FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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_______ accounting standards require companies to group items within OCI based on __________:
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U.S. GAAP; whether they will be reclassified subsequently into net income or whether they will be subsequently reclassified into income when specific conditions are met.
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IFRS; whether they will be reclassified subsequently into net income or whether they will be subsequently reclassified into income when specific conditions are met.
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U.S. GAAP; their expected future categorization on the income statement into income from continuing operations and discontinued operations.
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IFRS; their expected future categorization on the income statement into income from continuing operations and discontinued operations.
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- What are some of the differences between International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP)? What are some advantages and disadvantages of adopting IFRS in the US?arrow_forwardIs there an indirect consequence to a change in accounting policy? Introduce the methodology for reporting the indirect consequences of a change in accounting policy under International Financial Reporting Standards (IFRS).arrow_forwardUS generally accepted accounting principles are currently developed by which entity? C . Th e Public Company Accounting Oversight Board.arrow_forward
- Under what circumstance should a German company prepare its financial statements under German GAAP rather than international financial reporting standards?arrow_forwardUnder IAS 1 an entity must present a statement of profit or loss and other comprehensive income. Which of the following statements is true in respect of the other comprehensive income section? 1. Items should be grouped into those that may subsequently be reclassified to profit or loss and those that will not subsequently be reclassified to profit or loss. 2. All items must be shown inclusive of income tax 3. Extraordinary items should be listed separately with details of the nature of the item disclosed in the notes. Please select the right answer. All of the above 1 and 2 only 2 only 1 onlyarrow_forwardTrue (t) or False (f) ______ The LIFO conformity rule requires that if a company uses LIFO for tax purposes, it must also use LIFO for financial accounting purposes.arrow_forward
- You are required to discuss and report on methodologies usedwhen conducting Financial Reporting Research under the U.S. GAAP Process in comparison with the requirements of IFRSarrow_forwardWhat are the differences between International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP)? Do they have the similarities? Why?arrow_forwardInternational fi nancial reporting standards are currently developed by which entity? B . Th e International Accounting Standards Board.arrow_forward
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