ACC501 case 1




You will begin by learning about financial accounting standards and current trends. Further, you are introduced to the annual report, which typically includes the audited financial statements. The submission should be 3-5 pages typed and double-spaced.

The following items will be assessed in particular:

There are two parts to this case.

Part I. Search the Internet. Discuss each of the following terms or concepts and their significance for the preparation of financial statements. In addition, comment on how the five terms or concepts below relate to each other.

1.Generally Accepted Accounting Principles (US GAAP)

2.International Financial Reporting Standards (IFRS)

3.Norwalk Agreement (October 2002)

4.Generally Accepted Auditing Standards

5.International Auditing and Assurance Standards

Part II. Refer to the following three sets of annual reports which contain the financial statements. Use the latest financial statements — for the year 2010, if available. First read an overview of the company so you are familiar with the company, its products/services and markets and then review the annual report and supplemental financial statements.




1.Briefly comment on the companies, the appearance and presentation of the annual reports.

2.How the terms and concepts defined in Part I affect the information reported the financial statements listed above?

3.Make three comparisons and reach three conclusions about each company from the financial information you find in the annual report. Prepare a table to summarize your findings.

4.Briefly comment on the ability to compare and contrast the information in your table.


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