You have been asked to take a ride on Financial Reporting Railways toThe Present
ID: 2465474 • Letter: Y
Question
You have been asked to take a ride on Financial Reporting Railways toThe Presentation Observation Station (the Station). At the Station, you will find the financial reports of railway companies from around the world. Once you’ve arrived at the station, your role is to observe and gain insights into the presentation of the balance sheets for some ofthese companies.
To find the railway companies’ financial reports, the conductor directs you to the internet café in the Station. Once you arrive at the café, youreceive a menu of select rail companies. Select at least three for each of the US and European companies and go to their websites. You may also research any railway companies “off the menu” as well, if you prefer. Locate their financial reports, specifically the balance sheet.Keep in mind that for some of the European railways, their reports might not be in English; however, that shouldn’t prevent you from making necessary observations.
The Presentation Observation Station internet café
Menu
(Links accessed August 14, 2014)
Name
Acronym
Country
Burlington Northern Santa Fe Corporation
BNSF
United States
http://bnsf.com/about-bnsf/financial-information/form-10-k-filings/pdf/10k-railway-2013.pdf
Danske Statsbaner
DSB
Denmark
http://www.dsb.dk/Global/PDF/%c3%85rsrapport/2013/DSB%20Annual%20Report%202013.pdf
GATX Corporation
GATX
United States
http://ir.gatx.com/phoenix.zhtml?c=70051&p=IROL-reportsannual
Iarnrod Eireann
IE
Ireland
http://www.irishrail.ie/media/ie_annual_report_2013.pdf?v=ga3dcce
Network Rail
United Kingdom
http://www.networkrail.co.uk/publications/annual-report-and-accounts/2014/
Norfolk Southern Corp.
NS
United States
http://www.nscorp.com/content/dam/nscorp/get-to-know-ns/investor-relations/annual-reports/annual-report-2013.pdf
Société Nationale Des Chemins
de Fer Francais
SCNF
France
http://www.sncf.com/ressources/reports/sncf_financier_gb_2013_13.pdf
Statens Järnvägar
SJ
Sweden
http://www.sj.se/content/1/c6/17/56/85/SJ%20Annual%20&%20Sustanability%20Report%202013.pdf
Union Pacific Corporation
UP
United States
http://www.up.com/investors/attachments/secfiling/2014/upc10k_020714.pdf
Required
Obtain and review the balance sheets for three rail companies in Europe whose financial statements are prepared using IFRS. Obtain and review the balance sheets for three rail companies in the USwhose financial statements are prepared using US GAAP. Compare the following:
The IFRS balance sheets to the US GAAP balance sheets.
The IFRS balance sheets to each other.
Answer the following questions:
Are the IFRS balance sheet classifications presented the same as theUS GAAP balance sheet classifications?
If different, which presentation do you believe is better? Explain why.
Are the IFRS balance sheet classifications the same between each of the companies?
What does IAS 1 require for a particular presentation format or orderof items on the balance sheet?
Does this agree with your observations? Discuss any differences.
Do you believe that one presentation format for balance sheetsshould be required of all companies throughout the world? Explainwhy or why not.
Explanation / Answer
1) no, different
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