The following financial information is available for Simmer Company,a hypothetical non-U.S.firm with shares listed on a U.S.stock exchange:
If Simmer were following U.S.GAAP,development costs would be expensed when incurred.
According to U.S.GAAP,the possible obligation for severance benefits would not be recognized until it had become probable.
Prepare a reconciliation of Simmer's reported stockholders' equity and net income to the amounts of these items under U.S.GAAP.
Definitions:
Enclose Letter
The practice of inserting a letter inside another document or envelope.
Sincere Apology
A genuine expression of remorse for a mistake or misconduct, aiming to mend a relationship or situation.
Information Required
Information required denotes the necessary data or details needed to complete a task, make a decision, or fulfill a request.
Service Rendered
The provision of assistance or work performed for someone or an organization.
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