The main purpose of this module is to review the balance sheet in more detail.

Is there a difference in approach to valuation by US GAAP and IFRS? Discuss and note two or three specific differences. In addition, briefly

‘ Distinguish between an expense (expired cost) and an asset.

‘ Distinguish between current and long-term assets.

‘ Distinguish between current and long-term liabilities.

‘ Review Apple’s balance sheet and provide two examples of each of the above categories.

‘ Discuss retained earnings and how income or loss and dividends affect this account. Review Apple’s retained earnings account and explain how it changes between the two past years.

‘ Comment on at least three differences between Apple’s and Philips’ balance sheets.

‘ Does Apple or Philips have more debt?

‘ Which of the two companies is the bigger one? Explain your reasoning.

Modular Case Assignment Expectations: