Chapter 4, Problem 4.1IFRS

(a)

To determine

IFRS:

The International Financial Reporting Standards are issued to have a common language for business affairs globally, to ensure easy understanding and comparing the financial statements across the boundaries of the countries. These IFRS are issued by the IFRS Foundation and the International Accounting Standard Board.

To Explain:  The amount of revenue recorded in the financial statements of the Company L by following the notes to the financial statements.

(b)

To determine

To explain: The determination of the provision of product returns in the financial statements of the Company L.

(c)    

To determine

To explain: The identification of items those may have some adjustments for deferrals from the consolidated income statement and consolidate statement of financial position of the company L.

(d)

To determine

To explain: The identification of two items which can be adjusted for accruals from the consolidated income statement of the Company L.