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Annual reporting documents in two countries - Essay Example

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Annual corporate reporting pattern in the United States of America and in United Kingdom is largely different due to different statutory requirements and different GAAP regulating the accounting. This write up has undertaken a study of comparative annual corporate financial…
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Annual reporting documents in two countries
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Download file to see previous pages Both companies are in the same industry called Super-market distribution. The companies are almost of same size but represent contrasting regulatory and cultural conditions.
Categories of reporting and providing information in the annual reports of companies in each of the countries are both conventional as well those making compliances of legal and regulatory requirements. Annual report of Tesco plc, a UK company, provides information under the categories of Chief Executive’s Statement, Report of the directors that contains business review, general information, and report on corporate governance, Directors’ Remuneration Report, and Financial Statements that include a statement of directors’ responsibility, independent auditor’s report, group financial statements including notes thereto, parent company’s financial statements and independent auditor’s report on that.
Annual Report is required to be filed along with accounts with Registrar of companies, and also published, circulated, and made available on websites of the company in accordance with the provisions of the Companies Act, 2006.
On the other hand the information in the annual report of Wal- Mart Stores Inc., a US company, is provided under the categories of Statement of Chief Executive or President of the company, Report of Chairman of board of directors that includes financial review and summary, management discussion and analysis (MDA) of financial conditions and results of operations, Consolidated Financial Statements and notes thereto that include report of independent registered public accounting firm, report of independent registered public accounting firm on Internal Control over financial reporting, and Management Report to shareholders. ‘As the name implies a company’s annual report summarizes activities during the past year. While certain information is required by the U.S. ...Download file to see next pagesRead More
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