In this paper, students will review the most recent annual reports of a non-U.S. company and a U.S. company. Select two companies that operate in the same industry.
Required
- Identify at least three financial statement disclosures on each annual report that are included in the FASB- IASB convergence project. This is six different financial statement disclosures.
- Explain and cite the disclosures made by the companies and include the annual report page numbers.
- Research the FASB and IFRS accounting pronouncements and find the specific ones that support each of the disclosures in the company financial reports.
- For each FASB and IFRS disclosure, summarize the complementary position taken by FASB or IASB and discuss how the accounting standards differ in the accounting treatment for that disclosure topic. This is six complementary positions. Stick to the key points. Please include the pronouncement number.
Additional Information
- It is recommended that students review chapter 11 Exhibit 11.5 “Use of IFRS in Preparing Consolidated Financial Statements June 2015” on page 543, which lists countries in which IFRS is required or permitted; and Exhibit 11.8 “Some Key Differences Between IFRS and U.S. GAAP” on page 555.
- The university has provided students with access to the FASB ASC “Professional View” website service.
Please see the link provided in Course Information. - The FASB and IASB website addresses are include in the Course Syllabus bibliography.
Please ensure that your paper includes original exposition and interpretation of your research, and is not just a series
of citations that were “cut and pasted” from your research sources.
Please ensure that your paper conforms to APA standards and includes citations for all sources used. Your paper will have a cover page and references page. The body of your paper will include an introduction paragraph, several analyses paragraphs, a conclusion paragraph, and a references page.
You must upload your file to Blackboard under Week Six Assignments. Go to the Assignment, scroll down to
“Attach Local File” and click Browse to select YOUR file, then hit SUBMIT. Please also attach the Annual Report or Form 10K you used to write your paper.
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