International versus U.S. Accounting Standards|Quick homework help

Posted: January 29th, 2023


International versus U.S. Accounting Standards

Don't use plagiarized sources. Get Your Custom Essay on
International versus U.S. Accounting Standards|Quick homework help
Just from $13/Page
Order Essay

Research and compare international and U.S. accounting standards. This will enable you to see how the different reporting methods affect business and how product costs are affected by international business.

The learning objectives of this report are as follows:

  1. Compare and contrast basic      U.S. and international financial accounting standards.
  2. Explain how key international      factors affect business reporting.
  3. Identify key compliance and      regulatory requirements.

Prepare a five-page written report with at least four scholarly sources covering the items listed below using APA format


Part 1: Select financial statements for two related (e.g., computer manufactures, pharmaceutical companies, cell phone companies, etc.) businesses; one that uses U.S. accounting reporting and the other that uses international accounting reporting. Identify the following items:

  • Provide the name, location,      and accounting standards used for each business.
  • Compare and contrast three      major differences you see in the way the financial data is presented on      the financial statements.
  • Identify which set of      financial statements you think is the easiest to understand and provides      you with most accurate cost data as a manager. (Do not forget to look at      the notes to the financial statements also.)

Part 2: Analyze and discuss three international factors you think would affect the cost of the products made at the companies you selected and why.

Part 3: Discuss any compliance and/or regulatory issues you think would be involved in the companies you have selected as they relate to the cost of the products made. For example, are there strict regulations on product pricing, tariffs imposed on raw materials needed to make the products, or strict regulations on the wages paid to workers?

Conclusion and Recommendations



International Accounting Standards (IAS) and U.S. Generally Accepted Accounting Principles (GAAP) are the two main sets of accounting standards used globally.

  1. Differences:
  • GAAP is more prescriptive and detailed compared to IAS, which are more principles-based.
  • GAAP has a higher level of disclosure and includes more specific guidance compared to IAS.
  • GAAP includes specific industry-specific guidance, whereas IAS is more broadly applicable to various industries.
  • IAS allows companies to use fair value measurements, whereas GAAP is more focused on historical cost accounting.
  1. Similarities:
  • Both IAS and GAAP aim to provide accurate and transparent financial information to stakeholders.
  • Both sets of standards require companies to comply with accounting rules, and adhere to the principles of reliability, comparability, and consistency.
  • Both IAS and GAAP aim to increase transparency and accountability in financial reporting.

Expert paper writers are just a few clicks away

Place an order in 3 easy steps. Takes less than 5 mins.

Calculate the price of your order

You will get a personal manager and a discount.
We'll send you the first draft for approval by at
Total price: