Essay: Reconciling International Practices to Those of the FASB

Sample Essay

Introduction

There are various differences in financial statements prepared using accounting regulations in the United States of America and other countries like United Kingdom, Australia and other countries of the world. These differences exist basically due to the difference in terminologies, presentation and disclosure of various components of financial statements. The case under analysis relates to a global company Anglo American plc which is based in the United Kingdom and is related to the mining and natural resources industry.

The case presents the cash flow statement of Anglo American plc prepared with Generally Accepted Accounting Principles – GAAP in the United Kingdom. The basic facts contained in the case include the difference in terminologies in United States of America and United Kingdom and show how statements of cash flows are prepared applying the United Kingdom accounting standards. The analysis of the case compares the disclosure and presentation of cash flow statements between the accounting standards in the United States and United Kingdom. The analysis also provides how cash flow statements prepared in the United Kingdom can be reconciled to confirm with the Generally Accepted Accounting Principles in the United States as prescribed by the Financial Accounting Standards Board – FASB.

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