Financial Statements Compared

. This case assignment consists of analyzing both Abercrombie and Fitch and Hennes and Mauritzs fiscal stems. Afterwards, we will answer several questions regarding history and auditing ensamples. Next, we will deal out the differences between both annual teachings found on their websites and analyse both of their financial statements. Then, we will create a duck for both companies showing some key financial siemens for a period of three years. Last, we will discuss which of the companies is attached profitable and how we came to this result. First, lets discuss which accounting standardizeds ar used for both Abercrombie and Fitch and Hennes and Mauritzs financial statements. hire Abercrombie and Fitchs website, the most recent annual statement we could retrieve was for 2009. Analyzing this annual taradiddle, we can cogitate that the accounting standard used was generally accepted accounting principles (generally accepted accounting princi ples). generally accepted accounting principles ar the accounting rules used to prepargon and standardize the reporting of financial statements, such as balance sheets, income statements and cashflow statements, for publicly traded companies and many tete-a-tete companies in the United States (Paul).

GAAP-based financial statements are used so that the randomness provided is useful to the public age trying to brand economic decisions about a company, particularly for potential investors. GAAP helps keep companies uniform, consistent, comparable, and to a greater extent understandable fleck reporting financial information. Without this regulation, companies would be able to on ly report financial information advantageous! to their company, making it even more difficult for investors to separate understand a companys financial situation. flat analyzing the most recent annual report for Hennes and Mauritz, we can conclude that the accounting standard used is in accordance with the multinational Financial Reporting Standards (IFRS). IFRS is similar to GAAP for international relations. It is...If you loss to get a full essay, baseball club it on our website: OrderEssay.net

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