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Discussing Accounting Report Criteria

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Prepare a brief response in which you outline some examples of accounting report criteria (regulatory environment, issues with foreign currency, differences in GAAP, etc.) used by a U.S. company with a foreign company. Try to compare and contrast these criterion.

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Solution Summary

In about 320 words, this solution discusses the relationship between the accounting criteria of a business and the geography of a business. To compare and contrast these criterion, this response uses the U.S.A and India as example countries.

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The accounting reporting criteria for various companies will vary based on the regulatory environment in which the company operates. The regulatory environment around a company incorporated in the US will be very different from a company incorporated in India. Some of the key comparisons between accounting reporting criteria’s are:

- GAAP: The accounting reporting criteria is always guided by GAAP. Companies in United States follow US GAAP whereas companies in India will follow Indian GAAP.

- Regulatory Environment: Regulators ...

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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