GAAP vs IFRS Diffen › Economics › Business › Business Finance › Accounting GAAP (US Generally Accepted Accounting Principles) is the accounting standard used in the US‚ while IFRS (International Financial Reporting Standards) is the accounting standard used in over 110 countries around the world. GAAP is considered a more “rules based” system of accounting‚ while IFRS is more “principles based.” The U.S. Securities and Exchange Commission is looking to switch to IFRS by 2015. What follows
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S.W.O.T. Analysis of Enron MBA 503 University of Phoenix 05/10/06 Describe the Situation "Enron is now officially out of the energy business. They are now in a new business: confetti." Jay Leno http://politicalhumor.about.com/library/blenronscandal.htm It is a shame that one of the most powerful companies has now gone out of business‚ had reputations destroyed and used millions of tax payers dollars on court costs; all due not having good business ethics. This paper
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THE ANSWER KEY IS AT THE END OF THIS DOCUMENT 1. Teel Distribution Co. has determined its December 31‚ 2007 inventory on a FIFO basis at $250‚000. Information pertaining to that inventory follows: Estimated selling price | $255‚000 | Estimated cost of disposal/completion | 10‚000 | Normal profit margin | 30‚000 | Current replacement cost | 225‚000 | Teel records losses that result from applying the lower-of-cost-or-market rule. At December 31‚ 2007‚ the loss that Teel should
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Topps Company Inventory Evaluation Michelle Rowley ACC 281 Ms. LaKeitha Givens August 5‚ 2013 Topps Company Inventory Evaluation Topps Company’s runs two business units‚ confectionery and entertainment (Edmonds‚ Olds‚ McNair‚ & Tsay‚ 2010). Their financial situation changed from the year 2004 to the year 2006. Their focus changed in 2006 with 80% of the employees reporting profit and loss to someone compared to 20% reporting before the change and also started performance tracking of
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Average inventory ($188‚000 + $208‚000)÷ 2 5. Average days to sell inventory (96.3) = 365 days ÷ Inventory turnover (3.79) 6. Average days to sell inventory (96.3) = 365 days ÷ Inventory turnover (3.79) 7. LIFO cost of goods sold ($22.2 billion) = FIFO cost of goods sold ($22 billion) + the increase in LIFO reserve ($0.2 billion) 8. An overstatement of ending inventory overstates current assets and understates cost of goods sold and therefore overstates net income this year‚ the understate net income of
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extraordinary items are not segregated in the income statement‚ while‚ under US GAAP‚ they are shown below the net income. Inventory -- Under IFRS‚ LIFO (a historical method of recording the value of inventory‚ a firm records the last units purchased as the first units sold) cannot be used while under U.S. GAAP‚ companies have the choice between LIFO and FIFO (is a common method for recording the value of inventory). Earning-per-Share -- Under IFRS‚ the earning-per-share calculation does not average
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Options:-Portion of debt through insurance company-Continue at 90 day terms-Factor receivables-Collateralize assets-Mortgage general purpose building-Independent Canadian Financing-Flat dividends-Payment Terms - accelerate receipt-LIFO / FIFOEvery available option has a positive and a negative aspect to it. Here we will decipher what option gives Padgett Paper Products the best financial structure‚ provides the most flexibility for continued growth‚ and reduces the risk for all parties involved.
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CIS 8060 Case Brief Grade Assessment Group Number/Name: The A-team Student Names: Paul Tran‚ Sukumar Pant‚ Vaibhav Choudhary Criteria Score and Comments Identifying Problems & Issues [15 points] • Use of case facts to diagnose core problems and issues • Effectiveness in framing the problem & issues Analysis of Issues [50 points] • Meaningful criteria identified for the analysis of problems and issues • Effective use of case data • Application of concepts and theories • Insightful
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Math for Business and Finance‚ HIT 105 Examination Number (06044200) ANSWERS TO EXAMINATION 1) Bank Balance 2‚950.00 Less outstanding ck# 124 (1‚080.00) Less outstanding ck# 138 (720.00) Add deposit in transit 3‚200.00 Adjusted Bank Balance 4‚350.00 Book Balance 4‚010.00 Less bank fee for checks (12.00) Less bank fee for NSF (18.00) Less ATM withdrawal (30.00) Add Broom note collected 400.00 Adjusted Book Balance 4‚350.00 2) 5E+7P = 85 P = 15-E 5E+7(15-E)
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IAS 2 Inventories This version includes amendments resulting from new and amended IFRSs issued up to 31 March 2004. The section “Changes in this Edition” at the front of this volume provides the application dates of these new and amended IFRSs and also identifies those current IFRSs that are not included in this volume. International Accounting Standard 2 Inventories (IAS 2) is set out in paragraphs 1-42 and the Appendix. All the paragraphs have equal authority but retain the IASC format of the
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