S gaap titles and amounts into these amounts include

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Unformatted text preview: nd credit 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: Sales 2,000 Cost of sales 1,100 600 SG&A expense 200 Other income 100 Retained earnings (beg) 500 1,300 1,300 Cash 500 Inventory Deferred liability 50 Pension liability 800 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.

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