ACC 501 Advanced Accounting

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Please review the most recent annual reports of a non-U.S. company and a U.S. company.  Select two companies that operate in the same industry.

Required

Identify at least three financial statement disclosures on each annual report that are included in the FASB-IASB convergence project. This is six different financial statement disclosures.

Explain and cite the disclosures made by the companies and include the annual report page numbers.

Research the FASB and IFRS accounting pronouncements and find the specific ones that support each of the disclosures in the company financial reports.

1. For each FASB and IFRS disclosure, summarize the complementary position taken by FASB or IASB and discuss how the accounting standards differ in the accounting treatment for that disclosure topic. This is six complementary positions. Stick to the key points. Please include the pronouncement number.
2. Additional Information
3. It is recommended that students review chapter 11 Exhibit 11.5 “Use of IFRS in Preparing Consolidated Financial Statements June 2015”, which lists countries in which IFRS is required or permitted; and Exhibit 11.8 “Some Key Differences Between IFRS and U.S. GAAP”. (view pictures)
4. The university has provided students with access to the FASB ASC “Professional View” website service. Please see the link provided in Course Information.