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Prepare a 400 word paper in which you compare and contrast the accounting reporting criteria- regulatory environment of a U.S. company with a foreign company. We will be using Shell Oil and Valero Oil.

Properly cite your references. If you used an electronic source, include the URL. If you used a printed source please attach a copy of the data to your paper.

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Solution Summary

Accounting Reporting Criteria:
Inventories:
Depreciation:
Derivative Instruments:
Goodwill:
Revenue Recognition:
Detailed analysis of the above criteria.

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Accounting Reporting Criteria:
Inventories:
In the case of Valero oil the cost of inventories is determined under the last in first out basis (LIFO). Whereas in the case of Shell oil company the cost of inventory is determined by the First in first out basis (LIFO).
Depreciation:
In the case of Valero oil the depreciation on Property plant and equipment is charged on the straight line method of depreciation. Leasehold properties are also depreciated over the shorter of lease term or the useful life of the assets.
In the case of Shell oil company, some property, plant and equipment is depreciated on a unit of production basis and in case of ...

Solution provided by:
Sonia Agarwal, CA
Education
  • Chartered Accountant (Equivalent to CPA in US), Institute of Charted Accountants of India
  • Bachelor of Commerce, West Bengal University
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