I need an answer to question 4b full solution

Global Perspective Case - Fall 2020 - Case 2 Florida Construction Company (FCC) and Anfaak Qatar Limited (AQL) had the following information: Prereling Costarred Cated bond 20 10 39. 1.2004 LOL leg TIT Required: 1. Discuss some of the challenges that face accountants worldwide when conducting international transactions 2. Discuss the major difference between GAAP and IFRS. 3. Discuss how the accounting for construction contracts is different under GAAP and IFRS 4. Answer the following questions with respect to FCC and AQL companies a) Do you agree with Mr. East's position that at the end of 2016, his company makes a higher profit from the project when compared to the profit that FCC makes from its project? Provide evidence to support your decision b) Do you agree with Mr. West's position that at the end of 2016, his company increased its total assets from the project when compared to the method used by AQL (please focus only on Construction in progress, Billings on construction contracts and Accounts receivable)? Provide evidence to support your decision c) Assume that the percentage of completion method was available to AQL at the start of the project in 2014. Assume the company compares its current method with the percentage of completion method. Based on the results at the end of 2016 and 2021, which of the two methods provides: - Lowest expenses - Highest net income - Highest total assets (please focus only on Construction in progress. Billings on construction contracts and Accounts receivable) Note: When using the percentage of completion method, make sure you round to the fourth decimal place. For example, if you get the following result 0.7512869, your answer should be 0.7513 or 75.13% Submission: The submission O by Tom Global Perspective Case - Fall 2020 - Case 2 Florida Construction Company (FCC) and Anfaak Qatar Limited (AQL) had the following information: Prereling Costarred Cated bond 20 10 39. 1.2004 LOL leg TIT Required: 1. Discuss some of the challenges that face accountants worldwide when conducting international transactions 2. Discuss the major difference between GAAP and IFRS. 3. Discuss how the accounting for construction contracts is different under GAAP and IFRS 4. Answer the following questions with respect to FCC and AQL companies a) Do you agree with Mr. East's position that at the end of 2016, his company makes a higher profit from the project when compared to the profit that FCC makes from its project? Provide evidence to support your decision b) Do you agree with Mr. West's position that at the end of 2016, his company increased its total assets from the project when compared to the method used by AQL (please focus only on Construction in progress, Billings on construction contracts and Accounts receivable)? Provide evidence to support your decision c) Assume that the percentage of completion method was available to AQL at the start of the project in 2014. Assume the company compares its current method with the percentage of completion method. Based on the results at the end of 2016 and 2021, which of the two methods provides: - Lowest expenses - Highest net income - Highest total assets (please focus only on Construction in progress. Billings on construction contracts and Accounts receivable) Note: When using the percentage of completion method, make sure you round to the fourth decimal place. For example, if you get the following result 0.7512869, your answer should be 0.7513 or 75.13% Submission: The submission O by Tom Global Perspective Case - Fall 2020 - Case 2 Florida Construction Company (FCC) and Anfaak Qatar Limited (AQL) had the following information: Prereling Costarred Cated bond 20 10 39. 1.2004 LOL leg TIT Required: 1. Discuss some of the challenges that face accountants worldwide when conducting international transactions 2. Discuss the major difference between GAAP and IFRS. 3. Discuss how the accounting for construction contracts is different under GAAP and IFRS 4. Answer the following questions with respect to FCC and AQL companies a) Do you agree with Mr. East's position that at the end of 2016, his company makes a higher profit from the project when compared to the profit that FCC makes from its project? Provide evidence to support your decision b) Do you agree with Mr. West's position that at the end of 2016, his company increased its total assets from the project when compared to the method used by AQL (please focus only on Construction in progress, Billings on construction contracts and Accounts receivable)? Provide evidence to support your decision c) Assume that the percentage of completion method was available to AQL at the start of the project in 2014. Assume the company compares its current method with the percentage of completion method. Based on the results at the end of 2016 and 2021, which of the two methods provides: - Lowest expenses - Highest net income - Highest total assets (please focus only on Construction in progress. Billings on construction contracts and Accounts receivable) Note: When using the percentage of completion method, make sure you round to the fourth decimal place. For example, if you get the following result 0.7512869, your answer should be 0.7513 or 75.13% Submission: The submission O by Tom Global Perspective Case - Fall 2020 - Case 2 Florida Construction Company (FCC) and Anfaak Qatar Limited (AQL) had the following information: Prereling Costarred Cated bond 20 10 39. 1.2004 LOL leg TIT Required: 1. Discuss some of the challenges that face accountants worldwide when conducting international transactions 2. Discuss the major difference between GAAP and IFRS. 3. Discuss how the accounting for construction contracts is different under GAAP and IFRS 4. Answer the following questions with respect to FCC and AQL companies a) Do you agree with Mr. East's position that at the end of 2016, his company makes a higher profit from the project when compared to the profit that FCC makes from its project? Provide evidence to support your decision b) Do you agree with Mr. West's position that at the end of 2016, his company increased its total assets from the project when compared to the method used by AQL (please focus only on Construction in progress, Billings on construction contracts and Accounts receivable)? Provide evidence to support your decision c) Assume that the percentage of completion method was available to AQL at the start of the project in 2014. Assume the company compares its current method with the percentage of completion method. Based on the results at the end of 2016 and 2021, which of the two methods provides: - Lowest expenses - Highest net income - Highest total assets (please focus only on Construction in progress. Billings on construction contracts and Accounts receivable) Note: When using the percentage of completion method, make sure you round to the fourth decimal place. For example, if you get the following result 0.7512869, your answer should be 0.7513 or 75.13% Submission: The submission O by Tom