Assignment

1. Explain the main areas you would focus on in comparing financial statements prepared by companies in China, Japan, and Mexico with those prepared by companies using IFRS. Discuss any similarities or differences that may exist.

Do not forget to include proper APA formatting and citation where necessary.

3).Equity method accounting for subsidiaries requires a significant influence test for FRS, while no such test exists for IFRS.

References

Mirza, A. A., & Nandakumar, A. (2013). Wiley international trends in financial reporting under IFRS: including comparisons with US GAAP, China GAAP, and India accounting standards. Hoboken, NJ: Wiley.

Pick one of the following countries:

-China

-Japan

-Mexico

-Germany

-UK

Required:

Discuss how cultural factors and economic reforms have influenced the accounting practices in the country. How is this influence different than in the U.S.?