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Although accounting organizations from all over the world are members, the IASB does not have the authority to require compliance. However, this situation is changing rapidly. The European Union requires IFRS in the financial reporting of all listed firms beginning in 2005. Many other countries are replacing, or considering replacing, their own GAAP with IFRS. Both the IASB and FASB are working to eliminate differences in accounting for business combinations under IFRS and GAAP. Recently, FASB revised its standards for purchased in-process research and development to harmonize with IFRS requirements.

17 18 CHAPTER 1 EXH I BI T 1- 5 Rep ort of Manageme n t Source: 2009 Chevron Corporation Annual Report. MANAGEMENT’S RESPONSIBILITY FOR FINACIAL STATEMENTS TO THE STOCKHOLDERS OF CHEVRON CORPORATION Management of Chevron is responsible for preparing the accompanying Consolidated Financial Statements and the related information appearing in this report. The statements were prepared in accordance with accounting principles generally accepted in the United States of America and fairly represent the transactions and financial position of the company.

11 12 CHAPTER 1 CASE 2: FAIR VALUE EXCEEDS INVESTMENT COST (BARGAIN PURCHASE) Pit Corporation issues 40,000 shares of its $10 par common stock with a market value of $20 per share, and it also gives a 10 percent, five-year note payable for $200,000 for the net assets of Sad Company. Pit’s books record the Pit/Sad business combination on December 27, 2011, with the following journal entries: Investment in Sad Company (+A) Common stock, $10 par (+SE) Additional paid-in capital (+SE) 10% Note payable (+L) To record issuance of 40,00 0 shares of $10 par common stock plus a $200,000, 10% note in a business combination with Sad Company.

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