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Bessrawl Corporation

However, under IFRS, Bessrawl Corporation had the option to report inventory on its December 31, 2011 balance sheet at lower of cost of $250,000 and net realizable value of $190,000. Since the net realizable value is lower than the cost, the company would have reported $190,000 on its balance sheet for December 31, 2011 and a loss of $60,000 on its income statement for the same period. Thus, under IFRS, Bessrawl Corporation income would be $10,000 larger than reporting under U. S. GAAP, stockholder equity will also be $10,000 larger under IFRS than under U. S. GAAP. 2). Building: – Under U. S. GAAP, Bessrawl Corporation reported depreciation expense of $100,000 each on 2010 and 2011 financial statements. Depreciation expense…