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In this paper of Accounting, you are required to present a report for a publically traded US company and include Accounting Methods Balance sheet, income statement, and cash flow statement in your report. Furthermore, calculate EPS, and present the difference in net income and EPS between US GAAP and IFRS.
Pick up a publically traded US company that sells inventory products and uses the last-in first-out (LIFO) method of accounting and include the following requirements:
– A brief introduction about the selected company and general information about IFRS and GAAP.
– Obtain Balance sheet, income statement, cash flow statement, earning per share and notes to financial statement data for one year.
– Identify the accounting methods for inventory, depreciation, revenue recognition, fixed asset, intangible asset, amortization, long term liabilities and pension accounting.
– Compare and Contrast US GAAP with IFRS.
– Defend and criticize US GAAP accounting.
– Prepare the balance sheet, income statement and cash flow statement under IFRS.
– Calculate EPS (earning per share) under IFRS rules.
– Defend and criticize IFRS accounting.
– Calculate and present the difference in net income and EPS between US GAAP and IFRS.
– Select the one reporting method which you believe is most appropriate for financial reporting proposes.
– Support and defend the supporting method on the basis of accounting theory, literature review and research data.