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(Solved) CASE 4-1 Bessrawl Corporation Reconciliation from U.S. GAAP to IFRS M $1,000,0 Income under U.S. GAAP...


CASE 4-1 Bessrawl Corporation Reconciliation from U.S. GAAP to IFRS M $1,000,0 Income under U.S. GAAP 00 Adjustments: Reversal of write-down of inventory to replacement cost 10,000 Additional depreciation on revaluation of equipment (25,000) Impairment loss on intangible asset (5,000) deferred development costs 80,000 Reversal of amortization of deferred gain on sale and leaseback (30.000) Income under IFRS $4M M $8,000,0 Stockholders’ equity under U.S. GAAP 00 Adjustments: Reversal of write-down of inventory to replacement cost 10,000 Original revaluation surplus on equipment 600,000 Accumulated depreciation on revaluation of equipment (25,000) Impairment loss on intangible assets (brand) (5,000) Recognition of deferred development costs 80,000 Recognition of gain on sale and leaseback in 2012 150,000 Accumulated amortization of deferred gain on sale and leaseback (2009-2011) (90000) Stockholders’ equity under IFRS §8,720,000
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A class action lawsuit was brought against the company in October 2014 in which a number of customers reported safety issues with a specific line of products released earlier in the year. As of December 31, the company’s legal counsel indicated that there is a 60% likelihood that the company will lose the lawsuit and will have to pay between $300,000 and $500,000.
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