Comparison Between Ifrs & U.S. Gaap
APPENDIX C: COMPARISON EXHIBIT (ILLUSTRATION) Comparison between IFRS & U.S. GAAPAccounting PolicyIFRS Company:Journey Group Plc.U.S. GAAP Company:Dean Foods Co.CommentInventory valuationFIFOFIFOAs they are using same method, it is acceptable.Property, plant and equipmentStraight line methodStraight line methodSimilar method is used by two companies and it is acceptable.Cash flow presentationDirect methodDirect methodSimilar method.And that isacceptablebecause thismethod is used bymany companies.Revenue recognitionSales basisSales basisIt is acceptable because both of them have same revenue recognition method.Good WillImpairedImpaired Both goodwill are impaired and this is acceptable.
Comparison between BFRS & U.S. GAAPAccounting PolicyBFRS Company:Olympic Industries Ltd.U.S. GAAP , Company:Dean Foods Co.CommentInventory valuationWeighted average costFIFOTwo companies use different methods of inventory valuation and it is not acceptable,Property, plant and equipmentStraight line methodStraight line methodHere bothcompanies followsimilar depreciationmethod. Hence themethod is same sothat is acceptable.Cash flow presentationDirect methodDirect methodIt is acceptable because both of them use the most popular method of cash flow.Revenue recognitionCash basisSales basisRevenuerecognition of thetwo company aredifferentstandard yetbeing from theSame industry.Thus notacceptableGood WillImpairedImpaired Goodwill was impaired by same method which makes it acceptable.