FASB and IASB - Financial Statement Analysis 1 Financial...

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Financial Statement Analysis 1 Financial Statement Analysis Financial Statement Analysis Team A Brad Austin, Tony Bertussi, Dawn Lazetera, Kim Love, William Tremblay, Jolynn Weeks University of Phoenix ACC 561 February 22, 2011
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Financial Statement Analysis Companies are required to follow specific guidelines when presenting financial data. In the United States, businesses are required to adhere to guidelines set forth by FASB (Financial Accounting Standards Board), while companies abroad are required to follow procedures outlines by the IASB (International Accounting Standards Board). Both the FASB and IASB share common accounting principles and guidelines, however variations do exist. This paper will examine how each of the industry sectors, retail, manufacturing and service, differ in their accounting measurement conventions, which affect the presentation of financial reporting in adherence to IASB and FASB guidelines. In addition, liquidity, leverage, and profitability ratio computations have been completed and evaluated for each of the companies selected to evaluate performance. Team A has researched three companies from different industries. Boeing is a US based manufacturing firm, Sony is a Japanese retailer, and MGM Mirage International is a service provider. IASB and FASB Reporting Overall, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have collaborated on most of their functions, yet differences still exist between the two. FASB, created in 1973 to replace the Accounting Principles Board and the Committee on Accounting Principle, is a non-profit organization located in the United States, who is responsible for the development and application of Generally Accepted Accounting Principles or GAAP.
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This note was uploaded on 07/18/2011 for the course ACC 561 taught by Professor Cole during the Spring '09 term at University of Phoenix.

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FASB and IASB - Financial Statement Analysis 1 Financial...

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