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Essay / Research Paper Abstract
This 10 page paper looks at the accounts of these two companies and considers their commonalities and differences as examples of similar companies with accounts prepared in different companies. The paper outlines some basic differences between UK and US accounting, and then examines each set of accounts looking at overall disclosure, foreign currency translation and exposure issues, corporate governance, details of directors and board committees and disclosure of director’s remuneration and information given on the internet. The bibliography cites 10 sources.
Page Count:
10 pages (~225 words per page)
File: TS14_TEsainsafe.rtf
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Unformatted sample text from the term paper:
way they report and the way in which they perform as a result of different market and environmental factors. Looking at two supermarket chains, such as J Sainsburys in the
UK and Safeway in the US there are two very similar companies, with similar markets and also similar, but not the same cultures,. With both countries following the Anglo-American model
of capitalism, it may be expected that the reporting methods and approach as well as performance with similar political attitudes may be the same, however, this is not necessarily the
case. The UK accounting environment is one that is has developed not only as a result of financial and stockholder needs, but
also due to some financial scandals, such as the GEC and AEI and more recently Pollypeck. The main requirements have been aid down by statute, with the Companies Act 1948
and under the subsequent companies acts and amendments. It was asa result of the 1967 GEC and AEI take over battle that SSAPs (Statements of Standard Accounting Process) where introduced
in an attempt to clarify the situation with the foundation of the Accounting Standards Committee (ASC) which was founded in 1970 (Elliott and Elliott, 1998). The aims of the ASC
were numerous, firstly they defined the accounting concepts under SSAP2 Elliot and Elliott, 1998). Secondly to narrow the areas where different interpretation could lead to possible misrepresentation of the accounts
and to bring interpretations closer (Elliot and Elliott, 1998). There was also the intention to codify the generally accepted best practises in order to ensure the public interest was served
(Elliot and Elliott, 1998). As such it is here that the guidance on how the accounts should be prepared is given. The
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