The following are the criteria for this assignment:
To have a better appreciation of the differences between U.S. corporate financial statements and foreign corporate financial statements, complete the following:
Choose the annual report of a foreign company that you have an interest in.
Identify the differences between the foreign corporation's financial statements and a typical U.S. corporate financial statement.
Identify at least 5 differences found in the balance sheet.
Identify at least 5 differences found in the income statement.
Review the notes to the consolidated financial statements of the foreign corporation.
Note any differences in the information provided by the foreign corporation versus that typically provided by a U.S. corporation.
Share your overall impression of the foreign corporate financial statements.
Identify 5 major classifications of accounting models that are used in different geographic regions. Are these classifications consistent with U.S. GAAP. Why or why not?