Suppose you are a CPA, and you have a corporate client that has been operating for several years. The company is considering expansion through reorganizations. The company currently has two (2) subsidiaries acquired through Type B reorganizations. The client has asked you for tax advice on the benefit of a Type A, C, or D reorganization over a Type B reorganization. Additional facts regarding the issues are reflected below.

• The company currently files a consolidated income tax return with the two (2) subsidiaries acquired through a Type B reorganization.
• ABC Corporation, a subsidiary targeted by the client for takeover, has substantial net operating losses.
• XYZ Corporation and BB Corporation will be acquired as subsidiaries in the next six (6) months.

Use the Internet and Strayer databases to research the rules and income tax laws regarding Types A, B, C, and D reorganizations and consolidated tax returns. Be sure to use the six (6) step tax

Write a 700- to 1,050-word summary of the team's discussion about IFRS versus GAAP, based on your team collaborative discussions. The summary should be structured in a subject-by-subject format. An introduction and a conclusion are needed. Your essay should include the answers to the following:

• IFRS 8-1: What are some steps taken by both the FASB and IASB to move to fair value measurement for financial instruments? In what ways have some of the approaches differed?
• IFRS 9-1: What is component depreciation, and when must it be used?
• IFRS 9-2: What is revaluation of plant assets? When should revaluation be applied?
• IFRS 9-3: Some product development expenditures are recorded as development expenses and others as development costs. Explain the difference between these accounts and how a company decides which classification is appropriate.
• IFRS 10-2: Explain how IFRS defines a continge

Write a 700- to 1,050-word summary of your team's discussion regarding IFRS versus. GAAP. The summary should be structured in a subject-by-subject format. Include an introduction and a conclusion. Your discussion should include the answers to the following: IFRS 2-1: In what ways does the format of a statement of financial or position under IFRS often differ from a balance sheet presented under GAAP? IFRS 2-2: Do the IFRS and GAAP conceptual frameworks differ in terms of the objective of financial reporting? Explain. IFRS 2-3: What terms commonly used under IFRS are synonymous with common stock and balance sheet? IFRS 3-1: Describe some of the issues the SEC must consider in deciding whether the United States should adopt IFRS. IFRS 4-1: Compare and contrast the rules regarding revenue recognition under IFRS versus GAAP. IFRS 4-2: Under IFRS, do the definitions of revenues and expenses include gains and losses? Explain. IFRS 7-1: Some people argue that the internal control requi

Finlon Upholstery Inc. uses a job-order costing system to accumulate manufacturing costs. The company's work-in-process on December 31, 2001, consisted of one job (no. 2077), which was carried on the year-end balance sheet at $156,800. There was no finished-goods inventory on this date. Finlon applies manufacturing overhead to production on the basis of direct-labor cost. (The budgeted direct-labor cost is the company's practical capacity, in terms of direct-labor hours multiplied by the budgeted direct-labor rate.) Budgeted totals for 2002 for direct labor and manufacturing overhead are $4,200,000 and $5,460,000, respectively. Actual results for the year are as follows:

Actual Results
Direct Materials Used	$5,600,000.00
Direct Labor	Read More Order Now Accounting November 14th, 2016 Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17, 2011. The units have a list price of $500 each, but Thomas was given a 30% trade discount. The terms of the sale were 2/10, n/30. Thomas uses a periodic inventory system.   Required:   Prepare the journal entries to record the purchase by Thomas on November 17 and payment on November 26, 2011, using the gross method of accounting for purchase discounts. Prepare the journal entry to record the payment on December 15, 2011, using the gross method of accounting for purchase discounts. Repeat requirements 1 and 2 using the net method of accounting for purchase discounts Read More Order Now Accounting November 14th, 2016 Budget Assignment Budget Assignment Read More Order Now Accounting November 7th, 2016 Santorini Corporation has experienced a number Santorini Corporation has experienced a number of out-of-stock situations with respect to its finished-goods inventories. Inventory at the end of May, for example, was only 50 units—an all-time low. Management desires to implement a policy whereby finished-goods inventory is 70% of the following month's sales. Budgeted sales for June, July, and August are expected to be 5,000 units, 5,600 units, and 5,500 units, respectively. Required: Determine the number of units that Santorini must produce in June and July. Read More Order Now Accounting November 4th, 2016 BBY is a calendar year BBY is a calendar year accrual method corporation with a marginal and effective tax rate of 34%. It had $5,000,000 of financial income before making the following cash payments on December 31,2011: $4,000 paid to a consultant for work to be performed in January 2012. $600,000 for equipment delivered on December 1, 2011. The equipment has a useful life of 10 years for financial accounting and 7 years for tax accounting. this was the only asset purchased in 2011. (MACRS mid-quarter percentage is 3.57. the Sec.179 deduction was not taken) $17,000 for property tax for the first six months of 2012. $84,000 for a two-year office lease beginning December 1,20111. $230,000 for inventory purchases. $100,000 was on-hand at 12/31/11 for each of these expenditures: how are these expenditures reported for financial and taxable income? what is the financial tax expense? what is tax liability? what is the journal entry to record the tax accrual? Read More Order Now Accounting November 3rd, 2016 Management And Organization Theory Please see attached and complete Read More Order Now Accounting November 3rd, 2016 Management And Organization Theory Please see attached and complete Read More Order Now « Older Entries Newer Entries » Copyright © 2016 Top University Papers All Rights Reserved Home Book Reports Case study Contact Us Coursework Custom Essays Custom Writing Dissertation Writing FAQ How to Order Order Now Our Services Our Writers Privacy Policy Proofreading, Editing and Formatting Research Writing Term paper writing Testimonials Thesis Writing