If you can pick a company and answer these questionsDetermine the accounting principles (GAAP) the foreign and domestic companies use to prepare financial statements. 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). List five format differences in the companies’ income statement. List five format differences in the companies’ balance sheets. Note any terminology differences that exist between the two companies ‘ income statements and balance sheets. Assess whether the scope and content of the information provided in the notes to the financial statements is similar between the two companies. Compare the overall presentation of the financial statements and notes to the financial statements between the two companies.
This question was answered on: May 23, 2022
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