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- Review the required disclosures for a discontinued operation in IFRS 5 and ASC 205-20-50 and ASC 360-10-45. Identify which paragraphs are the most relevant in detailing the necessary disclosures for discontinued operations.
- Provide and record the journal entries required for TCH's remeasurement.
- Draft the required disclosures and revisions to the comparative consolidated financial statements assuming DHI reports using US GAAP.
- Draft the required disclosures and revisions to the comparative consolidated financial statements assuming DHI reports using IFRS.
- Considering the above analyses in the previous requirements, explain if US GAAP or IFRS provides better information about discontinued operations for users of the financial statements.
(All $ amounts in millions)
Consolidated DHI
TCH
Statement of financial position
2014
2013
Cash
$ 20
$ 30
$ (30)
$ 10
Inventory
360
380
80
50
PP&E
450
460
200
210
Liabilities
100
90
20
Equity
730
780
230
250
Income statement
Revenue
1,700
1,750
500
600
Expenses
(1,400)
(1,350)
(540)
(580)
Pretax income (loss)
300
400
(40)
Income tax expense (benefit)
(150)
(200)
(10)
Net income (loss)
$ 150
$ 200
$ (20)
Cash flows
Operating activities
Investing activities
(100)
(120)
-
Financing activities
(60)
(20)
Beginning cash
30
10
Ending cash
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.
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