The financial statements of Konda Enterprises, based in Scythia, have been prepared in accordance with Scythian GAAP.

  FC   850

Retained earnings                                                    1,220

Total liabilities and equity                              FC 2,070

Relevant differences between Scythian GAAP and U.S. GAAP are as follows:

·       Under U.S. GAAP, the current pension liability costs are FC 40 higher and the beginning balance in the pension liability account is FC 100 higher. Current pension liability costs are accounted for as a selling, general, and administrative expense.

·       Cash realized of FC 20 during the current year is considered a deferred liability under U.S. GAAP and is accounted for as other income under Scythian GAAP.


Restate Konda’s financial statements from a Scythian GAAP basis to a U.S. GAAP basis.

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