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Lecture 1

ACCT 4300 Lecture Notes - Lecture 1: Historical Cost, Write-Off, Book Value


Department
Accounting
Course Code
ACCT 4300
Professor
Mc Comb
Lecture
1

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Intro/IFRS 8/16/16
Quizzes and exams submitted online through computers in Excel
IFRS GAAP Exercise
Company B- GAAP
Company A- IFRS
Both companies are the same, reported with different account methods
- Need financial statements to be calculated using the same method in order to have
comparability
Inventory
- Net realizable value = sales- costs of disposal
- GAAP: lower cost/market
- IFRS: Lower Cost/Net realizable value
Assignment 1
Research and describe how different areas of accounting are recorded using GAAP v. IFRS
Bullet points/sentences for each area
“GAAP IFRS differences”
IFRS-GAAP Exercise #1
Need to know how to calculate under GAAP and IFRS and compare the differences
- Determine what the difference is and the impact on the P&L and SE
Inventory
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