Essay: UK GAAP and FASB

Sample Essay

The case under analysis and review was concerned mainly with the differences in preparation and presentation of financial statements under FASB and UK GAAP. The main focus in the case was on the statement of cash flows, the method of preparing statement of cash flows and the usefulness of information contained within the statements made in accordance with UK GAAP and FASB. The analysis performed during the comparison and study of statements under both regulatory bodies reveals that the difference exists in the preparation and presentation of the statements and the final outcome which is the increase or decrease in cash remains same.

It was also seen that the statements prepared under US GAAP and FASB provide a clear classification of the cash received and paid in operating, investing and financing activities. It is concluded that though the statement of cash flows prepared under UK GAAP and US GAAP follow a different format but can be reconciled to be use in both countries and understandable to shareholders in both regions.

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