Business, 15.07.2020 04:01 babytony1210

Trecek Corporation incurs research and development costs of $695,000 in 2017, 30 percent of which relate to development activities subsequent to IAS 38 criteria having been met that indicate an intangible asset has been created. The newly developed product is brought to market in January 2018 and is expected to generate sales revenue for 10 years. Assume that a U. S.–based company is issuing securities to foreign investors who require financial statements prepared in accordance with IFRS. Thus, adjustments to convert from U. S. GAAP to IFRS must be made. Ignore income taxes.
Required:
1. Prepare journal entries for research and development costs for the years ending December 31, 2017, and December 31, 2018, under (1) U. S. GAAP and (2) IFRS.
2. Prepare the entry(ies) that Trecek would make on the December 31, 2017, and December 31, 2018, conversion worksheets to convert U. S. GAAP balances to IFRS.

Answers: 3

Show answers

Another question on Business

Business, 22.06.2019 18:00

Acountry made education free in mandatory up to age 15. it is established 100 new schools to educate kids across the country. as a result, citizens acquired the _ required to work. the school's generated _ for teachers and other staff. in 20 years, to countryside rapid _ and its gdp.

Answers: 3

Answer

Business, 22.06.2019 19:50

Right medical introduced a new implant that carries a five-year warranty against manufacturer’s defects. based on industry experience with similar product introductions, warranty costs are expected to approximate 2% of sales. sales were $8 million and actual warranty expenditures were $42,750 for the first year of selling the product. what amount (if any) should right report as a liability at the end of the year?

Answers: 2

Answer

Business, 22.06.2019 23:30

Sports leave thousands of college athletes with little time for their studies. this is an example of

Answers: 1

Answer

Business, 23.06.2019 02:40

James sebenius, in his harvard business review article: six habits of merely effective negotiators, identifies six mistakes that negotiators make that keep them from solving the right problem. identify which mistake is being described. the negotiator has neglected to consider the course of action he will take if the proposed deal is not possible.

Answers: 3

Answer

You know the right answer?

Trecek Corporation incurs research and development costs of $695,000 in 2017, 30 percent of which re...

Questions