Business > CASE STUDY > C245 Task 2.docx Running Header: ACCOUNTING RESEARCH C245 TASK 2 (All)
C245 Task 2.docx Running Header: ACCOUNTING RESEARCH C245 TASK 2
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C245 Task 2.docx Running Header: ACCOUNTING RESEARCH C245 TASK 2 C245 Accounting Research C245 Task 2 Western Governors University In the additional information of the GAA ... P balance sheet of Jaunty Coffee Company in 2012 the following affect difference between GAAP and IFRS: 1. Short-term Investments (Available for Sale): In 2012 there were $4000 in short-term investments, which was attributed to a gain in the exchange rate; this amount was included in the beginning value of $15,001. There is no difference in IFRS compared to GAAP on the balance sheet for this item (Keiso, p 1480). 2. Jaunty Coffee Company uses the LIFO method for inventory valuation. At the end of 2011, the inventory reserves were $35,000, and at the end of 2012 the reserves were $45,000. Although GAAP allows the LIFO method for inventory valuation, the IFRS does not (Keiso, p 526). The company will ne. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . [Show More]
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