Accounting Methods Balance sheet, income statement, cash flow statement,

Accounting Methods Balance sheet, income statement, cash flow statement

Pick up a publically traded US company that sells inventory products and uses the last-in first-out (LIFO) method of accounting and include the following requirements:

– A brief introduction about the selected company and general information about IFRS and GAAP.

– Obtain Balance sheet, income statement, cash flow statement, earning per share and notes to financial statement data for one year.

– Identify the accounting methods for inventory, depreciation, revenue recognition, fixed asset, intangible asset, amortization, long term liabilities and pension accounting.

– Compare and Contrast US GAAP with IFRS.

– Defend and criticize US GAAP accounting.

– Prepare the balance sheet, income statement and cash flow statement under IFRS.

– Calculate EPS (earning per share) under IFRS rules.

– Defend and criticize IFRS accounting.

– Calculate and present the difference in net income and EPS between US GAAP and IFRS.

– Select the one reporting method which you believe is most appropriate for financial reporting proposes.

– Support and defend the supporting method on the basis of accounting theory, literature review and research data.

– Conclusion

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