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This Assignment is not as difficult as it may look. You do not need to recalculate any of the numbers when you recast the financial statements in either

September 30, 2024

This Assignment is not as difficult as it may look. You do not need to recalculate any of the numbers when you recast the financial statements in either direction-the difference is simply the WAY the balance sheet, the income statement, or the statement of cash flow is presented under US GAAP compared to IFRS, including in some cases the name of the accounts AND the manner or the order in which the accounts are presented under IFRS compared to US GAAP.

You have samples of those financial statements and the resulting differences in financial statement presentation posted under the Interactive Lecture materials, Required and Recommended Readings, for Module 2.

A reminder that you do not have to change the numbers for either Ford or MB in preparing your Module 2 CTA Assignment submission, as it states in the Instructions to both options below:

Recast the two selected financial statements and present the statements following/in accordance with the US GAAP or IFRS, depending upon the Option Choice which you choose, presentation-wise, as accurately as you can. (You do not need to restate any of the financial results for Ford or MB in this process–just work with the financial statement and results as presented.)

Option #1: Daimler Benz

Below is the Daimler Benz (MB)’s 2022 Annual Report prepared under IFRS:

Mercedes-Binz Group AG Annual Financial Statements 2022Links to an external site.

Pick any two of the financial statements: the consolidated balance sheet (statement of financial position), the consolidated income statement (statement of income or statement of comprehensive income), or the statement of cash flows for MB.

Recast the two selected financial statements and present the statements following/in accordance with the US GAAP, presentation-wise, as accurately as you can (you do not need to restate any of the results for MB in this process — just work with the results as presented).

The recasted financial statements should be an Exhibit or Appendix to your paper.

Describe in an appropriate level of detail the differences that resulted when you recasted your chosen financial statements from the IFRS to US GAAP, supported with references from the readings in this module or outside references, where appropriate.

Requirements:

Write a paper of 2-3 pages double-spaced in length, not counting the title and the reference page(s) and the Exhibit(s) or Appendices, which you must include as an Exhibit or Appendix to your paper. Submissions in excess of 3 pages are acceptable.
Use terms, evidence, and concepts from the Module interactive lecture and readings, including professional business language.
Cite at least 3 credible, academic or professional sources for this assignment.
Format your paper according to APA guidelines

Accounting

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