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(a)
International Financial Reporting Standards:
They are commonly known as IFRS. It is a set of accounting standards which are developed by independent (Non-profit) organization called as International Accounting Standards Board (IASB). It is universally accepted set of standards which states the rules and practice for accounting practice.
Generally Accepted Accounting Principles:
They are commonly known as GAAP. It is a collection of generally practiced and followed rules and standards of accounting. GAAP provides global guidelines for preparation and disclosure of financial statements of public companies. It is created and developed by International Accounting Standards Board (IASB).
To State: the section of reporting of interest paid (finance costs) by LV Company.
(b)
To State: the section of reporting of dividends received by LV Company.
(c)
To explain: The treatment of bank overdrafts is LV Company reports under GAAP rather than IFRS.
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Chapter 12 Solutions
FINANCIAL ACCOUNTING>IC<
- Determine the amount of avoidable costsarrow_forwardQuinlan Corporation has two divisions: the Industrial Equipment Division and the Consumer Goods Division. The Industrial Equipment Division's divisional segment margin is $42,500, and the Consumer Goods Division's divisional segment margin is $88,300. The total amount of common fixed expenses not traceable to the individual divisions is $108,400. What is the company's net operating income?arrow_forwardSolve this General accounting problemarrow_forward
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