Financial Accounting
Financial Accounting
15th Edition
ISBN: 9781337272124
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
bartleby

Videos

Textbook Question
Book Icon
Chapter MJ, Problem 2IFRS

IFRS Activity 2

The following is a recent consolidated statement of financial position on December 31 of a recent year for LVMH, a French company that markets the Louis Vuitton® and Moët Hennessy® brands:

Chapter MJ, Problem 2IFRS, IFRS Activity 2 The following is a recent consolidated statement of financial position on December , example  1

  1. a. Identify presentation differences between the balance sheet of LVMH and a balance sheet prepared under U.S. GAAP. Use the Mornin’ Joe balance sheet (Exhibit 2) as an example of a U.S. GAAP balance sheet. (Ignore minority interests and cumulative translation adjustment.)
  2. b. Compare the terms used in this balance sheet with the terms used by Mornin’ Joe (Exhibit 2), using the table that follows:

Chapter MJ, Problem 2IFRS, IFRS Activity 2 The following is a recent consolidated statement of financial position on December , example  2

  1. c. What does the “Revaluation reserves” in the Equity section of the balance sheet represent?
Blurred answer
Students have asked these similar questions
O Terminology Matching Long-Term Investments Ratio Analysis Depreciation Intangible Assets Current Liabilities Long-Term Liabilities Liquidity Ratios Solvency Ratios SEC IFRS Hg continued - Academic Resou... Terminology Matching - Academic Res... Oversees U.S. financial markets and accounting standard- setting bodies Obligations to pay within the next year of the operating cycle Set accounting standards that have been adopted by many countries outside the United States Expresses the relationship among selected items of financial statements Allocation of the cost of an asset to a number of years Examples: Current ratio, working capital ratio Examples: Bonds payable, mortgages payable, long-term notes payable, lease liabilities, pension liabilities Measures the ability of the organization to survive over a long period of time Examples: Stocks and bonds that are held more than 1 year, land, buildings, long-term notes Examples: Goodwill, character, patents, copyrights, trademarks,…
Question 3 Translate the following Balance sheet of XYZ Ltd. Which is an Indian based multinational company doing business in UK using Current rate, Current/Non-current method, and monetary non-Monetary and temporal method and show the Cumulative translation Adjustment. You are required to prepare the Consolidated Balance Sheet under all methods. Assume the Current rate of exchange INR/GBP as on 31st December 2018 is 94.1041 and Historical exchange rate GBP/INR as on 1st January 2018 was 0.01063 and average rate is INR/GBP was at 86.2458 Balance sheet of XYZ Ltd as on 31 December 2018. (Parent) Amount in INR Assets Amount in GBP cash at bank 7526 624658 Deferred Tax assets 4500 373500 Receivables from debtors 5350 444050 Derivative financial assets 8635 716705 Licences 16000 1328000 Land 26000 2158000 Accrued interest 10500 871500 78511 6516413 Liabilities and Equity Payables to creditors 5456 452848 Accrued expenses 16521 1371243 Capital lease due 11000 913000 Share capital 45534…
Translation and Remeasurement Gains and Losses Amcrest France Sarl, located in Paris France, is a financial subsidiary of Target Corporation, a U.S. company. Amcrest's accounts are re- ported in euros. Assume that the following data relate to Amcrest's activities for 2020 (in millions). €(15,000) 5,400 Net monetary liabilities, beginning of year. Net assets, beginning of year.. Transactions during 2020: Sales.... 72,000 59,000 ...... Inventory purchases.. Depreciation and amortization Cost of sales..... Cash operating expenses.. Dividends declared and paid New long-term interest borrowings 1,000 61,000 9,500 100 300 Sales, inventory purchases, and cash operating expenses were reported evenly throughout the year. Exchange rates are as follows ($/€): Beginning of 2020 Average for 2020 End of 2020 $1.30 1.24 1.20 ... .. Rate when assets related to depreciation and amortization were acquired Rate when dividends declared...... Rate when long-term interest borrowings occurred 1.45 1.21 1.25…
Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
SEE MORE QUESTIONS
Recommended textbooks for you
Text book image
Financial Reporting, Financial Statement Analysis...
Finance
ISBN:9781285190907
Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:Cengage Learning
Text book image
Financial Accounting Intro Concepts Meth/Uses
Finance
ISBN:9781285595047
Author:Weil
Publisher:Cengage
Text book image
Managerial Accounting
Accounting
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:South-Western College Pub
Text book image
Financial Accounting: The Impact on Decision Make...
Accounting
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Cengage Learning
Business Diversification; Author: GreggU;https://www.youtube.com/watch?v=50-d__Pn_Ac;License: Standard Youtube License