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As the manager, you feel that, once again, the new hires need to develop an understanding of what is happening in the international corporate accounting climate. Many countries have already made the change to IFRS. The United States is moving in that direction. It will be important for them to have a foundation to build on with regard to their future development of expertise in the area of moving or translating U.S. GAAP to IFRS.
Make a list of 5-10 pros and 5-10 cons of implementing IFRS in the United States.
With the United States likely moving to IFRS, SLL sees an opportunity to expand their client services. SLL is considering offering a corporate training program. SLL would bring in its experts to train any company required to switch to IFRS. Part of this training would involve SLL IFRS experts working on the revamp from U.S. GAAP to IFRS. As any good employee would want to advance, the new hires see this possibility as a great way to enhance their skills as well as increase their knowledge of IFRS and the client base.
Prepare a proposal for what consulting services SLL should offer and to whom, inlcuding current auditing clients, other clients, or both.
Write down the difference between a contango market and a backwardation market. What exactly is meant by a basis?
Evaluate the number of shares to be employed in determining diluted earnings per share for 2013.
Risk aversion implies which some securities will go unpurchased in market even if a large risk premium is paid to investors.
Make the journal entries to record the above three securities purchases. Make the journal entry for the security sale on May 20. Compute the unrealized gains or losses and prepare the adjusting entry for Arantxa on December 31, 2008.
You are auditing Diverse Carbon, a manufacturer of nerve gas for the military-The company’s legal counsel indicates that the company is liable, but the company does not want to disclose this information in the financial statements.
The corporation elected S corporation status at the starting of 2011. On February 13, 2012, the property was sold for $40,000, payable in 4 yearly instalments of $10,000 plus interest. What is the amount of ordinary income to be reported from the s..
Recognize the industries of your six selected securities. (including BONDS)
A business paid 100 to cash to Karen Smith (the owner of the business) for her personal use. Set up the necessary T accounts and show how this transaction would be recorded directly to those accounts
The transaction gain or loss to be recognized over the term of a forward exchange contract entered into to speculate in a foreign currency within a fiscal year is measured by the difference between the:
Prepare the adjusting entries using good form for each of the following situations as of January 31 (measurement date) for the one month of January
When owners invest money in their business, the effect on the accounting equation is that the investment: The journal entry to record the payment of wages in the amount of $52,000 to workers could include a:
You're considering the S&P 500 futures contract. On the 1st November 2010, the S&P was trading at 1127,17 when futures contracts maturing on 1st March 2011 were priced at 1119,70. The annualised interest rate is 1,25% and the annualised dividend y..
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