has a balance of $1,450 on May 1. Purchases of supplies during May amount to $1,100. Supplies on hand at M..
evaluate the methodology for assessing the execution of a balanced scorecard system. Describe the techniques you would employ to determine the effectiveness of a balanced scorecard in your organization.
Discuss the efforts made toward convergence of International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP) on the financial performance reporting by business enterprises.
In an Excel spreadsheet configured similarly to the journal shown below, prepare year-end adjustments to the following situations. Omit explanations.
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