Part 1
U.S. GAAP |
IFRS |
|||
a. |
Accrue liability |
6200000 |
Accrue liability |
8700000 |
b. |
Accrue liability |
6200000 |
Accrue liability |
6700000 |
c. |
Do not accrue liability |
Accrue liability |
7200000 |
|
d. |
Long-term liability |
11200000 |
Short-term liability |
11200000 |
Total liabilities |
$23600000 |
$33800000 |
||
Item A
U.S. GAAP = low end of the range =6200000
IFRS = midpoint of the range =(6200000+11200000)/2 = 8700000
Item B
U.S. GAAP = lower end of the undiscounted range = 6200000
IFRS = midpoint of the range =(4200000+9200000)/2 = 6700000
Item C
It is only probable
IFRS = midpoint of the range =(4200000+10200000)/2 = 7200000
Item D
U.S. GAAP = long-term liability
IFRS = Short-term liability
Part 2
Which set of standards helps to meet that goal? |
U.S. GAAP |
Because it provides the lower total liabilities.
help asap please O You skipped this question in the previous attempt. Check m HolmesWatson (HW)...
HolmesWatson (HW) is considering what the effect would be of reporting its liabilities under IFRS rather than U.S. GAAP. The following facts apply: a. HW is defending against a lawsuit and believes it is virtually certain to lose in court. If it loses the lawsuit, management estimates it will need to pay a range of damages that falls between $5,200,000 and $10,200,000, with each amount in that range equally likely. b. HW is defending against another lawsuit that is identical...
abc HolmesWatson (HW) is considering what the effect would be of reporting its liabilities under IFRS rather than U.S. GAAP. The following facts apply: a. HW is defending against a lawsuit and believes it is virtually certain to lose in court. If it loses the lawsuit, management estimates it will need to pay a range of damages that falls between $5,200,000 and $10,200,000, with each amount in that range equally likely. b. HW is defending against another lawsuit that is...
HolmesWatson (HW) is considering what the effect would be of reporting its liabilities under IFRS rather than U.S. GAAP. The following facts apply ed a. HW is defending against a lawsuit and believes it is virtually certain to lose in court. If it loses the lawsuit, management estimates it will need to pay a range of damages that falls between $6,100,000 and $11,100,000, with each amount in that range equally likely. b. HW is defending against another lawsuit that is...
HolmesWatson (HW) is considering what the effect would be of reporting its liabilities under IFRS rather than U.S. GAAP. The following facts apply: a. HW is defending against a lawsuit and believes it is virtually certain to lose in court. If it loses the lawsuit, management estimates it will need to pay a range of damages that falls between $5,000,000 and $10,000,000, with each amount in that range equally likely. b. HW is defending against another lawsuit that is identical...
6 HolmesWatson (HW) is considering what the effect would be of reporting its liabilities under IFRS rather than U.S. GAAP. The following facts apply: a. HW is defending against a lawsuit and believes it is virtually certain to lose in court. If it loses the lawsuit, management estimates it will need to pay a range of damages that falls between $5,200,000 and $10,200,000, with each amount in that range equally likely. b. HW is defending against another lawsuit that is...
HolmesWatson (HW) is considering what the effect would be of reporting its liabilities under IFRS rather than U.S. GAAP. The following facts apply: a. HW is defending against a lawsuit and believes it is virtually certain to lose in court. If it loses the lawsuit, management estimates it will need to pay a range of damages that falls between $6,800,000 and $11,800,000, with each amount in that range equally likely. b. HW is defending against another lawsuit that is identical...
HolmesWatson (HW) is considering what the effect would be of reporting its liabilities under IFRS rather than U.S. GAAP. The following facts apply: HW is defending against a lawsuit and believes it is virtually certain to lose in court. If it loses the lawsuit, management estimates it will need to pay a range of damages that falls between $6,600,000 and $11,600,000, with each amount in that range equally likely. HW is defending against another lawsuit that is identical to item...
HolmesWatson (HW) is considering what the effect would be of reporting its liabilities under IFRS rather than U.S. GAAP. The following facts apply: HW is defending against a lawsuit and believes it is virtually certain to lose in court. If it loses the lawsuit, management estimates it will need to pay a range of damages that falls between $6,100,000 and $11,100,000, with each amount in that range equally likely. HW is defending against another lawsuit that is identical to item...
I need to fill boxes in a table below. I have answered everything except 1b for GAAP. The answer $4,200,000 is wrong, and I don't know what to put there. HolmesWatson (HW) is considering what the effect would be of reporting its liabilities under IFRS rather than U.S. GAAP. The following facts apply: a. HW is defending against a lawsuit and believes it is virtually certain to lose in court. If it loses the lawsuit, management estimates it will need...
Problem 13-7 Various liabilities [LO13-4, 13-5, 13-6, 13-7] HolmesWatson (HW) is considering what the effect would be of reporting its liabilities under IFRS rather than U.S. GAAP. The following facts apply: HW is defending against a lawsuit and believes it is virtually certain to lose in court. If it loses the lawsuit, management estimates it will need to pay a range of damages that falls between $5,200,000 and $10,200,000, with each amount in that range equally likely. HW is defending...