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

This comparative analysis examines financial reporting and auditing standards between General Motors and Mitsubishi Heavy Industries.

Violet Stevens

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ComparativeAnalysisofFinancialReportingandAuditingStandards:GeneralMotorsvs.MitsubishiHeavyIndustries‘Whataccountingstandardsareused?(source:auditreportfor2013)GM:USGAAPMH:JapanGAAP‘Whatauditingstandardsareusedbytheexternalauditors?(source:auditreportfor2013)GM:PCOABauditingstandardsMH:JapanauditingstandardsAnalyzeandcommentonthedifferencesintheannualstatementsfoundonthecompanies’websites.Provideafewspecificdifferencesincontentandformat.Difference:separatefixedassetsectionMHreportsthreesectionsontheirbalancesheet:(1)currentassets,(2)fixedassets,and(3)investmentsandotherfixedassets.GMreportsonlytwo,(1)currentassetsand(2)noncurrentassets.Difference:operatingcosts+StudyXY

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