INTERMEDIATE ACCOUNTING VOL 1&2 CONNECT
10th Edition
ISBN: 9781260932836
Author: SPICELAND
Publisher: MCGRAW-HILL LEARNING SOLN.(CC)
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20) Similarities between IFRS and U.S. GAAP requirements for balance sheet presentation include all of the following except:
a) Both require that changes to the valuation reserve be disclosed in the notes to the financial statements.
b)Both require disclosure of significant accounting policies.
c) Both require the preparation of financial statements annually.
d) Both generally require the use of the current/ non-current classification for both assets and liabilities.
e) Cash
Define each following terms:
p. American depository receipts (ADRs); repatriation of earnings
q. Country risk; exchange rate risk; political risk; business climate
contrast cash fl ow statements prepared under International Financial Reporting Standards(IFRS) and US generally accepted accounting principles (US GAAP);
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- The presentation of current and non-current liabilities in the statement of financial position (balance sheet): a. is shown only on GAAP financial statements. b. is shown on both a GAAP and an IFRS statement of financial position. c. is always shown with current liabilities reported first in an IFRS statement of financial position. d. includes contingent liabilities under IFRS.arrow_forwardWhat guidance does the Codification provide on the classification of current liabilities? What guidance does the Codification provide concerning the format of accounting disclosures? What are the objectives related to the statement of cash flows?arrow_forwardDiscuss the primary differences between U.S. GAAP and IFRS with respect to the income statement, statement of comprehensive income, and statement of cash flows.arrow_forward
- According to IAS 32 Financial Instruments: Presentation, which of the following could be classified as financial assets? Bank overdraft Cash at bank Inventories A current asset investment A forward contractarrow_forwardBriefly describe the types of information concerningfinancial position, income, and cash flows that might beprovided (a) within the main body of the financial statements,(b) in the notes to the financial statements, or (c) assupplementary information.arrow_forwardWhat are the important key points of interim financial reporting PAS 34?arrow_forward
- Discuss the primary differences between U.S. GAAP and IFRS with respect to the statement of cash flows.arrow_forwardWhich of the following constitutes an internal source of funds Oa. Corporate bonds b. Common stock Oc Commercial paper O d. Retained earnings and amortization cash flowarrow_forwardq27 The classification and therefore subsequent measurement of financial assets depends on…? Select one: a. The amount and terms of payment for the purchase of the financial assets. b. Maturity and cash flows received on maturity of the financial assets c. The business model of the reporting entity considering management’s intention of holding the portfolio of financial assets. d. The specifications of the external auditors.arrow_forward
- In what section of the balance sheet should the following items appear, and what balance sheet terminology would you use? a. Treasury stock (recorded at cost). b. Checking account at bank. c. Land (held as an investment). d. Sinking fund. e. Unamortized premium on bonds payable. f. Copyrights. g. Pension fund assets. h. Premium on common stock. i. Long-term investments (pledged against bank loans payable).arrow_forwardName the assumption requires that financial statement elements be measured in nominal units of money. Describe about the assumption in detail.arrow_forwardThese are ways in which depository financial institutions measure liquidity risk except: a. Liquid assets to total assets. b. Liquid assets to long term liabilities. c. Maturity gap analysis return. d. Net liquidity statement.arrow_forward
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