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Wordlwide Accoutning Diversity and International Standrds

Accounting:Worldwide Accounting Diversity and International Standard

Reconciliation of IFRS to U.S. GAAP

Unless they use IFRS, foreign companies with securities listed in the United Sates (in the form of ADRs) are required to reconcile their net income and stockholders’equity to U.S. GAAP in the annual report (Form 20-F) they file with the Securities and Exchange Commission (SEC). List of foreign SEC registrants are available on the internet at; click on DR Directory & Profiles. Annual reports of foreign SEC registrants may be accessed through the SEC’s EDGAR system at (under Filing Type, search for 20-F). However, not all foreign registrants file their reports with the SEC electronically. Many non U.S. companies make annual reports available on their corporate Internet home page. Access a recent annual report (Form 20-F) for a foreign company listed on the New York Stock Exchange that does not use IFRS to complete the following requirements.

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a.  Determine the nationality of the company selected and the accounting rules and regulations it used (company GAAP) to prepare its financial statements.

b.  Summarize the major differences in measuring net income between company GAAP and U.S. GAAP.

c.  Compare the company’s profitability using company GAAP and U.S. GAAP

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