Unless they use IFRS, foreign companies with securities listed in the United States (in the form ofADRs) are required to reconcile their net income and stockholder’s equity to U.S. GAAP in the annual report (Form 20-F) they file with the Securities and Exchange Commission (SEC). Lists of foreign SEC regis¬ trants are available on the Internet at www.bankofny.com; search for ADRs. Annual reports of foreign SEC registrants may be accessed through the SEC’s EDGAR system at www.sec.gov (under Forms, 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 to complete the following requirements. LO4 Required

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.