Describe the main differences in the treatment of the items in national reporting standards and IFRS/IAS, provide the corresponding calculations and journal entries (use the imaginary numbers. The key adjustments to be considered: a) Depreciation of fixed assets; b) Revaluation of fixed assets; c) Intangible assets d) Provisions for bad and doubtful debts; e) Initial cost of inventories; f) Other adjustments at your consideration (additional)

Describe the main differences in the treatment of the items in national reporting standards and IFRS/IAS, provide the corresponding calculations and journal entries (use the imaginary numbers. The key adjustments to be considered: a) Depreciation of fixed assets; b) Revaluation of fixed assets; c) Intangible assets d) Provisions for bad and doubtful debts; e) Initial cost of inventories; f) Other adjustments at your consideration (additional)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Which of the following statements about IFRS and U.S. GAAP accounting and reporting requirements for the balance sheet is not correct? a. Both IFRS and GAAP allow the use of title “balance sheet” or “statement of financial position.” b. One difference between the reporting requirements under IFRS and those of U.S. GAAP balance sheet is that an IFRS balance sheet may list long-term assets first. c. Both IFRS and U.S. GAAP require that comparative information be reported. d. Both IFRS and U.S. GAAP require that property, plant and equipment be revalued on the balance sheet.
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