Question
QUESTION 1: THEORIC & FUNDAMENTALS (5 points) 1. The main difference between US GAAP AND IFRS is? Difference: (1 point) ___________________________________________________________________________ Explanation: (1 point) ___________________________________________________________________________
QUESTION 1: THEORIC & FUNDAMENTALS (5 points)
1. The main difference between US GAAP AND IFRS is?
Difference: (1 point)
___________________________________________________________________________
Explanation: (1 point)
___________________________________________________________________________
2. Assume that ABC is a U.S. multinational corporation. Its foreign subsidiaries must report income in their respective countries according to GAAP in those countries. How must ABC report its consolidated financial statements?
Answer and Explanation: (3 points)
___________________________________________________________________________
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Accounting Principles Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
9th Canadian Edition
978-1119786818, 1119786819
