Entity X plans the conversion to IFRS with a reporting date of December 31, 2010, and a transition date of January 1, 2009. Entity X acquired a building a number of years ago for $90,000. According to local GAAP, the accumulated depreciation on the building as of January 1, 2009, was $30,000. However, under component depreciation (which is required under IFRS), the accumulated depreciation would have been $42,000 on January 1, 2009. How should Entity X value the building on its opening statement of financial position?

Lillypad toys is a manufacturer of educational toys for children. six months ago, the company's research and development division came up with an idea for a unique touchscreen device that can be used to introduce children to a number of foreign languages. three months ago, the company produced a working prototype, and last month the company successfully launched its new device on the commercial market. what should lillypad's managers prepare for next? a. increased competition from imitators b. a prolonged period of uncontested success c. a sharp decline in demand for the product d. a difficult struggle to move from invention to innovation