ACC 290 new Final Exam Guide New

To analyse the differences in accounting under IFRS and US GAAP, it can be better understood with the example. The Boeing Company follows

2007/2008 Edition This PricewaterhouseCoopers publication is for those who wish to gain a broad understanding of the key similarities and differences between IFRS, US GAAP and Swiss GAAP FER. No summary publication can do justice to the many differences of detail that exist between IFRS, US GAAP and Swiss GAAP FER. Even if the guidance is similar, there can be differences in the detailed application, which could have a material impact on the financial statements. It needs to be stressed that this brochure deals with the main differences only. Many more pages would be needed to be

18. On July 1, 2014, Fleming Company sells machinery for $120,000. The machinery originally cost $300,000, had an estimated 5-year life and an expected salvage value of $50,000. The Accumulated Depreciation account had a balance of $175,000 on January 1, 2014, using the straight-line method. The gain or loss on disposal is

(TCO 3) Adjusting Entries are required at the end of the period to ensure that accrual accounting principles are applied. At the beginning of the month $1,350 of office supplies were purchased. There was not a beginning balance and the one purchase was the only one for the month. At the end of the month $500 of supplies remained. Develop the adjusting entry. (1) Name the accounts impacted and how using the format account name/debit or credit/dollar amount (10 points) and (2) explain how the Accounting Equation is impacted. (10 points) (Points : 20)

Jurassic Company owns machinery that cost $1,145,700 and has accumulated depreciation of $458,280. The expected future net cash flows from the use of the asset are expected to be $636,500. The fair value of the equipment is $509,200.

Some of the differences between US GAAP and IFRS are embodied in the standards themselves. They are intentional deviations from US requirements.

5) The Vintage Laundry Company purchases $6,500 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indicated only $2,000 on hand. The adjusting entry that should be made by the company on June 30 is:

Different assets, liabilities, and equity instruments are measured at fair value. The standards in U.S. GAAP and IFRS that require or permit fair value measurements are different. As a consequence, an asset, liability, or equity instrument that is measured at fair value in U.S. GAAP might not be measured at fair value in IFRS and vice versa. The Boards have separate projects to address the measurement basis in other standards (for

Discuss the nature of the fraud and the impact to the company as a result of the fraudulent activity.

There are several differences between the International Financial Reporting Standards (IFRS) and the U.S. Generally Accepted Accounting Principles (GAAP). The IFRS is considered more of a "principles based" accounting standard in contrast to U.S. GAAP which is considered more "rules based." By being more "principles based", IFRS, arguably, represents and captures the economics of a transaction better than U.S. GAAP. As a team me collaborated to answer the following seven questions.

Due to the controversy economies have had towards which method to use for accounting, there has been a compromise to converge the two most commonly used methods – GAAP and IFRS. However, these two methods are still very different. The convergence project has yet to be completed; in the meantime, more and more countries are running towards the IFRS since it is more reliable and relevant. The main difference between these two methods is the US GAAP is rule-based while the IFRS is principle-based; this means that the US GAAP makes its decisions based on research and literature, while the IFRS bases its decisions on patterns that result in facts. A deeper look into the differences between these two methodologies shows

1/ As part of the initial investment , a partner contributes office equipment that had cost $20,000 and on which accumulated depreciation of $ 12500 had been recorded . If the partners agree on a valuation of $ 9000 for the equipment , what amount should be debited to the office equipment account?

Two types of accounting systems exist. The US GAAP is more rule-based, where IFRS is more principle-based. US GAAP gives very detailed methods of accounting and specific guidance. However, there are exceptions along with rules, which add complexity. In the contrast, IFRS allows potential for different interpretations of similar transactions. Auditors and financial statement reporters can use professional judgment to provide estimates in the financial statements because they cannot rely on specific rules that articulate what is supposed to be done.

Book Value on 12/31/X5 = $1000 – 675 which is the3 years that have lapsed = $325 book value as of 12/31/X5

There are two major similarities or points of convergence between US GAAP and IFRS. The first similarity is with regards to objectives of financial. In this case, both IFRS and US GAAP take the same general position with regards to objectives of financial reporting. The two main objectives shared by the two accounting bodies are relevancy of