Identify two financial reporting standards that differ from those of U.S. GAAP|Quick homework help

Posted: January 28th, 2023

Select one of the following foreign countries: China, Germany, Japan, Mexico or the United Kingdom, and provide a country profile discussing the topics outlined below.  In addition, using EDGAR (http://www.sec.gov/edgar.shtml), find the non-U.S. GAAP financial statements for a company from that country.Course objectives covered: 1,2,4,5,6PROJECT REQUIREMENTS:This project is due in week 3.  Your presentation to the class will be made in week 4.  Based on your readings, use of technology, research of literature, and other sources make sure your project includes the following:

  • Prepare a 4-5 page analysis of the country you chose discussing the following:
    • Compare the accounting profession in your selected country including professional conduct rules
    • Identify how the accounting standard  are set in that country
    • Identify two financial reporting standards that differ from those of U.S. GAAP
    • Identify national characteristics unique to the country that influence accounting
  • For the two financial reporting standards identified in your paper, use Excel to create an applicable supporting schedule that provides an example of the adjustments that would need to be made to your foreign company’s financial statements for it to comply with U.S. GAAP.
  • Present your project to the class for discussion in week 4.

WRITING REQUIREMENTS:The report should be should be 4-5 pages in total (not including cover page, abstract, or references) for the entire project, which is split into several weeks.

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  • Include the Excel spreadsheet(s) as exhibits in your paper.
  • Include a minimum of 2 scholarly sources from the KU Library.
  • All sources used are to be cited in APA format
  • Please use the writing center if needed

TECHNOLOGY/COLLABORATIVE ACTIVITY:

  • You will be using Excel to create the exhibit to your paper
  • You will be presenting your findings from the project to the class using the voice-over feature in PowerPoint or YouTube. Please be sure the audio is clear and the file or link is accessible in the Week 4 Presentation discussion board.
  • You will be collaborating with other classmates on their presentations and answering any questions about your own presentation.

ASSIGNMENT DUE DATE SCHEDULE: 

  • Week 3:  Submit your 4-5 page analysis and excel spreadsheet
  • Week 4:  Present and discuss your project

Requirements:Writing, using software, and interpreting results is a large part of your learning experience. These assignments are designed to improve your use of technology and communication skills. Using proper business English and resources from the library you will comment and share your research with your classmates. Make sure you note your source in proper APA format.Library Assistance:Link to Keiser’s elibrary resources:  http://kesu-verso.auto-graphics.com/MVC/PowerPoint instruction on how to use the Keiser elibrary:    Keiser Slide show Library-Orientation-login-and-navigate-lesson1.pptx Keiser Slide show Library-Orientation-login-and-navigate-lesson1.pptx – Alternative FormatsGuidance on how to log in and use the Keiser elibrary:    KU Library login guide2014October3.pdf KU Library login guide2014October3.pdf – Alternative FormatsHow to cite work from the library:    How to cite work from the library.docx How to cite work from the library.docx – Alternative FormatsThis link helps with APA format:  https://owl.purdue.edu/owl/research_and_citation/apa_style/apa_formatting_and_style_guide/general_format.htmlGraded Activity:Please click the link above labeled “Week 3 Writing Assignment Submission” to enter and submit the writing project.

 

SOLUTION

  1. International Financial Reporting Standards (IFRS): IFRS is a set of accounting standards developed by the International Accounting Standards Board (IASB) and is used by more than 120 countries around the world. The main difference between IFRS and U.S. GAAP is that IFRS is considered to be more principles-based, while U.S. GAAP is considered to be more rules-based.
  2. Generally Accepted Accounting Principles (GAAP) in Canada: Canadian GAAP is similar to U.S. GAAP, but there are some key differences. For example, Canadian GAAP requires that companies use the cost model for property, plant, and equipment, while U.S. GAAP allows for the use of either the cost or fair value model. Additionally, Canadian GAAP has different requirements for the classification and presentation of financial instruments compared to U.S. GAAP.

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