Publication Date
1-1-2001
Document Type
Dissertation/Thesis
First Advisor
Smith, Pam
Degree Name
B.S. (Bachelor of Science)
Legacy Department
Department of Accountancy
Abstract
Cross-border financial statements can confuse users of financial statements, therefore the development ofInternational Accounting Standards is important in the accounting profession. Comparing countries financial statements can be difficult because Generally Accepted Accounting Principles (GAAP) vary in different countries. To illustrate the need for harmonization of accounting standards, this paper is divided into three research sections. The first section discusses the history, organizations, and conceptual framework of United States and Australian accounting professions. The second section compares and contrasts the similarities and differences between United States GAAP and Australian GAAP. The final section provides a financial statement analysis of two Australian companies. The paper concludes that although Australian GAAP and United States GAAP defines financial statement elements the same, a companies' financial statement ratios will differ because of country specific revenue recognition criteria, netting of assets and liabilities, and reporting requirements.
Recommended Citation
Haas, Renee, "Generally Accepted Accounting Principles and the Need for Consensus: An Australian and United States Comparison Case Study" (2001). Honors Capstones. 572.
https://huskiecommons.lib.niu.edu/studentengagement-honorscapstones/572
Extent
42 pages
Language
eng
Publisher
Northern Illinois University
Rights Statement
In Copyright
Rights Statement 2
NIU theses are protected by copyright. They may be viewed from Huskie Commons for any purpose, but reproduction or distribution in any format is prohibited without the written permission of the authors.
Media Type
Text
