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ACC 290 Week 5: BE6-5, BE6-7, BYP6-1, BYP6-2, BE7-4, BE7-6 and IFRS Essay

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Description

ACC 290 Week 5 Solutions

Welcome to your comprehensive guide to Textbook and WileyPlus solutions in ACC 290 Week 5. This product is an excel spreadsheet with answers, explanations, and calculations for every financial accounting problem listed below. 

What's Included in the ACC 290 Week 5 Study Guide?

  • Detailed Solutions to 
    • BE6-5 Kuhlman Company
    • BE6-7 Sadowski Video Center
    • BYP6-1 Tootsie Roll
    • BYP6-2 Tootsie Roll & Hershey
    • BE7-4 Halleran Company
    • BE7-6 Catt Company
    • Multiple Choice Solutions
    • Comparing IFRS to GAAP Essay Answers
  • All Work Shown
  • Textbook: Financial Accounting 7th edition and WileyPlus
  • Fully Updated for 2014-15 Academic Year
  • Unlimited Support from ACC Nerd Accounting Experts 

Preview of Answers

IFRS 2-1: In what ways does the format of a statement of financial of position under IFRS often differ from a balance sheet presented under GAAP? 

IFRS does not mandate a specific order or classification of accounts on the statement of financial position. In most cases, companies report assets in reverse order of liquidity. An example of the order of accounts on the statement of financial position is as follows:

  • Long Term Assets
  • Current Assets
  • Shareholder Equity
  • Long Term Liabilities
  • Current Liabilities

GAAP specifically requires that all accounts be ordered based on their degree of liquidity. Therefor, cash is usually reported first and non-current assets will be reported last.  Below is an example of the order typically found on a GAAP balance sheet:

  • Current Assets
  • Long Term Assets
  • Current Liabilities
  • Long Term Liabilities
  • Shareholder Equity

IFRS 2-2: Do the IFRS and GAAP conceptual frameworks differ in terms of the objective of financial reporting? Explain.

No, GAAP and IFRS maintain very similar viewpoints on the objectivity of financial data. Both of these authoritative bodies agree that financial reporting data should be relevant and faithfully represented. Information that is relevant is anything that could be viewed as useful in the eyes of an investor, creditor, or regulator. Information that is faithfully represented should conform to industry standards and any estimates should be conservative in nature. 

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