Parvin Corporation is a Japanese-Based company that prepares its conso

QUESTION

Parvin Corporation is a Japanese-Based company that prepares its consolidated financial statements in accordance with IFRS. The company reported income in 2017 of $1,260,000 and stockholders equity at December 31, 2017, of $7,660,000.

The CFO of Parvin has learned that the U.S. Securities and Exchange Commission is accepting financial statements of non-US firms using either US GAAP or IFRS in preparing consolidated financial statements. The CFO is curious to determine the impact that switch from IFRS to U.S. GAAP would have on its financial statements and has engaged you to prepare a reconciliation of income and stockholders equity from IFRS to U.S. GAAP. You have identified the following five areas in which Parvins accounting principles based on IFRS differ from U.S. GAAP.

1. Inventory

2. Property, plant, and equipment

3. Intangible assets

ANSWER:

CLICK REQUEST FOR  AN EXPERT SOLUTION