Question: Access the financial statements from the most recent annual report of two foreign companies located in the same country to complete this assignment.
Required: a. Determine the accounting principles (GAAP) the two foreign companies use to prepare financial statements.
b. Determine whether the two foreign 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 any format differences in the companies' income statements.
d. List any format differences in the companies' balance sheets.
e. Note any terminology differences that exist between the two companies' income statements and balance sheets.
f. Assess whether the scope and content of the information provided in the notes to the financial statements is similar between the two companies.
g. Compare the overall presentation of the financial statements and notes to the financial statements between the two companies.