Consider the authoritative accounting principles that govern international accounting Answer
Users of financial statements depend on companies to report fair and accurate financial data. Accounting standards and principles not only support this fair and accurate reporting, but they also help create consistency that allows for reliable financial comparisons between different companies. In the United States, the Securities and Exchange Commission (SEC) requires publicly-traded companies to follow the U.S. Generally Accepted Accounting Principles (U.S. GAAP). Although these authoritative accounting principles are primarily established by the FASB, there are many boards and organizations that contribute to the standard setting process. These principles have a direct impact on the way data is organized and presented, which in turn can have an impact on how companies make decisions and operate.For this Assignment, select one of the following: a U.S. company that conducts international trade, a U.S. company with foreign subsidiaries, or a multinational company. Consider the authoritative accounting principles that govern international accounting in the United States. Think about the impact of these principles on your selected company’s financial statements.Assignment:Write a 3- to 5-page paper analyzing authoritative accounting policies that govern international accounting in the United States. Evaluate the impact of these authoritative accounting policies on your selected company’s financial statements.
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