Is there a difference in approach to valuation by US GAAP and IFRS?
Discuss and note two specific differences.

In addition, briefly
– Distinguish between an expense (expired cost) and an asset.
– Distinguish between current and long-term assets.
– Distinguish between current and long-term liabilities.
– Review Apple’s balance sheet and provide two examples of each of the above categories.

– Discuss retained earnings and how income or loss and dividends affect this account. Review Apple’s retained earnings account and explain how it changes between the two past years.
– Comment on at least three differences between Apple’s and Philips’ balance sheets.
– Does Apple or Philips have more debt?
– Which of the two companies is the bigger one? Explain your reasoning.