Valuation by us gaap and ifrs

Assignment Help Accounting Basics

Reference no: EM1355511

Is there a difference in approach to valuation by US GAAP and IFRS? Discuss and note two or three specific differences. In addition, briefly:

- Distinguish between an expense (expired cost) and an asset.

- Distinguish between current and long-term assets.

- Distinguish between current and long-term liabilities.

- Review Apple's balance sheet and provide two examples of each of the above categories.

- Review Apple's retained earnings account and explain how it changes between the two past years.

- Comment on at least three differences between Apple's and Philips' balance sheets.

- Does Apple or Philips have more debt?

- Which of the two companies is the bigger one? Explain your reasoning.

Reference no: EM1355511

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