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The SEC currently requires foreign companies that list shares on U.S. exchanges to provide:
a. both complete U.S. GAAP financial statements and a reconciliation of their reported income under non-U.S. GAAP to the reported income under U.S. GAAP.
b. only complete U.S. GAAP financial statements; the SEC will not accept under any circumstances only a reconciliation of an entity's reported income under non-U.S. GAAP to reported income under U.S. GAAP.
c. complete U.S. GAAP financial statements or a reconciliation of their reported income under non-U.S. GAAP to reported income under U.S. GAAP.
d. only a reconciliation of their reported income under non-U.S. GAAP to reported income under U.S. GAAP; the SEC will not accept under any circumstances only a complete set of U.S. GAAP financial statements.
Raymond provides the following information related to assets used in a trade or business which have been sold in 2011. All assets have been held for over one year.
ABC Corp. owns a piece of land and building a few miles from its headquarters. The land originally cost ABC $500,000 to purchase.
What amount of bad debts expense will Hamilton Company report if it uses the direct write-off method of accounting for bad debts?
He does remember that the machine has a projected life of 12 years. Based on these data, the annual cost savings are:
The company estimates the system's current salvage value to be $1,500. A new computer system will cost $10,000 and is expected to have a useful life of five years, with no salvage value. Annual cash operating costs are $4,000 for the old system an..
Melcher, Inc., originally sold 100,000 shares of its $10 par value common stock at $25 per share. Several years later the company repurchased 10,000 of these shares at $55 per share. Melcher currently holds those shares in treasury. Prepare the co..
Does a corporation recognize a gain or loss when it distributes property as a dividend or in a redemption? My text just goes on and on regarding these topics. Is there a reference on the above that is more concise?
Do you need to develop your own internal GAAP to manage the company? Let's get creative and brainstorm. There's no right answer here, just the opportunity to begin exploring the fascinating topic of International Accounting.
In the case of a privately held company, what should be the focus of management, to meet all the reporting guidelines set by the FASB ASC, or to maximize the profits of the company?
How do you describe the continued existence of counter trade? Under what scenarios may its popularity increase still further by the year 2015?
Write journal entries for the following transactions that occurred at Woodside Company during the month of May and explain how each would be disclosed in Woodside's financial statements.
Estimate the effects of falsifying records, diverting cash to ghost employees, and duplicating expenses on a small, midsize, and large business.
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