Access the financial statements from the most recent annual report of a foreign company and a domestic (USA) company with which you are familiar to complete this assignment.
a. Determine the accounting principles (GAAP) the foreign and domestic companies use to prepare financial statements.
b. Determine whether the foreign or domestic companies provide a set of financial statements that include the same components.
c. List 5 format differences in the companies' income statements.
d. List 5 format differences in the company's 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 to the two companies.
g. Compare the overall presentation of the financial statements and notes to the financial statements between the two companies.