The 2008 Form 20-F published by Unilever, which uses IFRS, notes that during 2008 assets were writtendown

Question:

The 2008 Form 20-F published by Unilever, which uses IFRS, notes that during 2008 assets were writtendown by 246 million Euros to market value for damaged obsolete, and lost inventories. It also noted that the market value of certain inventories writtendown in prior periods was recovered, leading to an increase in the 2008 inventory value of 23 million Euros
REQUIRED:
a. Compute the net adjustment recorded by Unilever for inventory market value changes during 2008.
b. If Unilever followed U.S. instead of IFRS, what would have been the net adjustment?
c. Briefly discuss fundamental differences between U.S. and 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...