Free Essays on Lieu to Get Inspired & Learn by Example

Differences between IFRS and Us GAAPs in approach to valuation

US GAAPs do not permit revaluation of assets to fair values. It is founded on the assumption that the business is a going concern and has no intention to sell its assets. On the other hand, IFRS allow revaluation of assets to fair value, of assets that require revaluation on a regular basis. US GAAPs allows valuation of inventory using both LIFO and FIFO methods. This is unlike IFRS, which prohibits valuation of inventory costs using the LIFO method. The argument is that LIFO method overstates the value of closing stock thereby reducing the tax expense for the firm. Continue reading...

Growing an agriculture and livestock business is one of the most viable forms of business that generate massive income. However, the success of agriculture and livestock business will depend on how the crops and livestock are managed. Moreover, the success of this type of business will vary depending on how the products are marketed and distributed. The first thing to do is to establish the goals for the business (Monosoff, 2007). For instance, since the crops yield $40,000 income a year and the cattle generate $60,000, the business goal can be stated as follows: The agriculture and Continue reading...