Homework: International Accounting Paper
General Motors and Japanese Convergence vs. Chinese Convergence
General Motors Corp. is the world's largest automaker and has led the auto industry worldwide in sales since 1938. GM employs over 324,000 people worldwide, with manufacturing operations in 32 countries and sales operations in 200 countries.
GM operates its own facilities worldwide, but it also has global partners in Italy, Japan, South Korea, Germany, France, and China. In Japan, its global partners are Fuji Heavy Industries Ltd., Isuzu Motors Ltd. and Suzuki Motor Corporation. In China, it has a vehicle manufacturing venture with Shanghai Automotive Industry Corp.
In your submissions use APA guidelines and references where appropriate. Include your name on your submissions with page numbers.
A major challenge that GM faces in both Japan and China is that both have financial reporting and measurement practices that differ from both U.S. GAAP and IFRS issued by the IASB. Assume you have just been hired by GM as an intern, and your first homework is to research the convergence of China's financial reporting standards with U.S. or IAS GAAP since 1999. Compare China's historical path of convergence with Japan's over the same period of time. What societal values and economic goals have caused the two Asian countries to develop different financial reporting standards? What societal values and economic goals have caused the two Asian countries to develop similar financial reporting standards?
Format your homework according to the give formatting requirements:
1. The answer must be double spaced, typed, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also includes a cover page containing the title of the homework, the course title, the student's name, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.