Assignment

1. Access the financial statements from the most recent annual report of a foreign company and a domestic company with which you are familiar to complete this assignment.

Required:

a. Determine the accounting principles (GAAP) the foreign 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 statement, consolidated cash flows statement).

c. List five format differences in the companies' income statements.

d. List five format differences in the companies' balance sheets.

e. Note any terminology differences that exist between the two companies' income statements and balance sheets.