Corporate Financial Accounting
Corporate Financial Accounting
14th Edition
ISBN: 9781305653535
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter FS, Problem 2IFRSA

(a)

To determine

Generally Accepted Accounting Principles (GAAP): These are the guidelines necessary to create accounting principles for the implementation of financial information reporting in the Country U.

International Financial Reporting Standards (IFRS): IFRS are a set of international accounting standards which are framed, approved, and published by International Accounting Standards Board (IASB) for the preparation and disclosure of international financial reports.

To explain: The differences in the presentation of balance sheet of Company L and MJ International

(b)

To determine

To compare: The financial statement terms used by Company L and MJ International

(c)

To determine

To discuss: The term ‘revaluation reserves’ reported in equity section by Company L

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