Is there a difference in approach to valuation by US GAAP and IFRS?
Discuss and note two specific differences.
In aIDition, briefly
â€“ Distinguish between an expense (expired cost) and an asset.
â€“ Distinguish between current and long-term assets.
â€“ Distinguish between current and long-term liabilities.
â€“ Review Apple’s balance sheet and provide two examples of each of the above categories.
â€“ Discuss retained earnings and how income or loss and dividends affect this account. Review Apple’s retained earnings account and explain how it changes between the two past years.
â€“ Comment on at least three differences between Apple’s and Philips’ balance sheets.
â€“ Does Apple or Philips have more debt?
â€“ Which of the two companies is the bigger one? Explain your reasoning.