• April 22nd, 2016

Accounting

Paper, Order, or Assignment Requirements

1. Discuss the general principle for valuing inventory under both IFRS and US GAAP. Are the principles similar to each other? Are there any costs that are specifically excluded under either IFRS or US GAAP? If so, how do IFRS and US GAAP compare with regard to excluded costs?
2. Under IFRS, into what inventory category would the beef cattle fall? The corn? The winter wheat? The hibiscus plants?
3. Under US GAAP, into what inventory category would the beef cattle fall? The corn? The winter wheat? The hibiscus plants?
4. Under IFRS, how should biological assets be valued? Does it matter whether or not the asset is still growing? If a reliable fair value cannot be determined, what should be done?
5. Under IFRS, how should agricultural produce be valued? Does it matter whether or not the produce is still growing?
6. Under US GAAP, how should crops and animals be valued? Does it matter whether or not an agricultural asset is still in development?
7. In your opinion, which standard is more principle-based and which one is more rules-based? Your discussion of this point include specific examples as evidence to support your argument.9. Using your understanding of agricultural inventory valuation standards, value TFI’s inventory (corn, winter wheat, beef cattle, and hibiscus plants) under both US GAAP and IFRS.
10. If inventory valuation were the only consideration for TFI in deciding whether to prepare its financial statements for the bank under US GAAP or IFRS, which guidance would you advise them to use? Explain your answer.
and theres a summary table to continue . also i have uploaded two files for further instructions and useful pdf file

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