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.