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Explain the recognition of gains or losses on intercompany sales of depreciable assets on a consolidated basis.

Foreign Statement Translation

Select a publicly traded company that publishes consolidated financial statements that include wholly owned foreign subsidiaries. Submit the selection to the instructor for approval – each student must research a different company. Once the instructor has approved the company selection, obtain the Annual Report (Form 10K) and Proxy Statement (Form DEF 14A) of the company for the immediate three prior years using the U.S. Securities and Exchange Commission (SEC) EDGAR System (http://sec.gov/edgar/searchedgar/companysearch.html). Review these documents in addition to Earnings Releases and other financial information available on the company’s Investor Relations Web site to evaluate the following items.

Intercompany Transactions

  • Explain the recognition of gains or losses on intercompany sales of depreciable assets on a consolidated basis. Describe the disclosures required in the consolidated financial statements.
  • Describe the accounting process used to address the purchase and sale of depreciable assets among wholly owned subsidiaries in the preparation of consolidated financial statements.
  • Explain differences in US GAAP and IFRS accounting methods and list five major classifications of accounting models in different geographic regions within which the company or its subsidiaries do business.

Foreign Currency Transactions

  • Differentiate some of the more common foreign currency transactions and identify three stages of concern to accountants for foreign currency transactions.
  • Identify the local functional currencies of the company’s wholly owned subsidiaries.
  • Explain the accounting process used to address foreign currency translation in the preparation of consolidated financial statements when the parent company’s functional currency is the U.S. dollar. Describe the accounting disclosures required in the audited financial statements relating to foreign currency translation.

Prepare a 10-12 slide PowerPoint presentation (excluding title page, abstract, references page, and appendices containing financial analysis) containing detailed Speaker’s Notes for each of these slides presenting the findings of your analysis of the AAERs and SEC Complaint. Your Presentation should discuss the following:

  • Discuss the impact of changing technology on the company, highlighting differences in technology by geographic region.
  • Explain key findings from management’s discussion of technology in the notes to the consolidated financial statements.

In addition to the SEC Forms, a minimum of five (5) peer-reviewed academic or professional references must be incorporated in the slides with corresponding citations presented in APA format.

This assignment will be assessed using additional criteria provided here.

Please submit your assignment.

Grading Criteria
Explain the recognition of gains or losses on intercompany sales of depreciable assets.

15%

Describe the accounting process used to address the purchase and sale of assets.

15%

Explain differences in US GAAP and IFRS accounting methods.

10%

Differentiate some of the more common foreign currency transactions.

10%

Identify the local functional currencies of the company’s wholly owned subsidiaries.

10%

Explain the accounting process used to address foreign currency translation.

10%

Discuss the impact of changing technology on the company.

10%

Explain key findings from management’s discussion of technology in the notes.

10%

APA format.

10%


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