Case Study Of Diferences Between Us And Uk Accounting

3885 words - 16 pages

1. Discuss the differences between the US and UK "opinion" paragraphs of the auditors reports. What practical effects might these differences have?In general the standard form that audit reports take in the US in comparison to that of the UK is very similar. In both countries the audit report seeks to give a second opinion as to the fairness of the financial statements and in both cases will state the auditors opinion regarding the fairness of these within the context of the accepted accounting standards within that particular country.The two opinion paragraphs from the Caterpillar financial report 2002 and the Marks and Spencer 2002 at first read seem to state similar objectives which have ...view middle of the document...

The reference to generally accepted accounting procedure (GAAP) in the US audit refers to the US equivalent of the ASB. In comparison with UK this could be interpreted as the US being more reliant than the UK on actual guidelines which have been published by various sources which of course include the standards that have been set by that countries governing body. In The UK the dominating theme of accounting is that of true and fair, to go into the usage of true and fair in detail here and of its position would be unhelpful but it is sufficient to say that the usage of 'true and fair' in UK accounting is one of the paramount themes present in all of financial reporting. The true and fair view may clash with several aspects of company law over certain issues but where it does so, true and fair will take priority over take of the 1985 act. This is to say that the UK seems to rely less on direct literature, standards and requirements in their presentation of financial reports. This is also not to say that they are less 'accurate' or valid in any way but simply that this is what is required of UK audits. An example in the Marks and Spencer report of the true and fair view overriding standards can be found on page 29 paragraph 5 in section 1 where there has been a clash with company standards over an acquisition.The differences between the US and UK audit position have been noted but their differences do not make them as fire and water. They have been set out to accurately portray the financial status of the company at that period and in doing so have simply used a slightly different set of ideals , neither may be consider to be 'better than the other' simply due to this slight difference in wording. It would take a detailed examination of court cases in order to exactly ascertain just what the exact difference would be interpreted as.2. Contrast the three balance sheets (two Caterpillar and one marks and Spencer) are these typical of their countries? What differences are there?The balance sheets from Caterpillar from 2002 and 1987 at first seem to be a very different creature from that of the UK company Marks and Spencer. Caterpillars balance sheets are known by a different name even though they represent the same financial information. Two other terms are used in the US apart from balance sheet ; statement of financial position, and statement of financial condition. Caterpillars is known as Consolidated Financial position, perhaps the most uncommon term in the US. However it is still recognised as to its purpose leaving no question as to its identity. Caterpillar's balance sheets thus give us a good idea of a typical balance sheet in the US format. The Marks and Spencer Balance sheet follows company law format with the items prescribed all being in their correct place allowing us to make an accurate comparison of two typical balance sheets from large companies.The format of the balance sheet is slightly different as well. The current assets and...

Other Essays On Case Study Of Diferences Between US And UK Accounting

Assignment was provided to review a Tesco Case Study and provide a review of it. - Strategic Management - Case Study

1101 words - 5 pages company since Jack Cohen’s death have utilized and strategically placed the company in a good position within the UK markets the business has gone into. For each location that Tesco ventures into overseas, the company seeks to gain popularity among the citizens by adopting the taste of the locals and developing the store to fit into the community. Therefore, the store in Warsaw, Poland would look completely different from a store in the United

Assault, battery and false imprisonment case study - Law of torts - case studies

1793 words - 8 pages Assault, Battery, False Imprisonment and Harassment Act 1997 Cases and Application Assault Case: Turberville v Savage [1669] Facts: D held his hand on the sword and said if the judge is in town, he would not strike C with his sword Judgement: (Held No Assault) The Court held that an assault requires both (1) the intention and (2) the act of assault. Even an act of, for example, striking a man, without an intention to assault, does not constitute

"PQI: Management of Suppliers" Case Analysis - Purchasing and Supply Management - Case Study

666 words - 3 pages supplier’s operations which can benefit both companies going forward. The next component of this model details the strategy that Toyota and Honda use to fuel competition between suppliers while avoiding the American method of pitting vendors against one another. The keiretsu system involves using a small number of suppliers for each component and encouraging competition at the earliest stages. The case details how Toyota approached several

Case analysis HR about cloud companies and its internal communication - city university of seattle - case study

1902 words - 8 pages Livia Tanacova Case analysis Strategic Management of HR 23.02.2018 Company Background International Business Machines, also known as IBM, is multinational technology corporation founded in 1911, in New York. The company was in the past focused on hardware production, however, nowadays it is focused mainly on services. IBM is the only company that can provide a client with cloud and security without subcontractors. The HR issue of IBM ISC in the

broad and Study locally have a lot of difference between them

354 words - 2 pages broad and Study locally have a lot of difference between them. Study abroad needs visa or permission called student visa whereas study locally does not need visa since the study is in local universities. Study locally is not very expensive when compared to study abroad. This is because of the fact that study abroad involves expenditure in the form of visa, passport, foreign exchange, flight charges and the like. Apart from these expenses you

A Comparative Study Of Greek And Celtic Pagan Religions, The Variations Between Them And Their Demise Through The Christian Movement

3023 words - 13 pages they respected their gods and, being a violent society, feared the gods and what 'wrath' they may impose as a result of a lack of decency towards them. Nonetheless, Greek gods too were believed to be "cruel and jealous trouble makers", therefore explaining pain, disease and disaster.Some distinct parallels however do exist between Celtic and Greek religion. This can be seen through the example of greek god Artemis, daughter of Zeus, the father and

case study for art star that shows use of good language and features words - snwqi;abdshlbde - easy study

743 words - 3 pages response essay- 13 May 2019 Total task weighting 17.5% - your case study and extended response essay are weighted at 8.75% (40 marks) each. Part 1: Case Study- Research the work of an artist of your own choice 40 marks (8.5%) IMPORTANT – for the purpose of the Visual Arts written examination, it is recommended that the artist be of national or international repute and have something to say about the world and his/her place in it. • Commence your

Netflix Case Study And Survey Results

2266 words - 10 pages regarding the future of movie/tv show rentals. Note: CEO Reed Hastings has committed his company to hitting 20 million subscribers between 2010 and 2012 (BusinessWeek) so Netflix has no intentions of bowing out of the movie market. In addition, Netflix would like to gain insight into DVD rental consumer habits, opinions, insights and activities as well as the demographics of their best users and their more challenging markets. Overview:Netflix

HealthSouth: A Case Study Of Business Ethics

1717 words - 7 pages the accounting practices of companies as well as outlined the need for honesty in financial reporting. Richard Scrushy, CEO of HealthSouth, was the first and only CEO to be tried and now convicted under the Sarbanes-Oxley Act of 2002.Richard Scrushy and HealthSouthBorn and raised in Selma, Alabama, Richard Scrushy was just an average guy trying to make an honest living. He was raised by both parents with an older sister and a younger brother and

Integration and transfer of HR functions using HRIS (84 - 86) - Human Resource Management - Case Study

602 words - 3 pages Case Study #1 1. Well knowing what a champion is regarding leadership and HRM - a die-hard supporter for the idea that wants to work out the logistics of the business. A champion is the best bet for facilitating the introduction of the new HRIS; they have the necessary support and resources needed to begin integration at the company. Honestly speaking yes, because although Jack is an outsider to the company, he came saw that a change was needed

Deontology, Act Utilitarianism and the Pursuit of Autonomy - McMaster University, Philosophy - Case Study

1456 words - 6 pages , Act Utilitarianism and Pursuit of Autonomy 6 Ultimately, both Act Utilitarian and Deontological ethics are relevant in medical practice and must be considered through the lens of the context. Some ethical dilemmas have simple solutions, whereas others such as Olive’s, serve to remind us of both the complexity and necessity of medical ethics. Overall, such case studies demonstrate that patients’ lives depend not only on the scientific

Similar Papers

Case Study Of Com Syst Technologies Management, People And Teams Case Study

3879 words - 16 pages the objectives within the moral, ethical and legal MGT600 – Managing People & Teams – Case Study 9 binding of the organisation. The relationship between the manager and the team must be mutually supportive, where the team delivers the approach and the management provides resources, political support, and recognition (Bodwell, 2002). Building a high-performance team is crucial to the re-establishment of CST as a formidable competitor. However, what

Amgen Case Accounting Analysis Of Amgen Case Mba Analysis

1142 words - 5 pages contents of Amgen’s 2016 Footnote # 19. (pg. F-47) The footnote categorizes revenue by segment, geography, and customer. · Amgen only operates in one business segment - human therapeutics so revenue is categorized instead by product. · They operate principally in the US and Europe; sales were categorized by US and “Rest of the World (ROW). The US represented 80% of total revenue in 2016. · Amgen’s 3 largest customers each accounted for at least

Healthcare Comparison Between Us And India Fiu Hsa 3112 Essay

1088 words - 5 pages conclusion, religion and culture does play a critical role on how healthcare is viewed, understood and utilized. It is the health-seeking behavior that leads to delays in obtaining the right medical care and there is a direct correlation between culture, social practice and religious belief (Worthington & et. Al 2011). In case of my grandmother, she passed away early this year in United States. The standards set by Joint Commission and Medicare to the

Nutrition And Health Case Study Nutrition And Health Case Study

2434 words - 10 pages participant that will be researched in this case study is a female, aged 47. These are both non-modifiable risk factors that can contribute to certain health outcomes, this is evident through age as people get older they become more at risk of developing different health issues such as CVD, for example only 35% of individuals aged 55-64 reported a long-term heart problem, which increased to 66% of individuals aged 75 and over (Australian Bureau of