Reconciliation of IFRS to U.S. GAAPUnless they use IFRS, for

Reconciliation of IFRS to U.S. GAAPUnless they use IFRS, foreign companies with securitieslisted in the United Sates (in the form of ADRs) are required to reconciletheir net income and stockholders’equity to U.S. GAAP in the annual report(Form 20-F) they file with the Securities and Exchange Commission (SEC). Listof foreign SEC registrants are available on the internet at; click on DRDirectory & Profiles. Annual reports of foreign SEC registrants may beaccessed through the SEC’s EDGAR system at Filing Type, search for 20-F). However, not all foreign registrants filetheir reports with the SEC electronically. Many non U.S. companies make annualreports available on their corporate Internet home page. Access a recent annualreport (Form 20-F) for a foreign company listed on the New York Stock Exchangethat does not use IFRS to complete the following requirements.Required:a. Determine the nationality of the companyselected and the accounting rules and regulations it used (company GAAP) to prepareits financial statements.b. Summarize the major differences in measuring netincome between company GAAP and U.S. GAAP.c. Compare the company’s profitability usingcompany GAAP and U.S. GAAP

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