Bohmann Company is preparing its opening IFRS statement of financial position on January 1, 2022. Under its
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Bohmann Company is preparing its opening IFRS statement of financial position on January 1, 2022. Under its previous GAAP, Bohmann had capitalized all development costs of $50,000. Under IFRS, only $10,000 of the costs related to a patent were incurred after the project met economic viability thresholds. Prepare the entry (if any) needed to record this adjustment at the date of transition.
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Related Book For
Intermediate Accounting IFRS
ISBN: 9781119607519
4th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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