Question

Please answer the following questions for Nike, Inc. Either from the financial statements or notes give...

Please answer the following questions for Nike, Inc.

Either from the financial statements or notes give two examples where:

Reporting information is on the historical cost basis.

Reporting information is on the fair market value basis

Homework Answers

Answer #1

Reporting Information is on the historical cost basis:

* Common Stock And Preference stock issued by the entity or company or corporate

*Liquid Cash in the functional currency held by the entity and balance with banks

Reporting Information is on the fair market Value Basis Eg:

* Financial Asset Like Investment in Common Stock Held for Trading and classified under the method Fair Value Through Profit & Loss

* Fixed Assets carried at fair Market Value shown under Non Current assets

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