Balance sheet formats The following information is based on the balance sheet of Aracruz Celulose, a Brazilian

Question:

formats The following information is based on the of Aracruz Celulose, a Brazilian manufacturer of bleached pulp used to make paper, for the year ended December 31, 2006. Aracruz Celulose applies U.S. and reports results in thousands of U.S dollars:

S 202,704 Inventories.... Other Current Assets. 132,782 350,761 Other Long-Term Liabilities.. Property, Plant, and Equip

a. Prepare a balance sheet for Aracruz Celulose assuming the firm follows U.S GAAP.
b. Prepare a balance sheet for Aracruz Celulose assuming the firm follows IFRS.

GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...