ThyssenKrupp AG, headquartered in Germany, is one of the world's biggest technology companies, with more than 199,000 employee’s worldwide and primary segments in steel, technology, and capital goods and services.
1. Access ThyssenKrupp's most recent annual report using the Internet. Find the footnote describing significant accounting policies. Indicate the methods that ThyssenKrupp uses to account for long-term construction contracts when they can and cannot make an accurate estimate of the income on a construction contract.
2. If ThyssenKrupp was a U.S company, how would you expect its accounting for these contracts to differ?