Busn 3200 Global Trade Finance Assessment Answers
Answer:
BHP Billiton Limited, an Anglo-Australian mining company, and General Motors and American company have been chosen to provide a comparison between the accounting standards used by the two companies to record assets,, liabilities, revenue and expenditures.
BHP Billiton Limited is subjected to Australian Accounting Standards issued by the AASB which require an entity to provide comparative financial information as per AASB 101. General Motors on the other hand is subjected to the Generally Accepted Accounting Principles (GAAP) which provide certain specific circumstances where there is no requirements for companies to provide comparative financial information (Kober, Lee & Ng, 2012).
BHP Billiton has separately accounted investment property as per AASB 140. The company has recognized the expected future economic benefits from investment property as asset as per the accounting standard. General Motors (GM) on the other hand only required to account for investment either as held for sale or held for use as per the requirements of US GAAP.
GM has accounted revenue in the books of accounts as and when these have either been realized, realizable or earned. BHP Billiton Limited which complies with International Financial Reporting Standards (IFRSs) and AASBs has recorded revenue in the books of accounts as per IAS 18. As per the standard both gain and revenue have been included as income in the books of accounts of the company. In case of inventory valuation GM has used the guidance provided in ASC 330 whereas BHP has followed IAS 2 to value inventories in the books of accounts (Erchinger & Melcher, 2017).
References:
Erchinger, H., & Melcher, W. (2017). Convergence between US GAAP and IFRS: Acceptance of IFRS by the US Securities and Exchange Commission (SEC). Accounting In Europe, 8(7), 123-139. doi: 10.1080/17449480701727908
Kober, R., Lee, J., & Ng, J. (2012). GAAP, GFS and AASB 1049: perceptions of public sector stakeholders. Accounting & Finance, 53(2), 471-496. doi: 10.1111/j.1467-629x.2012.00469.x
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