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The columns in the worksheet.
columns The nature of these entries is essentially adjusting
The and reclassification entries.
and Some entries affect current net income or beginning
Some retained earnings, while others affect both.
retained Each entry reflects the adjustment needed to
Each reconcile to U.S. GAAP from local GAAP.
reconcile Restating Foreign Financial Statements to Restating Foreign Financial Statements to U.S. GAAP
Partial example -- restated financial statements Assume that the local GAAP column of the financial
Assume statements being restated has already been reformatted
into the U.S. GAAP titles and amounts.
into These amounts include:
Cost of sales
Retained earnings (beg) 500
1,300 Cash 500
Inventory Deferred liability
Retained earnings (end)
Retained Restating Foreign Financial Statements to U.S. Restating Foreign Financial Statements to U.S. GAAP
Partial example restated financial statements
Under U.S. GAAP the current pension liability costs are 40 units hi...
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This note was uploaded on 02/20/2014 for the course ACCTG 5140 taught by Professor Marleneplumlee during the Summer '13 term at Utah.
- Summer '13