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All Textbook Solutions for Financial Accounting
8DQ9DQIFRS Activity 1
Unilever Group is a global company that markets a wide variety of products, including Lever® soap, Breyer’s® ice cream, and Hellman’s® mayonnaise. A recent income statement and statement of comprehensive income for the Dutch company, Unilever Group, follow:
What do you think is meant by “turnover”?
How does Unilever’s income statement presentation differ significantly from that of Mornin’ Joe?
How is the total for net finance costs presented differently from what typically would be found under U.S. GAAP?
IFRS Activity 2 The following is a recent consolidated statement of financial position on December 31 of a recent year for LVMH, a French company that markets the Louis Vuitton and Mot Hennessy brands: a. Identify presentation differences between the balance sheet of LVMH and a balance sheet prepared under U.S. GAAP. Use the Mornin Joe balance sheet (Exhibit 2) as an example of a U.S. GAAP balance sheet. (Ignore minority interests and cumulative translation adjustment.) b. Compare the terms used in this balance sheet with the terms used by Mornin Joe (Exhibit 2), using the table that follows: c. What does the Revaluation reserves in the Equity section of the balance sheet represent?3IFRSBriefly discuss why global accounting standards are needed in todays business environment.2DQ3DQ4DQ5DQ6DQWhat inventory costing methods are allowed under IFRS? How does this differ from the treatment under U.S. GAAP?