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1) Freefall Fern Company purchased a financial instrument in the open market for $570,000 cash and decided to account for it using the FVO. It determined it could sell the asset on the purchase date for $600,000 in the retail market. How would Freefall account for the asset under US GAAP and IFRS? 2) Brown Pie Co. has determined at FYE that its investment in Smith Cake Corp.'s bonds has a FMV of $900. The NBV of the bonds is $1,000. The decline in FMV is attributable to an increase in interest rates. Brown Pie intends to hold the bonds to maturity and it is more likely than not that it will be able to do so. The bonds are held as HTM assets. How should the investment be valued at FYE under US GAAP and IFRS? Show any necessary journal entries. 3) Kirkland Ltd. buys a bond denominated in Turkish lira for 1,000 lira at par, when the exchange rate is 1 lira = $.50 USD. At FYE, the FMV of the bond is 1,100 lira and the exchange rate is 1 lira = $.30 USD. Present the journal entries to record the purchase and subsequent change in value assuming that the investment is classified as AFS under both US GAAP and IFRS. 4) Bushwhack Inc. loaned $5,000 to one of its suppliers. The loan bears interest at 8% and is due in three years. Bushwhack will classify the loan as AFS. Assume that Bushwhack has chosen not to elect the FVO. The fair value of the loan is: End of year one -- $5,045 End of year two -- $5,055 End of year three -- $5,000 Present the journal entries to account for the loan under US GAAP and IFRS. 5) For each of the items below, determine which is US GAAP guidance and which is IFRS guidance. In some instances, the answer is both US GAAP and IFRS, or neither. Standard A. Allows FVO Does not allow FVO B. Allows recognition of day-one gains and losses Does not allow recognition of day-one gains and losses US GAAP IFRS C. Defines fair value as the transaction price Defines fair value as the exit price D. Requires transfer of effective control (including establishing legal isolation, transfer of the right to pledge the assets, and no repurchase obligation) for derecognition of a transferred asset Requires transfer of risks and rewards of ownership and a control test to determine whether the transferor retains control over the assets transferred E. Requires that financial instruments be sorted into specific categories for classification and measurement purposes Does not require financial instruments to be sorted into specific categories for classification and measurement purposes F. Requires recognition of foreign exchange gains and losses in Net Income for AFS instruments with foreign exchange components Require recognition of foreign exchange gains and losses in OCI for AFS instruments with foreign exchange components