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spayn [35]
3 years ago
10

A company is preparing financial statements using IFRS for the first time for the year ended December 31, 2018. The "transition

date" for reporting is A. January 1, 2019 B. December 31, 2017 C. December 31, 2018 D. January 1, 2018 E. January 1, 2017
Business
1 answer:
8_murik_8 [283]3 years ago
7 0

Answer:

E. January 1, 2017

Explanation:

Financial statements are prepared showing at least two years for the sake of comparability.

It will be important for the company in presenting its financial statement using the IFRS for the year ended December 31st 2018 to show the financial statements for the year ended 31st December 2017 as if it had always applied the IFRS.

The basic idea is to show in the financial statements the effects of adopting the IFRS from a preceding period in order for the entity to show the financial statement for 2017 and 2018 and be able to compare them having been prepared on the same basis.

Thus, the transition date will be the beginning of the preceding period when the IFRS was applied (1st Jan. 2017 oe 31st Dec. 2016).

I hope this explanation makes the concept easy to grasp.

Thank you.

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Assume that Mahmood Corp. lends Ahmad $10,000 in exchange for a $10,000,
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Answer:

1) the present value of the note:

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PV of note = $10,515.42

2) Dr Notes receivable 10,515.42

         Cr Cash 10,000

         Cr Discount on notes receivable 515.42

3) assuming the loan was made January 2, 2021

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January 2, 2021       -$10,000                             $10,515.42

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Dr Interest receivable 1,000

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7 0
2 years ago
The U.S. government decides that the incomes of dairy farmers should be maintained at a level that allows the traditional family
luda_lava [24]

Answer:

$2.8 billion per year

Explanation:

Currently the amount of surplus milk in the US is really high since the demand per capita for milk has decreased by 40% in the last 50 years. Excess milk is turned into cheese since it doesn't last very long, and the current amount of surplus cheese is 1.4 billion pounds.

If yous need on average 4 pints of milk per pound of hard cheese and 2 pints per pound of soft cheese, that means that the total surplus milk production is between 2.8 and 5.6 billion pints.

If the government is going to purchase that excess milk, then it is going to need at least $2.8 billion per year.

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3 years ago
Summarise the following passage in on more than 60w words and supply an appropriate title:every second,1 hectare of the world's
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Answer:

I don't know...

Explanation:

I'm sorry...............

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3 years ago
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Butoxors [25]

Answer:

c.She has distributed power in the organization by delegation.

Explanation:

Delegation is the act of transferring responsibilities by a person with authority to another person. It is the action of a person with authority assigning another person their duties temporarily. Delegation in an organization is only one way, from a senior officer to their junior. It can happen at any level in the management hierarchy.  

Delegating duties will involve the transfer of limited powers. In the case of Sandy, she has delegated her duties to other staff members. She has given them powers to respond to questions on her behalf. Even though Sandy will not be performing her duties, she is still responsible for what happens while she is away.

The delegating authority must ensure they delegate only to people with the ability to perform the assigned tasks. They must also supervise the work they have handed over.  

6 0
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It may be unethical for a company to refuse to negotiate liability claims for alleged injuries because of a faulty product.​
Mila [183]
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8 0
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