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IFRS Project Old Line Manufacturing Background Fixed assets are the primary asset of Old Line Manufacturing Company (Old Line). As of December 2011,...
1, 2011. Excess funds during this period were invested at a return of 6%. Old Line also incurred a $1.0 million exchange rate loss on other borrowings during 2011.
Required
Analyze the accounting for each fixed asset class using US GAAP and IFRS. Assume the Company uses straight-line depreciation for all its fixed assets and takes a full year of depreciation in the year of the addition.
Based on your analysis, determine how to best maximize the amount of net fixed assets.
Prepare a formal report addressed to the CFO of Old Line formally articulating your computation, analysis and recommendations to Old Line.
