International versus U.S. Accounting Standards

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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:

Compare and contrast basic U.S. and international financial accounting standards.
Explain how key international factors affect business reporting.
Identify key compliance and regulatory requirements.
Using the Unit IV Research Report Template , prepare a four- to five-page written report with at least three scholarly sources covering the items listed below.
Introduction
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

Sample Solution

Despite the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) making great efforts, significant discrepancies between accounting methods in the United States and the rest of the world still exist. Companies in the United States, for example, are permitted to utilize the latest in, first out (LIFO) inventory-costing system. LIFO, on the other hand, is prohibited by a competing set of accounting rules that is widely used around the world. The International Accounting Standards Board (IASB) compiles international practices in the International Financial Reporting Standards (IFRS). The Financial Accounting Standards Board (FASB) in the United States publishes financial accounting statements that, when combined, form generally accepted accounting standards (GAAP).

xt literary piece Is a poem called “Titanic” written by poet David R. Slavitt in 1983. The setting of this poem takes place on a ship called the Titanic in the middle of the Atlantic Ocean. The setting for this is important because this is the spot where the most famous ship will lie on the ocean floor for over a hundred years to come. This setting plays a major role on the tone as well as the theme of this poem. The tone is overall happy and celebratory even though its about the one inescapable fate every living creature will endure, you can see this in the very first line of the poem “Who does not love the Titanic” (page 371) This poems theme is that since death is inevitable it would be better to not face it alone and face it with friends and to go down in history instead of just dying a mundane death alone that no one will hear about. “There will be the books and movies to remind our grandchildren who we were and how we died, and give them a good cry” (page 371). The poet also helps to enforce the poems tone as happy and celebratory as well as enforcing the idea that since everyone needs to die its much better to do it together by saying “To go down … We all go down, mostly alone. But with crowds of people, friends, servants, well fed, with music, with lights! Ah!” (page 371) The poet also believes that knowing you’re not alone in the moment of death would also be a comforting feeling “The cries on all sides must be a comfort” (page 371) Normally when people talk or write about the Titanic it is usually depressing and sad but the way the poet portrayed the Titanic in this poem made it actually seem enticing to board the ship even though you know how it ends. The way the poet describes the atmosphere on board the ship is high spirits surrounded by happy people eating and dancing living life to the fullest.

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