Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

problem1) Identify and describe any two of the main accounting differences between U.S. GAAP and IFRS. Reference any outside sources used.

problem2) On January 1, ABC Corporation, a U.S. based manufacturer, buys 10 million yen worth of inventory from SA Corporation, a Japanese-based firm. The purchase is made on credit and the balance is to be paid in 3 months. The U.S. dollar/Japanese yen exchange rate was $1.00 = 125 yen on January 1, and $1.00 = 120 yen on April 1.

Create dated journal entries for ABC Corporation in U.S. dollars for incurrence and settlement of this foreign currency transaction. ABC Corporation employs two-transaction perspective.

problem 3) Download Nokia’s 2003 20-F report at the following URL: http://i.nokia.com/blob/view/-/264310/data/1/-/form20-f-03-pdf.pdf

(a) Refer to page 158 of the report. Name top 3 items (in Euros) that led to the difference between Nokia’s 2003 net income under U.S. GAAP and its 2003 net income under International Accounting Standards.

(b) Refer to note #36 of the report. In your own words, describe the main reason(s) why following items in the 2003 reconciliation of net income were positive or negative in amount (analyze each item separately):

• Development costs

• Stock compensation expense

• Amortization of goodwill

(c) In 2008, the U.S. SEC eliminated U.S. GAAP net income reconciliation requirement for foreign private issuers that adopt International Financial Reporting Standards. Do you agree with this decision? Why or why not?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M92669

Have any Question? 


Related Questions in Accounting Basics

1 the manufacture of herbal health tonic is a competitive

1. The manufacture of herbal health tonic is a competitive industry. The manufacturing facilities have an annual output of 100,000 gallons. Operating costs are $2 per gallon. A 100,000 gallon capacity plant costs $500,00 ...

Key information for the plant city divisionkey information

Key Information For The Plant City Division Key information for the Plant City Division (PCD) of Barkley Industries for 2015 are as follows: Revenues $15,000,000 Operating Income 1,800,000 Total Assets 10,000,000 PCD man ...

1 the manufacture of herbal health tonic is a competitive

1. The manufacture of herbal health tonic is a competitive industry. The manufacturing facilities have an annual output of 100,000 gallons. Operating costs are $2 per gallon. A 100,000 gallon capacity plant costs $500,00 ...

Internal control procedures are required for all

Internal control procedures are required for all transaction cycles within an accounting cycle. This week you are addressing the control procedures that would be the most effective in the general ledger and reporting sys ...

Dine corp international publishes ratings and reviews of

Dine corp international publishes ratings and reviews of the world finest restaurants.following are the facts you need to prepare dine corp's march bank reconcilation. Balance per company records at end of month  $      ...

Problem 1abc stock has a share price of 150 today all

Problem 1 ABC stock has a share price of $150 today. All rates of interest are 3% per annum on a continuously compounded basis. A one-year European call option on one share of stock struck at $147 is worth $15. Finally, ...

Discussion1st discussionexamine the customer and vendor

Discussion 1st Discussion: Examine the customer and vendor functions in QuickBooks. • Use one scenario or example to explain a feature or function that will help you make better management decisions in regard to customer ...

Write a paper about internal controlsassignmentcontent

Write a paper about internal controls Assignment Content Page - Introduction - Definition of internal controls(Books) - Components of internal control system(Books) - Examples of internal controls(Books or research paper ...

Question 1medeco bought goods for 250 on credit medeco

Question 1 Medeco bought goods for $250 on credit. Medeco returned $50 worth of goods. Terms of the sale were 2/10, n/30. If Medeco pays the amount owed within the discount period, what is the amount it should pay? A. $2 ...

Accounting essayypou must identify a company that has

Accounting essay YPou must identify a company that has implemented "LEAN" or "Lean Six Sigma" technology in their organization. Clearly Identify the fundamental difference between LEAN and Six Sigma. Be certain to includ ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen