International versus U.S. Accounting Standards

Instructions

International versus U.S. Accounting Standards

For this assignment, 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:

1. Compare and contrast basic U.S. and international financial accounting standards.

2. Explain how key international factors affect business reporting.

3. Identify key compliance and regulatory requirements.

Use the Unit IV Research Report Template provided in the attachment.

Prepare a 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?

Part 4: Conclusion and Recommendations

Be sure to use APA formatting throughout and reach out to the Writing Center or the Library for assistance with research, writing, and formatting. Include at least two of your scholarly resources from the CSU Online Library in your report provided below (&a attached in the reference material files).

Must Use 2 of the References provided below in the Research paper. You can choose the third reference used in the research paper. Full PDF for these references are included in the attachments.

MUST USE AS LEAST TWO OF THE REFERENCES IN THE PAPER FROM THE LIST PROVIDED BELOW.

1. Gnanarajah, R. (2015). U.S. Capital Markets and International Accounting Standards: GAAP Versus IFRS. Congressional Research Service: Report, 1–22.

2. Palacios Manzano, M., Martínez Conesa, I., & Marín Hernández, S. (2007). A Comparative International Analysis of the Impact of Accounting Standards on Fundamental Accounting Variables: The Usa Versus Latin America. Problemas Del Desarrollo. Revista Latinoamericana de Economía, 38(149), 138–157.

3. Yallapragada, R. R., Toma, A. G., & Roe, C. W. (2011). The Impact of International Financial Reporting Standards on Accounting Curriculum in the United States. American Journal of Business Education, 4(1), 61–64.

4. SMITH, L. M. (2012). IFRS and U.S. GAAP: Some Key Differences Accountants Should Know. Management Accounting Quarterly, 14(1), 19–26.

5. Winiarska, K. (2020). Differences between New Ifrs and Us Gaap Lease Standards and Their Effects on Publicly Listed Companies. EFinanse, 16(2). https://doi-org.libraryresources.columbiasouthern.edu/10.2478/fiqf-2020-0009

6. Kavame Eroglu, Z. G. (2017). The Political Economy of International Standard Setting in Financial Reporting: How the United States Led the Adoption of IFRS Across the World. Northwestern Journal of International Law & Business, 37(3), 459–516.

7. KAVAME EROGLU, Z. G. (2021). Global Adoption of Ifrs as an Example of International Financial Law Making. George Washington International Law Review, 53(2), 239–320.

Jiambalvo, J. (2019). Managerial Accounting (7th Edition). Wiley Global Education US. https://wileyplus.vitalsource.com/books/9781119577706

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