The 2011 annual reports of Pearson plc and The McGraw-Hill Companies, Inc., two publishing and information services companies included the following selected data as at December 31, 2011, and 2010:

a. Do you notice anything unusual about the data presented for Pearson? Comment specifically about some of the difficulties you would expect to encounter when comparing financial statement data of a U.S.-based company to data of a non- U.S.-based company.
b. Review the current asset data presented for each company. Comment briefly about your first impressions concerning the relative composition of current assets within each company.
c. Pearson's revenues are derived from educational publishing (68%) including Prentice Hall and Addison-Wesley, business and technology publishing (7%), FT (Financial Times) Group (7%), and Penguin books (18%). McGraw-Hill's revenues are derived from educational publishing (37%), S&P credit ratings (28%), S&P capital IQ and research indexes (22%), and C&C (commodities and commercial, 13%), including J.D. Power & Associates and other professional media outlets. How can these data help you make sense of your observations in partb?

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