Challenges for public accountants
You were recently hired by Global One Consultants (GOC), an accounting firm that specializes in helping clients list their companies on multiple stock exchanges around the world. it was done. His appointment follows the abrupt retirement of Mr. Fares, a young consultant currently serving as an advisor to the New York Stock Exchange (NYSE)-listed American Solutions Company (ASC). Part of ASC’s expansion strategy included listing on the Australian Securities Exchange (ASX).
Mr. Fares’ primary role was to assist the ASC in preparing his two annual financial statements. The first series of statements related to his compliance with NYSE listing requirements, which required the application of US GAAP. The second statement concerns his compliance with ASX requirements and requires reference to IFRS. The GOC was able to obtain the following information from records kept by Mr. Fares prior to his departure (all amounts are in US dollars):
Summary of information
On the same day, the fair value of the bond issue was estimated at: $1,418,321. IFRS allows the use of fair value to account for liabilities, but there are a number of restrictions and requirements. Unfortunately, the ASC did not meet these requirements, so financial statements prepared for an ASX listing must continue to be prepared using the effective interest method.
We provide a short note describing some of the challenges faced by accountants around the world in preparing accounting information for companies listed on various stock exchanges. (1 point)
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