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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