6. How should the following accounts be classified under IFRS? Is the classification the same under US GAAP?

6. How should the following accounts be classified under IFRS? Is the classification the same under US GAAP? A. Coins and currency b. Petty cash c. Saving account d. Checking account e. Deposits in transit f. Post dated check expected to be collected in one month g. Bank overdrafts repayable on demand and an integral part of the entitys cash management. H. Long term loan to another entity i. Trade receivables due in two months 7. Based on the scenarios below, indicate whether the entity can derecognize the financial asset according to the derecognition tests set forth in IAS 39. a. Cole Company sold a financial asset, which included an option to repurchase the financial asset at its fair value at the time of repurchase. B. Draper Company entered into a sale and repurchase transaction where the repurchase price of the financial asset was fixed. C. Jones Inc.

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