Financial Accounting
14th Edition
ISBN: 9781305088436
Author: Carl Warren, Jim Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 15.MJ, Problem 2IFRS
IFRS Activity 2
The following is a recent consolidated
- 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?
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Chapter 15 Solutions
Financial Accounting
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