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Identify two financial reporting standards that differ from those of U.S. GAAP (Country is China). For...

Identify two financial reporting standards that differ from those of U.S. GAAP (Country is China). For these two financial reporting standards use Excel to create an applicable supporting schedule that provides an example of the adjustments that would need to be made to (China's) financial statements for it to comply with U.S. GAAP.

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Answer #1
Valuation methods for fixed assets – Under the IFRS, one may choose the valuation method for certain types of fixed assets. The company can value these assets either using the historical cost principle, or by applying a revaluation of assets. CAS, however, only allow fixed assets to be valued according to their historical cost.
More detailed rules in CAS – For certain items that are common in China, the CAS have more detailed rules than the IFRS. An example would be the merging of two companies controlled by the same entity and having similar interests. CAS require that the comparative figures be restated, whereas there is no specific rule for this in the IFRS.
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