Several differences between ifrs and u s gaap relate to

Assignment Help Financial Accounting

Reference no: EM13351602

Several differences between IFRS and U. S. GAAP relate to when it is recognized.

How it is recognized.

On 1^st January, 2012, Race Corp. acquired 70 percent of the voting common stock of Gallow Inc. In the year, Race sold to Gallow for $250,000 goods which cost $220,000. Gallow still owned 20 percent of the goods at year-end. Gallow's reported remaining income was $316,000, and Race's net income was $708,000. Race decided to use the equity technique to account for this investment. What was the non-controlling interest's share of consolidated net income?

$99,400.

$28,400.

$34,400.

$120,400.

Belsen purchased inventory on 1^st December, 2013. Payment of 200,000 stickles was to be made in sixty days. Also on 1^st December, Belsen signed a contract to purchase $200,000 in sixty days. The spot rate was $1 = .35714, and the 60-day forward rate was $1 = $.38462. On 31^st December, the spot rate was $1 = .34483 and the 30-day forward rate was $1 = .38168. Consider an annual interest rate of 12 percent and a fair value hedge. The current value for one month at 12% is .9901.

In the journal entry to record the establishment of a forward exchange contract, at what amount could the Forward Contract account be recorded on 1^st December?

What of the subsequent is not a significant difference between IFRS and U. S. GAAP related to recognition and measurement of assets?

Difference in the evaluation of whether an asset is impaired.

Acceptable use of LIFO under U. S. GAAP, but not IFRS.

Reversal of inventory write-downs allowed under IFRS, but not U. S. GAAP.

Sequent reversal of impairment losses allowed under IFRS, mainly for U. S. GAAP.

Which of the subsequent is not a framework for the development of accounting systems internationally?

Cultural Demonstrations.

Institutional Consequences.

Accounting Values.

Accounting Systems.

Reference no: EM13351602

Questions Cloud

Qalpaca corporation had revenues of 300000 in its first : qalpaca corporation had revenues of 300000 in its first year of operations. the company has not collected on 19900 of

Q college enrolment increased at the same time that average : q. college enrolment increased at the same time that average tuition rose dramatically. does this contradict the law of

Though most medium and large companies have implemented hrm : though most medium and large companies have implemented hrm systems and sophisticated payroll like the one described in

When it comes to global expansion and setting up affiliates : when it comes to global expansion and setting up affiliates aboard how is a service companys focus different from that

Several differences between ifrs and u s gaap relate to : several differences between ifrs and u. s. gaap relate to when it is recognized.how it is recognized.on 1st january

Q1marges auto which is used for business works only is : q1marges auto which is used for business works only is completely destroyed by a fire. the fair market value of the

Q1 beer n pizza is complements because they are often : q1. beer n pizza is complements because they are often enjoyed together. when the price of beer rises what happens to

The subsequent selected transactions relate to : the subsequent selected transactions relate to contingencies of classical tool makers inc. which started operations in

Rounding down again to two decimals draw a supply and : rounding down again to two decimals draw a supply and demand diagram like we did numerous times in the lectures

User Account

All Pages