Visit the website of your favorite U.S. company. Find the company’s financial statements in the section of the website for investors. Post a link to the statements. What did you find interesting about each of the four financial statements, which include balance sheets, income statements, statements of cash flows, and statements of owners’ equity? How could the information in those statements be useful to an investor and to a manager? Then tell me which one of the four financial statements is your favorite and why. Q2. Please post a response between 200 – 300 words to the following discussion question. In addition to preparing financial statements in accordance with GAAP, U.S. companies may be required, in the near future, to prepare these statements according to the International Financial Reporting Standards (IFRS). Either review the standards on the Financial Accounting Standards Board website (http://www.FASB.org) and on the IFRS Foundation website (http://www.IFRS.org), or Google what some of the differences between the two types of Accounting standards are. Then answer the following questions: In what specific ways do the two sets of standards differ from one another? If the United States adopted IFRS standards, what would be the advantages and disadvantages?
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