Governments around the globe have adopted localized regulations and laws pertaining to the reporting of financial statements. However, as a global economy evolves, standardization of these reports is becoming increasingly important. Investors and suppliers looking toward foreign companies as investment opportunities or business partners need to be able to rely on the fact that the information is not only accurate, but also prepared following a common set of procedures. In a response to the need for a comprehensive reporting model, the FASB and IASB proposed making changes to financial statements.

Using the FASB, the IASB website, and your Learning Resources, locate examples of the current and proposed formats of financial statements. Write a 2- to 4-page paper analyzing how the two statements are derived from the conceptual framework. Be sure to compare (similarities and differences) both the formats and effectiveness of FASB's and IASB's (financial position) financial statements, statement of cash flows, and income statement. What insights or what conclusions can you draw based upon your comparison? Provide examples of the current and proposed formats to support your conclusions.

Please note that the 2- to 4-page paper requirements exclude the examples of the proposed formats.

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