Question - greg corp prepares its financial statements, Ask an Expert

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Question - Greg Corp. Prepares its financial statements under U.S. GAAP Tina prepares its financial statements under IFRS.

You have gained the following insights: Greg and Tina are the same company except they use different accounting standards. You are tasked with maintaining the financial statements for both standards and periodically reconciling certain account balances.

For year 2016 you acquire the following additional information:

40% of the R&D expenses are classified as development expenses that will begin to amortize over 5 years beginning 1/1/17

A year-end impairment test is performed on the machine and the following is noted:

Book Value $108,000

Sales Price (if sold) $100,000

Selling Costs $15,000

NPV $90,000

Future Cash Flows (undiscounted) $115,000

Using the above information, prepare the financial statement for both Greg and Tina for the year ending 12/31/16.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M93113666

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