Ifrs and us gaap balance sheets

Reference no: EM13817628

Assignment Choice 1: IFRS and U.S. GAAP Balance Sheets

Beech Corporation has three finished products (related to three different product lines) in its ending inventory at December 31, Year 1. The following table provides additional information about each product:

Product	Cost	Replacement Cost	Selling Price	Normal Pro?t Margin
101	$130	$140	$160	20%
202	$160	$135	$140	20%
303	$100	$ 80	$100	15%

Beech Corporation expects to incur selling costs equal to 5% of the selling price on each of the products.

1. Determine the amount at which Beech should report its inventory on the December 31, Year 1, balance sheet under (1) IFRS and (2) U.S. GAAP.

2. Write a 2-page evaluation, which compares and contrasts the two balance sheets and how these differences impact reporting. Support your statements with three references.

Reference no: EM13817628

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