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The FASB and the IASB have made progress towards convergence. The IFRS standards are considered to be more principles based than the U.S. rules-based GAAP. As of 2007, the IFRSs filled approximately 2,000 pages of accounting regulations.∗ When an IFRS or interpretation does not exist, then judgment must be used when applying an accounting policy. As of 2007, U.S. GAAP comprised over 2,000 separate pronouncements.† Many of the U.S. pronouncements were dozens of pages, issued by numerous bodies.
a. “The IFRS standards are considered to be more principles based than the U.S. rules-based GAAP.” Comment on the implications of this statement, including the legal implications.
b. U.S. GAAP has been considered by many to be the best GAAP in the world. Should the United States give up its GAAP?
Find out the amount that RIM invested in capital assets for that year. Assume a seven-year life and a 12% internal rate of return. What is the amount of cash flows that RIM must earn on these new projects?
Based on Nike Inc's acquisition of Converse (shoe company): elucidate the amount of goodwill or other intangible assets derived from the transaction and explain whether or not you support that this value was created as a result of the business co..
During the year, Accounts Receivable decreased from $88,000 to 78,000, a decrease of $10,000. Illustrate what amount of cash did Lab Commercial Products receive from customers during 2010?
Sara owns an automobile for personal use. The adjusted basis is $14,000 and the FMV is $12,500. Sara has owned the car for two years. Calculate the realized and recognized gain or loss if Sara sells the vehicle for $12,500
Find what is budgeted contribution margin per composite unit for actual mix and find what is the budgeted contribution margin per composite unit for budgeted mix?
At what amount should the portfolio be valued on the balance sheet and What amount, if any, should appear on the operating statement?
Prepare cash flows from operating activities section of statement of cash flows, using the indirect method.
Ignoring income taxes, what should be the expenses incurred by Barrell from this lease for the year ended December 31, 2008? What journal entries should be recorded by Barrell Company on January 1, 2008?
What is the maximum loan that the company will need between January and June?
Evaluate operating income for 2017, assuming the firm uses the variable-costing approach to product costing. (Do not prepare a statement.)
The income tax rate is 30% for all years. what is the income tax expense, the deferred tax asset to be recognized and the deferred tax liability-current to be recognized?
During March, Doe corp. incurred $65,000 of direct labor costs and $9,000 of indirect labor costs. The journal entry to record accrual of these wages would comprise either a debit or credit to work in process of what amount?
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