Rainmaker Company prepares its financial statements in accordance with IFRS. In 2012, Rainmaker recorded the following revaluation

Question:

Rainmaker Company prepares its in accordance with IFRS. In 2012, Rainmaker recorded the following revaluation adjustments related to its buildings and land: The Company’s building increased in value by $200,000; its land declined by $35,000. How will these revaluation adjustments affect Rainmaker’s balance sheet? Will the reporting differ under GAAP? Explain.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...