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 www.adrbnymellon.com; click on DR Directory & Profiles. Annual reports of foreign SEC registrants may be accessed through the SEC’s EDGAR system at www.sec.gov (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.
Need assignment help for this question?
If you need assistance with writing your essay, we are ready to help you!
Why Choose Us: Cost-efficiency, Plagiarism free, Money Back Guarantee, On-time Delivery, Total Сonfidentiality, 24/7 Support, 100% originality
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