The following is a list (in random order) of KIP International Products Company's December 31, 2016, balance

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The following is a list (in random order) of KIP International Products Company's December 31, 2016, balance sheet accounts:
The following is a list (in random order) of KIP

Required:
1. Prepare a properly classified balance sheet according to U.S. GAAP for KIP as of December 31, 2016.
2. Assume instead that KIP uses IFRS. Prepare its balance sheet as of December 31, 2016.

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...
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Intermediate Accounting

ISBN: 978-0324300987

10th Edition

Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones

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