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Essay / Research Paper Abstract
This 12 page paper is written in three parts. The first part looks at how UK GAAP accounting policies have impacted on the accounts of Signet PLC, the second part examines the changes that the McDonalds Corporation would have to make to comply with UK GAAP. The third part of the paper explains what transfer payments are and how they maybe used to gain tax advantages by international companies. The bibliography cites 15 sources.
Page Count:
12 pages (~225 words per page)
File: TS14_TEinGAAP.rtf
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Unformatted sample text from the term paper:
the UK GAAP (generally accepted accounting principles). The effect can be measured in many ways, but ultimately it is the impact on the bottom line. If we consider the way
that the accounts impact on a company such as Signet that operates in both the US and the UK the final figures would give a higher profit for the US
GAAP prepared accounts. For example, prepared under the UK GAAP There are several areas that may a different. In looking at these
we may argue that the US system is one that is lending itself to a higher level of volatility within results year on year, whereas the UK, may be more
stolid, but is also a stabilising effect overall. Overtime the differences have increased, this is phenomena that has been noticed by the Securities and Exchange Commission (Weetman et al,
1998). Signet sees the attributable profit at a higher level for the UK GAAP accounts. The UK GAAP accounts for Signet show a 2002 profit of ?119.7 million with
the adjustments to US GAAP being ?17 million before tax, which gives a final figure of ?102.7 million before tax (Signet, 2002). The adjustments were ?14 million for 2001
and in 2000 there was an adjustment of ?21.5 million including an adjustment of ?7.1 million for goodwill. The areas of accounting practice that have made a difference are various,
including goodwill, deferred taxation, dividends and pension costs. Goodwill is an intangible that may be seen as controversial. Whilst it does not
have any real physical presence it has an integral value to a company and is also possible to account for in figures when bought and sold. The signet accounts are
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