Benjamin Company uses IFRS, while Iris, Inc. uses U.S. GAAP, for their externalfinancial reporting. On January 16, 2015, both companies settled lawsuits relating toindustrial accidents that occurred in 2013. Benjamin Company paid $550,000 and Iris, Inc.paid $230,000. Assuming that no accrual had been previously made, what amount of lossshould be reported on the income statement for the year ended December 31, 2014 foreach company?

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The Answer of Benjamin Company uses IFRS, while Iris, Inc. uses U.S. GAAP, for their externalfinancial reporting. On January 16, 2015, both companies settled lawsuits relating toindustrial accidents that occurred in 2013. Benjamin Company paid $550,000 and Iris, Inc.paid $230,000. Assuming that no accrual had been previously made, what amount of lossshould be reported on the income statement for the year ended December 31, 2014 foreach company?

Benjamin Company Uses IFRS, While Iris, Inc