1. Choose a foreign registrant listed on a U.S. stock exchange that files its financial statements in IFRS. (Coordinator/Team Member 1)

2. Save a copy of form 20-F or foreign company annual report prepared using IFRS as issued by the IASB. Also, obtain the 10-K for an industry competitor in the US using GAAP.(Coordinator/Team Member 1)

3. Find three major differences on the Income Statement between the competitor firms using IFRS and GAAP. Example:- Presentation differences: Income Statement expenses listed by nature for Company X and function for Company Y.

Team Member 1

4. Describe at least two differences in disclosure provided in the footnotes of the competitors under IFRS and US GAAP. Example:

- The Property, Plant and Equipment footnote is much more detailed for Company X in IFRS than for Company Y using US GAAP. For each PP&E component, it reconciles the differences beginning and ending net book values including additions, disposals, currency translation effects, depreciation and impairments. Company Y lists the PP&E components only.

Team Member 2

5. For one of the major accounting differences, do further research into the applicable standards for IFRS and for U.S. GAAP. Quote portions from each standard and then explain the standards in your own words. Where are the U.S. GAAP and IFRS standards specifically similar and different? Example:

- Earnings per Share: Under IFRS, Company X calculatesdilutive potential common shares independently for each interim period presented (discrete method). Under US GAAP, Company Y computes dilutive potential common shares on a year-to-date weighted average for each interim period presented (integral method).

Team Member 2

6. Compare the company's profitability under IFRS and U.S. GAAP for at least two years. At minimum, calculate a measure of return on equity under each (Net Income/Shareholders' Equity). Explain whether you think the difference in profitability between the two firms is driven primarily by economic or accounting differences? Example:

-- Return on Equity for Company X is affected by revaluation of PP&E. Revaluations

decreases the numerator (excess depreciation) and increases the denominator.

- Profitability difference is economic. Company Y's customer loyalty and distinct products distinguished it from Company X.

Team Member 2

Note: Project should have an introduction, table of contents listing each student's participation, and conclusion (This is provided by the Team Coordinator). Each person's section should be explained thoroughly. Use double spacing and indent for new paragraphs. Good grammar is important. Except where quoted, each summary should be in your own words. This is not a copy and paste only assignment.Team Member 1 & 2

not planning on copy and pasting, i need some guidance though, im not confident on this topic and if i see it solved i can figure out how to do it as well. Thank you.