Essay: The Presentation of Information in Financial Statements

Sample Essay

The presentation of information in financial statements depends upon the country in which the company operates and the industry it belongs to. If a company is based in United States of America then regulations require that the company comply with FASB standards to prepare financial statements. On the other hand if a company is based in United Kingdom or some other part of the world regulations may require the company to implement standards defined by IASB.

The presentation of information in financial statements varies from industry to industry and business to business. The three most common forms of business which include manufacturing, retailing and service have several differences in presentation of financial information. The three companies namely Toyota, Siemens and Macys are related to these three industries and the most basic difference is in the nature of accounts presented on the income statement and balance sheet of these businesses. Manufacturing and retailing businesses are heavily dependent on inventories which take up a major portion of assets appearing on the balance sheet.  The inventories are also included in the income statement of these companies as a part of cost of goods sold.

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