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Toyota motor corporation is one of the biggest names in the automobile industry. The company has been able to establish its leadership in the manufacture of reliable quality cars in the automobile ind...

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Toyota motor corporation is one of the biggest nam

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• 1. Common law define rape as the forcible carnal knowledge of a woman against her will. The barrier to establishing rape under common law was to show that the victim did not consent to sexual interc...

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1.Selected Answer: True 2.Selected Answer: e. a movement from point a to point b on the supply curve S1. 3.Selected Answer: d. a rightward shift of the demand curve. 4.Selected Answer: False

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Detect and Prevent Fraud on Financial Statement Module 8 Discussion

Detect and Prevent Fraud on Financial Statement Module 8 Discussion

Q Examine the differences and similarities between the U.S. GAAP and IFRS valuation methods on assets and liabilities. How could these differing methods affect the probability of fraud occurring in valuing assets and liabilities? How do the different valuation methods affect the results of auditing assets and liabilities, and what could be done to improve these auditing results?

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The chief differences between IFRS and US GAAP are mentioned below: ? Valuation of Inventory: FIFO, specific identification, LIFO, or weighted average cost is permitted by US GAAP. Carrying out of inventory is done at lower of market or cost. On the other hand, weighted average cost or FIFO is permitted by IFRS but does not permit LIFO. Carrying out of inventory is done at lower of net value realizable or cost. ? Impairment of Asset: impairment is two-step in US GAAP whereas impairment is a single step in the case of IFRS.