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GM vs Meiji Holdings: Financial statement differences

Go to General Mills and Meiji Holdings Co., Ltd. website, review the most recent financial statements for the company, and then answer the following questions.

What accounting standards are used?
What auditing standards are used by the external auditors?
Analyze and comment on the differences in the annual statements found on the companies' websites. Provide a few specific differences in content and format.
Explain and illustrate the difference between an annual report, a 10-K, and a Corporate Social Responsibility Report. Comment on the type of reports issued by both companies.
How comparable are these financial statements?

Solution Preview

What accounting standards are used? (source: audit report for 2013)

GM: US GAAP
MH: Japan GAAP

What auditing standards are used by the external auditors? (source: audit report for 2013)

GM: PCOAB auditing standards
MH: Japan auditing standards

Analyze and comment on the differences in the annual statements found on the companies' websites. Provide a few specific differences in content and format.

Difference: separate fixed asset section

MH reports three sections on their ...

Solution Summary

A few sentences indicate the standards used, the differences and how the reports differ. Three differences in the reports are cited.

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