Discuss fundamental differences between u.s. gaap and ifrs

Reference no: EM131418501

The 2008 Form 20-F published by Unilever, which uses IFRS, notes that during 2008 assets were written down by 246 million euros to market value for damaged, obsolete, and lost inventories. It also noted that the market value of certain inventories written down in prior periods was recovered, leading to an increase in the 2008 inventory value of 23 million euros.

REQUIRED:

a. Compute the net adjustment recorded by Unilever for inventory market value changes during 2008.

b. If Unilever followed U.S. GAAP instead of IFRS, what would have been the net adjustment?

c. Briefly discuss fundamental differences between U.S. GAAP and IFRS.

Reference no: EM131418501

Questions Cloud

Analyze and synthesize data acquired from integrative case : The Portfolio Project is due at the end of Module 8. For the Portfolio Project, you will analyze and synthesize data acquired from the Integrative Case, B.R. Richardson Timber Products Corporation (pp. 750-763 of the textbook), and present the find..

Explain to new products-re-branding of existing products : Find example of article from the internet. Describe the article and explain to new products, re-branding of existing products, new logos, or any other branding topic. The article should be at least two paragraphs long. Include a link to the article.

Whats probability that a worker selected at random is female : What's the probability that a worker selected at random is female?- female or a production worker?- female, if the person works in production?

Virtual organizations face major challenges : The XYZ University Online studies program employs professors from a wide range of backgrounds spread out across the globe. Bearing in mind the costs involved, prepare a brief proposal for the Online Program Director: Dr. Charlie, on how the XYZ Un..

Discuss fundamental differences between u.s. gaap and ifrs : It also noted that the market value of certain inventories written down in prior periods was recovered, leading to an increase in the 2008 inventory value of 23 million euros.

Develop a marketing plan for a healthcare facility : Please develop a marketing plan for a healthcare facility that was recently cited by the OIG (Office of Inspector General), or has been investigated by a journalist

What is the role of management and unions in society today : What is the role of management and unions in society today? How has this changed in the last 100 years? How does the history of unions and the collective bargaining process impact negotiations today?

Energy safety clean environment company : Propose a new product or service for the new company division. The division should be customer-focused with an innovative mission statement. Ensure that you are differentiating your product or service. ENERGY SAFETY AND CLEAN ENVIROMENT COMPANY. Desc..

Which principle of accounting is being violated : Explain how capitalizing an item, instead of expensing it, affects the financial statements.

User Account

All Pages