Intermediate Accounting, 10 Ed
10th Edition
ISBN: 9781260310177
Author: Mark W. Nelson, Wayne B. Thomas J. David Spiceland
Publisher: McGraw-Hill Education
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Question
Chapter 3, Problem 2CCTC
To determine
Introduction: The financial statements of a company include balance sheet, income statement and cashflow statement. All these statements help the internal and external users of financial statements help in analyzing and concluding about the financial position of the respective company.
To state: The difference between IFRS and GAAP balance sheet.
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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.
Describe the apparent differences in the order of presentation of the componentsof liabilities and shareholders’ equity between IFRS as applied by AF and a typicalbalance sheet prepared in accordance with U.S. GAAP
Discuss the primary differences between U.S. GAAP and IFRS with respect to thebalance sheet, financial disclosures, and segment reporting
Chapter 3 Solutions
Intermediate Accounting, 10 Ed
Ch. 3 - Prob. 3.1QCh. 3 - Prob. 3.2QCh. 3 - Define current assets and list the typical asset...Ch. 3 - Prob. 3.4QCh. 3 - Prob. 3.5QCh. 3 - Prob. 3.6QCh. 3 - Describe the common characteristics of assets...Ch. 3 - Prob. 3.8QCh. 3 - Prob. 3.9QCh. 3 - Define the terms paid-in-capital and retained...
Ch. 3 - Disclosure notes are an integral part of the...Ch. 3 - A summary of the companys significant accounting...Ch. 3 - Define a subsequent event.Ch. 3 - Prob. 3.14QCh. 3 - Prob. 3.15QCh. 3 - Prob. 3.16QCh. 3 - Prob. 3.17QCh. 3 - Show the calculation of the following solvency...Ch. 3 - Prob. 3.19QCh. 3 - Prob. 3.20QCh. 3 - (Based on Appendix 3) Segment reporting...Ch. 3 - Prob. 3.22QCh. 3 - Prob. 3.23QCh. 3 - Current versus long-term classification LO32,...Ch. 3 - Prob. 3.3BECh. 3 - Balance sheet preparation; missing elements LO32,...Ch. 3 - Financial statement disclosures LO34 For each of...Ch. 3 - Calculating ratios; solving for unknowns LO38 The...Ch. 3 - Balance sheet classification LO32, LO33 The...Ch. 3 - Prob. 3.3ECh. 3 - Prob. 3.9ECh. 3 - Financial statement disclosures LO34 The...Ch. 3 - Prob. 3.13ECh. 3 - FASB codification research LO32, LO34 Access the...Ch. 3 - Prob. 3.15ECh. 3 - Prob. 3.17ECh. 3 - Prob. 3.20ECh. 3 - Prob. 3.22ECh. 3 - Prob. 3.1PCh. 3 - Prob. 3.2PCh. 3 - Communication Case 31 Current versus long-term...Ch. 3 - Analysis Case 32 Current versus long- term...Ch. 3 - Prob. 3.4DMPCh. 3 - Prob. 3.9DMPCh. 3 - Prob. 3.11DMPCh. 3 - Prob. 3.15DMPCh. 3 - Ethics Case 316 Segment reporting Appendix 3 You...Ch. 3 - Prob. 3.17DMPCh. 3 - Prob. 2CCTC
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Similar questions
- Which of the following statements about IFRS and GAAP accounting and reporting requirements for the balance sheet is not correct? a. Both IFRS and GAAP distinguish between current and non-current assets and liabilities. b. The presentation formats required by IFRS and GAAP for the balance sheet are similar. c. Both IFRS and GAAP require that comparative information be reported. d. One difference between the reporting requirements under IFRS and those of the GAAP balance sheet is that an IFRS balance sheet may list long-term assets first.arrow_forwardWhat are two differences between IFRS and U.S. GAAP with respect to the classification of financial statement items?arrow_forwardWhich of the following statements about IFRS and GAAP accounting and reporting requirements for the balance sheet is not correct? a. Both IFRS and GAAP distinguish between current and non-current assets and liabilities. b. The presentation formats required by IFRS and GAAP for the balance sheet are similar. c. Both IFRS and GAAP require that comparative information be reported.arrow_forward
- Discuss the differences in the evaluation methods for PP&E permitted under IFRS and under US GAAP. What other differences exist in the measurement of PP&E between IFRS and US GAAP and how do these differences affect the resulting financial statements.arrow_forwardPlease explain and analyze the effect of major differences between IFRS and U.S. GAAP related to the financial reporting of a specific category of account (e.g. intangibles, biological assets, goodwill, non-controlling assets).arrow_forwardAt what rates should the following balance sheet accounts in foreign statements be translated (using the current rate method) into U.S. dollars? Choose the correct. Equipment Accumulated Depreciation-Equipmenta. Current Current b. Current Average for yearc. Historical Current d. Historical Historicalarrow_forward
- What is the primary difference between interim reports under IFRS and U.S. GAAP?arrow_forwardHow does Measurement criteria answer the question of "at what amount should it be recorded?" Explain and give an example. (Canadian GAAP)arrow_forwardWhat is the accounting treatment of goodwill under the International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP)?arrow_forward
- 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) Casharrow_forwardThe translation (remeasurement) adjustment reported in a translation when the functional currency is not the foreign currency is included a. as a separate component of other comprehensive income b. in the current liability section of the balance sheet as deferred revenue c. in the calculation of net income d. none of the abovearrow_forwardExplain revenue recognition concepts under the US GAAP rulearrow_forward
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