What financial reporting concepts are applied

Assignment Help Financial Accounting
Reference no: EM132968609

Problem 1: Select any two transactions that are accounted for differently under IFRS and U.S. GAAP. What are these differences? Examples of problematic areas include discretionary reserves, goodwill, deferred taxes, inventory valuation, segmental information, asset valuation policies and hidden reserves. Discuss the ways FASB and the IASB are working to eliminate these differences.

Problem 2: Select one U.S. company that reports using IFRS. What financial reporting concepts, standards and disclosures are applied to its financial statements using IFRS? Submit copies of these financial statements if you choose to do so.

Reference no: EM132968609

Questions Cloud

What journal entries will a co record in its books on jan : A Co owns 30% of B Co, enough to have significant influence. What journal entries will A Co record in its books on Jan 1, 2011?
What journal entries will marc ltd record in books : Marc Ltd. and Malus Ltd. formed a joint venture,What journal entries will Marc Ltd. record in its books for above events from January 1 to December 31, Year 10.
What are implications for public accounting firm involved : What are the implications for the Public Accounting Firm involved with this case? Who is responsible for the financial statements? auditors or management?
Determine the preferred sales mix : The company has only 27,000 machine hours available in each year. Determine the preferred sales mix if there are no market constraints
What financial reporting concepts are applied : What financial reporting concepts, standards and disclosures are applied to its financial statements using IFRS? Submit copies of these financial statements
Explain global accounting harmonization : Where does the convergence process currently stand between IFRS and US GAAP on the accounting for transactions? Explain global accounting harmonization
Human resources and finance for the cupnbake franchise : YOU ARE THE MANAGER OF THE FOLLOWING TEAM OUTLINED IN THE TASK BRIEFING - YOU ARE TO COMPLETE THE KEY PERFORMANCE INDICATOR TEMPLATE FOR EACH TEAM
Which businesses pay the accounts receivable suggests : Australian data on the timeliness with which businesses pay their accounts receivable suggests that? suppliers tend to be strict in imposing late penalties
What is the margin of safety for the product : A firm has the following information available for two products: What is the margin of safety for the product with the greater likelihood to incur loss

Reviews

Write a Review

Financial Accounting Questions & Answers

  Computing basic and diluted earnings per share

Computing Basic and Diluted Earnings per Share - Zeller Corporation began 2015 with 124,000 shares of common stock

  Determine each firms current ratio and quick ratio

Determine each firms current ratio and quick ratio at the end of the year and which firm do you consider to be in better financial condition? Explain.

  Calculate the earnings per share of common stock

Gladwell Industries reported net income of $813,700 for its fiscal year ended September 30, 2016. At the beginning of that fiscal year, 257,000 shares of common stock were outstanding. Calculate the earnings per share of common stock for the year end..

  Find which project has a higher net present value

If an investment project has a profitability index of 1.25, the project's ? which project higher net present value? Which project has a shorter payback period?

  No journal entry required in the first account field

John stone Controls had the following situations on December 2016. 1) On March 312016, the company lent $37,000 to another company. A note was signed with principal and interest at 6% payable on March 31, 2017. 2. On September 30, 2016, the company p..

  What monthly lease payment due in advance

What monthly lease payment due in advance should be charged for a tract of land valued at $135,000 if the agreed interest is 8.15% compounded semi-annually

  Carrying value of the bond

A $750,000 bond was retired at 103 when the carrying value of the bond was $777,500. The entry to record the retirement would include a

  How much revenue did x ltd bring to create some income

How much revenue did X Ltd. bring to create some income? How long did DEFLtd. repurchase a comparative machine? What year did DEFLtd. purchase the machine?

  How accrual accounting and double entry bookkeeping affect

How accrual accounting and double entry bookkeeping affects budgeting and the monitoring of budget outcomes. Discuss in detail with an example.

  Find the appropriate spot cross rate

Fill in the missing number and What is the appropriate spot cross rate between the yen and the pound (£ or GBP)?

  Prepare the statement of comprehensive income

Equity and Liabilities of the business. You need to indicate whether the element has increased or decreased and provide the relevant amount and account that would be affected- Prepare the statement of comprehensive income for Tracey's Toy Shop for ..

  How much will be deductible by extell in arriving

Assume Extell continues to own and operate the apartment building. How much will be deductible by Extell in arriving at its 2020 taxable income?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd