Solution-Differences between u.s. gaap and ifrs

Differences between u.s. gaap and ifrs

Assignment Help Accounting Basics

Reference no: EM13920361

Corrugated Boxes Inc. is a U.S. based company that develops its financial statements under GAAP. The total amount of the company's assets shown on its December 31, 2013, balance sheet was approximately $305 million. The president of Corrugated is considering the possibility of relocating the company to a country that practices accounting under IFRS. The president has hired an international accounting firm to determine what the company's statements would look like if they were prepared under IFRS. One striking difference is that under IFRS the assets shown on the balance sheet would be valued at approximately $345 million.

Required:

a. Would Corrugated Boxes assets really be worth $40 million more if it moves its headquarters?

b. Discuss the underlying conceptual differences between U.S. GAAP and IFRS that cause the difference in the reported asset values.

Reference no: EM13920361

Questions Cloud

Benefits of using im in business communication : Question-1 Communication is the process of Question-2: Business communication is often more demanding than social communication because communication on the job is affected by

Determine the quickest way to rectify the problem : As our discussion has gravitated to benchmarking what about industry benchmarking what is it, is it good or bad and is it valuable and if so how and in what respect is it valuable if at all?

Funding rehabilitation and intermediate sanctions : You have been granted an internship at the Centervale Corrections Authority. Your first task is to research and draft a presentation that will be used to educate citizens and to gain support for funding rehabilitation and intermediate sanctions, b..

Prepare a budget that will be useful for management control : The budgeted and actual results of Crunch Co for September were as follows. Prepare a budget that will be useful for management control purposes.

Differences between u.s. gaap and ifrs : Would Corrugated Boxes assets really be worth $ 40 million more if it moves its headquarters?

Defendants pleading not guilty by reason of insanity : It may seem that we constantly hear about defendant's pleading not guilty by reason of insanity a lot on the news but the requirements to actually plead this way are very stringent.

Prepare the appropriate entry : Given the data above, are there any Temporary Differences Yes or No Circle One Can Joey Co. utilize the Tax law provisions that allow for a Loss Carry-back? Yes or No Circle One Prepare the appropriate entry to record Joey Co's 2015 Income taxes.

Discuss pertinent benchmarking information : Discuss pertinent benchmarking information that makes this a good choice. Also discuss effective and ineffective uses of benchmarking. I have decided to use a call center for customer service as my choice.

Calculate price and usage variances for each material : Calculate price and usage variances for each material. Calculate labour rate and efficiency variances. Calculate fixed production overhead expenditure and volume variances and then subdivide the volume variance.

User Account

All Pages

Differences between u.s. gaap and ifrs

Reference no: EM13920361

Reference no: EM13920361

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT