1. Review the company’s financial statements (Tables 1, 2, 3, and 4 ) and summary of significant accounting policies (Exhibit 1). Prepare a list of accounting areas for which sufficient information has been provided to determine that conversion is required. Include differences in presentation as well as accounting methods. For each item, list any additional information Chris will need to obtain to complete the conversion.
2. Prepare a list of accounting areas for which adjustment may be necessary, but insufficient information was provided to make an accurate assessment. List the specific information Chris will require in order to conduct further analysis.
3. Record your conversion entries and make any necessary changes to present Ruckman Inc.’s balance sheet and income statement in accordance with IFRS for the year ended December 31, 2011. To save you time, the company’s U.S. GAAP financial statements are available from your instructor in an Excel spreadsheet. Consider the following items when preparing the IFRS financial statements.
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