Comparative Analysis of Financial Reporting and Auditing Standards: General Motors vs. Mitsubishi Heavy Industries

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Comparative Analysis of Financial Reporting and Auditing Standards: General Motors vs. Mitsubishi Heavy Industries ‘What accounting standards are used? (source: audit report for 2013) GM: US GAAP MH: Japan GAAP ‘What auditing standards are used by the external auditors? (source: audit report for 2013) GM: PCOAB auditing standards MH: Japan auditing standards Analyze and comment on the differences in the annual statements found on the companies’ websites. Provide a few specific differences in content and format. Difference: separate fixed asset section MH reports three sections on their balance sheet: (1) current assets, (2) fixed assets, and (3) investments and other fixed assets. GM reports only two, (1) current assets and (2) noncurrent assets. Difference: operating costs + StudyXY
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