Assignment:
I have selected 2 publicly traded companies in the same industry, one that reports using IFRS (ADIDAS 2015) and one that reports using U.S. GAAP (NIKE 2015)
Read the latest audited annual reports and identify intangible asset differences in measurement, disclosure, and/or auditor reports between the 2 companies?
For each difference, address the following:
a. Refer to specific IFRS and U.S. GAAP accounting literature for the underlying transactions.
b. Explain why there is a difference.
c. Analyze the difference, both qualitatively and quantitatively.
d. Discuss how the differences may affect various users of the financial statements.
e. Opine on which approach is preferred and support that opinion.
NIKE https://s1.q4cdn.com/806093406/files/doc_financials/2015/ar/docs/nike-2015-form-10K.pdf
ADIDAS https://www.adidas-group.com/media/filer_public/e9/73/e973acf3-f889-43e5-b3c0-bc870d53b964/2015_gb_en.pdf