Compare current reporting practices between a company that reports under IFRS in the United States and a U.S. GAAP company that also files in the U.S.
I would like each group to find one company that files IFRS based financial statements with the SEC.
You are suggested the following search strategies:
Searching the public press for any talk about filing IFRS financial in the U.S.
Identify a handful of foreign companies who do business in the United States and see if they report to the SEC by going to www.SEC.gov and searching the company database for the company of interest.
Download their 10-K filing and examine footnote 1 on accounting policies. I expect that footnote to identify what form of accounting method is used. (The audit opinion will likely also state the method.)
Based on the financial reports and other disclosures found at the SEC web-site or the web-sites of companies in the following industries, each assigned group should choose one of the IFRS companies listed and then find another company that files under U.S. GAAP in the same industry for review.
You may use Compact Disclosure in the Business Library or yahoo.com to find other companies in the same industry.
Business Finance. Put the following income statement and balance sheet terms (general ledger accounts) in the proper order for properly prepared financial statements:
Taxes, interest, gross profit, selling, general and administrative expenses, sales, depreciation, net income, cost of goods sold, EBITDA.
Put the following balance sheet terms (general ledger accounts) in the appropriate category as either short-term assets, long-term assets, short-term liabilities, long-term liabilities, and/or owner’s equity for properly prepared financial statements: