Reference no: EM133026948

Problem - You can use Calcbench or other public resources to access the financial statements of a foreign company and a domestic company. Use that information to answer the questions in your discussion post.

You can choose large name-brand companies or smaller less-known companies, but remember they should be publicly traded so their financial statements are publicly available. Also, if you can, try to choose companies in the same industry, so their financials are more comparable.

Write one- or two-sentence answers to each of the following questions. Please include the question number with your answer.

1. Determine the accounting set of rules (GAAP) the foreign and domestic companies use to prepare financial statements.

2. Determine whether the financial statements provided by the foreign and domestic companies include the same components (e.g., consolidated balance sheet, consolidated income statement, consolidated cash flows statement, and so on).

3. List any format differences (up to five) in the companies' income statements.

4. List any format differences (up to five) in the companies' balance sheets.

5. Note any terminology differences (up to five) that exist between the two companies' income statements and balance sheets.

6. In very general terms, assess whether the scope and content of the information provided in the notes to the financial statements is similar between the two companies.

7. Provide your overall impression (no detail) of how the two companies' sets of financial statements compare.