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Access the financial statements form the most recent annual report of a foreign company and a domestic company with which you are familiar to complete
Access the financial statements form the most recent annual report of a foreign company and a domestic company with which you are familiar to complete these instructions as follow (use companies to compare within the same industry).
Instructions:
- a. Determine the accounting principles (US GAAP) and domestic companies use to prepare financial statements.
- b. Determine whether the foreign and domestic companies provide a set of financial statements that includes the same components (e.g., consolidated balance sheet, consolidated income statements and consolidated cash flows statements)
- c. List five format differences in the companies income statements.
- d. List five format differences in the companies balance sheets (statements of financial position)
- e. Note any terminology differences that exist between the two companies, income statements and balance sheet/statements of financial position.
- f. Assess whether the scope and content of the information provided in the notes to the financial statements is similar between the two companies.
- g. Compare the overall presentation of the financial statements and notes to the financial statements between the two companies.
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