A U.S. company has many foreign subsidiaries and wants to convert its consolidated financial statements from U.S. GAAP to IFRS. Which of the following items is not one of the likely accounting issues to resolve for the opening IFRS balance sheet?

Question

Quizplus · Accepted Answer

Measuring salaries expense is unlikely to be an accounting issue to resolve for the opening IFRS balance sheet as salaries expense is a standard and straightforward accounting item that can be easily translated from U.S. GAAP to IFRS. The other four items are more complex accounting issues that require careful consideration and analysis to ensure proper conversion to IFRS.

A US Company Has Many Foreign Subsidiaries and Wants to Convert