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Question: Overview: SaulGroup, Inc., a U.S.-based corporation, currently uses U.S. GAAP to prepare its consolidated financial statements. SaulGroup is considering switching to IFRS and asking for your help in assessing the impact this change will have on its financial statements. SaulGroup's accounting principles differ from IFRS in the following areas- restructuring, pension plan, stock options, revenue recognition, and bonds payable.
Bonds Payable On January 2018, SaulGroup Inc. issued $5,000,000 of 4% bonds at par value. The bonds will mature in five years on December 31, 2022. The costs of issuing the bonds were $300,000. Interest is paid on the bonds annually.
a. How will the expense be recognized in 2018 and 2019 under (1) U.S. GAAP and (2) IFRS?
b. Prepare the necessary journal entries.
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