Annual Report and Supplemental Financial Statements
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Please provide some assistance when revering to the following three sets of annual reports which contain the financial statements. Using the latest financial statements -- for the year 2010, if available. Review the annual report and supplemental financial statements.
Apple, Inc. http://investor.apple.com/financials.cfm
Swatch Group http://www.swatchgroup.com/en/investor_relations/annual_and_half_year_reports
Nikon http://www.nikon.com/about/ir/ir_library/ar/index.htm
Briefly comment on the companies, the appearance and presentation of the annual reports.
How does any of the following affect the information reported the financial statements listed above?
Generally Accepted Accounting Principles (US GAAP),International Financial Reporting Standards (IFRS),Norwalk Agreement (October 2002)
Generally Accepted Auditing Standards,International Auditing and Assurance Standards
Make three comparisons and reach three conclusions about each company from the financial information you find in the annual report. Prepare a table to summarize your findings.
Briefly comment on the ability to compare and contrast the information in your table.
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The solution reviews the annual report and supplemental financial statements.
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Running head: FINANCIAL STATEMENTS
Financial Statements
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Nikon is a multinational corporation that specializes in manufacturing, marketing and selling of optical equipments. Nikon is involved in selling products such as cameras, measuring equipments, microscope and binoculars. The organization is based in Japan and has its headquarters located in Tokyo. On the other hand, Apple deals with developing and selling personal computers, electrical appliances and software. Apple is also a multinational corporation based in America and its headquarters is situated in California. Swatch group is responsible for manufacturing and marketing wrist watches.
The three financial statements provided by the different companies have similar appearance and they flow following similar pattern. The financial statements have similar components and organization. However, balance sheet presented by Nikon and Apple differ from those presented by Swatch in the way components are arranged. The two companies start by presenting current assets or liabilities while Swatch's statement start with long term assets and liabilities.
Generally Accepted Accounting Principles affects financial statements since it provides rules that companies should follow when reporting their financial results (Bradshaw & Miller, 2008). GAAP affects various types of businesses thus ensuring uniformity in reporting policies and standards. The rules ...
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