| Ruckman, Inc.: Converting from U.S. GAAP to IFRS | ACTG 4240 – Assignment #4 | | Fannie Fang, Yingqi Gu, Ya Wang | 1/24/2013 | | Ruckman Part I Solutions Page 1. For each of the 16 items listed below, briefly describe the difference in GAAP treatment and IFRS treatment. Just start with this form and type in your responses in the appropriate cells. You don’t need to give too much detail, just enough so your client can tell the difference. 2. In the “Needed to Convert
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CASE: Reporting Comprehensive Income: IFRS vs. US GAAP a) Messrs. Cope and Foster dissent from this Statement because it permits an enterprise to display the items of other comprehensive income identified in this Statement with less prominence and to characterize them differently from other items of comprehensive income that are currently included in net income. Messrs. Cope and Foster believe that a primary objective in undertaking a project on reporting comprehensive income was to significantly
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GAAP-related Adjustments: Certain accounting treatments, while allowed by GAPP and therefore “perfectly legal” tend to create major distortions in the reported results. These types of changes actually do change the bottom line numbers 1. The LIFO valuation method for inventory 2. Lease arrangements that qualify as operating leases Leading arrangements are generally classified as either operating leases or capital leases. Because of the accounting treatments allowed by GAAP, operating leases
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Reed's Clothier, Inc. Case Study L. S. Moore Finance 370 March 30th, 2011 Reed's Clothier, Inc. Case Study Reed’s Clothier, Inc. Working Capital Policy and the background information, followed by the current situation and the Summary. Questions 1 and 4 will have been answered in an excel spreadsheet. Exhibit 16.1 Reed’s Clothiers Income Statement (in 000’s) Common Size
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prior to 1950 where most of the companies were focusing on cost determination related to stock valuation and the allocation of overheads. Among the accounting techniques that were developed for the cost estimation were Last In First Out (LIFO) and First In First Out (FIFO). Prakash (2013) stated that cost estimation was emphasized because by estimating the cost, managers were able to control their financial position. From 1965 to 1985, companies had moved into generating information for management planning
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Manufacturing 2.2.1 Calculate the value of inventory as at 31 December 2011 using LIFO method ..................8 2.2.2 Calculate the value of inventory as at 31 December 2011 using weighted average method..................................................................................................................................9 2.2.3 Calculate the value of the components issued to production during December 2011 Using FIFO method ...................................................................
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All Inventories are stated at the lower of cost or market. Cost for a substantial portion of U.S inventories is determined on a last in, first out (LIFO) basis. LIFO was used for 18% and 17% of total inventories at December 31, 2012 and 2011 respectively. Cost of other inventories is determined by costing methods that approximate first in, first out (FIFO) basis. Inventories were as follows US$ THOUSANDS 2011 2012 Raw materials and consumables 774 703 Work in progress 843 812
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Controls for Inflows Christina Hall, Prez Palmer, Pamela Poyser, Halle Rodriguez Internal Control Systems-ACC 544 June 27, 2011 Professor Michael Meyer Controls for Inflows Internal controls are important in the business process. There are risks in the business process that can be a detriment to the company and internal controls help to minimize those risks. The most common risk is fraud. With the establishment of internal controls, the users of the financial statements are confident
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FASB Accounting Standards Codification Case This case consists of a series of questions. For each question, your mission is to locate the paragraph in the FASB Accounting Standards Codification (ASC) that answers the question. Please CUT AND PASTE the paragraph from the standards into this document for each question and provide a full reference, including the topic, subtopic, section, and paragraph (e.g. “ASC 605-15-25-1”, or “ASC Master Glossary” for definitions). Submit a hard copy of your answers
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Todd Diller Dr. Min MGMT 4420 February 23, 2015 Sandusky Winery Case Problem Analysis At Sandusky Winery, there seems to be several issues going on within the company’s operations, resulting in a huge inventory mess. The first issue I have noticed is the eagerness of Sandusky Winery’s marketing department. The marketing department wanted to expand product lines and aggressively promote its new products, without taking storage and warehousing into consideration. This high level of production
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