Working Papers, Chapters 1-17 for Warren/Reeve/Duchac's Accounting, 26th and Financial Accounting, 14th
26th Edition
ISBN: 9781305392373
Author: Carl Warren, Jim Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 15FSI, Problem 2IFRS
(a)
To determine
Generally Accepted Accounting Principles (GAAP): These are the guidelines necessary to create accounting principles for the implementation of financial information reporting in the Country U.
International Financial Reporting Standards (IFRS): IFRS are a set of international accounting standards which are framed, approved, and published by International Accounting Standards Board (IASB) for the preparation and disclosure of international financial reports.
To explain: The differences in the presentation of
(b)
To determine
To compare: The financial statement terms used by Company L and MJ International
(c)
To determine
To discuss: The term ‘revaluation reserves’ reported in equity section by Company L
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Nestlé S.A., the largest food and beverage company in the world, prepares its financial statements according to International Financial Reporting Standards. Its financial statements include ordinary share capital, translation reserve, and share premium. If Nestlé used U.S. GAAP, what would be the likely account titles for these accounts?
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1. Prepare financial statements (income statement, statement of retained earnings, and balance sheet) for the Canadian subsidiary in its functional currency, Canadian dollars.2. Translate the Canadian dollar functional currency financial statements into U.S. dollars so that Sendelbach can prepare consolidated financial statements.
Foreign companies whose stocks are listed on the New
York stock exchange (NYSE) must report their income in
terms of
Select one:
a. Accounting Standard
b. European Accounting Standard
c. Political report
d. GAAP of the USA
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Chapter 15FSI Solutions
Working Papers, Chapters 1-17 for Warren/Reeve/Duchac's Accounting, 26th and Financial Accounting, 14th
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