Unless they use IFRS, foreign companies with securities listed in the United States (in the form of

Question:

Unless they use IFRS, foreign companies with securities listed in the United States (in the form of ADRs) are required to reconcile their net income and stockholder's equity to U.S. in the annual report (Form 20-F) they file with the Securities and Exchange Commission (SEC). Lists 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 NewYork Stock Exchange that does not use IFRS to complete the following requirements.

Required
a. Determine the nationality of the company selected and the accounting rules and regulations it used (company ) to prepare its financial statements.
b. Summarize the major differences in measuring net income between company and U.S. .
c. Compare the company's profitability using company and U.S. .

GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...