Question - Kramer has two primary bank accounts. At December 31, 2012, one of these accounts had bank overdrafts that caused the balance to have a negative balance of 100,000. The other bank account had a balance greater than 500,000. Kramer recorded the 100,000 overdraft as a liability.
1) What would the entry be using US GAAP?
2) What would be the entry using IFRS?