Prepares its financial statements under us gaap

Reference no: EM13696048

Heva Company is an American company that prepares its financial statements under US GAAP. In 2014, the company reported income of $5,000,000 with stockholders' equity of $40,000,000 on December 31, 2014. Prepare the reconciliation schedule to convert 2014 income and SE on Dec 31 2014 from US GAAP to IFRS.
In 2012, the company's pension plan was amended and consequently created a past service cost of $75,000. Half of the past service cost was attributable to already vested employees who had an average remaining service life of 15 years, and half of the past service cost was attributable to non-vested employees who, on average, had two more years until vesting. The company has no retired employees.

Reference no: EM13696048

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