1. Where can authoritative IFRS guidance be found related to the statement of financial position (balance sheet) and the statement of cash flows?
2. Briefly describe some of the similarities and differences between GAAP and IFRS with respect to statement of financial position (balance sheet) reporting.
3. Briefly describe the convergence efforts related to financial statement presentation.
4. Rainmaker Company prepares its financial statements in accordance with IFRS. In 2012, Rainmaker recorded the following revaluation adjustments related to its buildings and land: The company’s building increased in value by $200,000; its land declined by $35,000. How will these revaluation adjustments affect Rainmaker’s balance sheet? Will the reporting differ under GAAP? Explain.