Select the company ( Walmart, Target, Kroger, Sears or Amazon) that you will use

Question

Select the company ( Walmart, Target, Kroger, Sears or Amazon) that you will use to build your portfolio

Explain the steps that would be needed for your selected portfolio company to transition from GAAP to IFRS. For example, what would this transition entail? What would your chosen company need to do?

Explain how a financial statement would differ under IFRS as opposed to GAAP.

i. How is a financial statement under IFRS different from GAAP? How is it the same?

ii. What would the statements for your chosen company look like?

Support your argument with at least three peer-reviewed sources cited in APA format.

Explanation / Answer

i. How is a financial statement under IFRS different from GAAP? How is it the same?
In IFRS you need to provide Other Comprehensive Income Statement also in addition to Income Statement and Balance Sheet. Further, we need to provide detailed Notes and Disclosures in IFRS. It is same because ultimate purpose in IFRS and GAAP is same.
ii. What would the statements for your chosen company look like?
Revenue
Less: Cost of Sales
Gross Profit
Less Operating Expenses
Operating Profit
Less: Finance Cost
Profit before Tax
Less Income Tax
Profit for the year
Add: Other Comprehensive Income
Total Comprehensive Income
Statement of Financial Position
Assets
Non- Current Assets
Current Assets
Total Assets
Equity and Liabilities
Equity
Non- Current Liabilities
Current Liabilities
Total Liabilities
Total Equity and Liabilities
Notes to the Financial Statements

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