Financial statements

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.)

Sample Solution