Overview
International versus U.S. Accounting Standards Report
Assignment objective: For this report, you will 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.
Length: Using the Unit IV Research Report Template, prepare a three- to four-page written report covering the items listed below (page length does not include the title and references pages).
References: A minimum of 3 peer-reviewed references are required. References are required to be scholarly/academic in nature and found in the CSU Library. APA formatting is required be used for citations and references.
Details: First, start the report with an abstract and introduction section per the assignment template provided above.
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?
End this report with the key observations and present any future recommendations.
Submission: Save the submission as a Word document and upload the document to Blackboard.
Grading: The report will be reviewed in alignment with the grading rubric criteria. The assignment is worth 5% of your course grade.