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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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Phildell Phoenix is paid monthly. For the month of January of the current year, he earned a total of $8,288. The FICA tax rate f
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Answer:

Total deduction                               2,443.21

Explanation:

8,288

x 6.20% Sccial Security                      513.856

x 1.45% Medicate                                120.176

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We must noticew FUTA and SUTA applies fdor the first 7,000 only so we multiply by 7,000 not by 8,288

3 0
4 years ago
Both islands specialize exclusively in the product for which they have a comparative advantage. You have agreed to give 350 coco
timurjin [86]

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One can have the comparative advantage at production if it could produce the goods at lower cost as compare to the others.

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Answer:

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insens350 [35]

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