Concept Introduction:
International financial reporting framework (IFRS):
International
United States generally accepted Accounting Policies (US GAAP):
United States generally Accepted Accounting Policies is the accounting framework/ accounting standards followed in the United States to prepare the financial statements. US GAAPS are issued by Financial Accounting Standards Board (FASB).
Requirement-a:
To Indicate:
The difference in the closing process under IFRS and US GAAP
Concept Introduction:
International financial reporting framework (IFRS):
International financial reporting framework is the accounting framework/ accounting standards followed internationally to prepare the financial statements. IFRS are issued by the International Accounting Standards Board (IASB). IFRS fulfill the objective of common accounting standards worldwide.
United States generally accepted Accounting Policies (US GAAP):
United States generally Accepted Accounting Policies is the accounting framework/ accounting standards followed in the United States to prepare the financial statements. US GAAPS are issued by Financial Accounting Standards Board (FASB).
Requirement-b:
To Identify:
The basic principle under IFRS and US GAAP which rely upon in recording the initial acquisition value for nearly all assets
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Chapter F Solutions
Fundamental Accounting Principles
- A truck costs $88,000 when new and has accumulated depreciation of $70,000. Suppose Falcon Hauling exchanges the truck for a new truck. The new truck has a market value of $65,000, and Falcon pays cash of $40,000. Assume the exchange has commercial substance. What is the result of this exchange? A. No gain or loss B. Gain of $7,000 C. Gain of $4,000 D. Loss of $7,000arrow_forwardA manufacturer produces a single product. Variable production costs are $15.25 per unit, and variable selling and administrative expenses are $5.75 per unit. Fixed manufacturing overhead totals $60,000, and fixed selling and administrative expenses total $65,000. Assuming a beginning inventory of zero, production of 6,200 units, and sales of 5,400 units, what would be the dollar value of the ending inventory under variable costing?arrow_forwardHow much is this adjust general accounting cost of good soldarrow_forward
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