Choose two companies- one US and one foreign from the same industry using the first two digits of SIC | Online Homework

Impairment of Long-Lived Assets Held and Used (Balance Sheet, Assets)
For every requirement below don’t forget to analyze the distinctions (if any), show their impact on the accounting equation, and financial ratios, AND provide examples from your companies Financial Statements
For each requirement below, please analyze the differences (if any) and their impact on the amount of recorded TA and NI.
Has an impairment loss on long-lived assets been recognized? Do impairment indicators of long-lived assets exist?
Are there indicators that long-lived assets held and used for which an impairment loss was recorded have recovered their value?PROJECT CONTENT AND FORMAT
Choose two companies- one US and one foreign from the same industry using the first two digits of SIC.
The project starts with the Introduction.
INTRODUCTION
In the Introduction, please briefly discuss the companies’ characteristics, roles (significance) for industry, the national economy, and the market.
Establish motivation for your Analysis based on:
the significance of your companies for the industry, economy, market importance of comparison (and reconciliation) for the decision-making expediency for raising capital internationally
Discuss:
make a quick summary of the areas of your inquiry
the direction vs. enumeration of the impact of the differences in accounting
treatments*
briefly discuss your expectations (what do you expect to find as the result of your Analysis)
*please, discuss the importance of annual reports direct comparability for the decision-makers, AND how complicated (if not sometimes impossible) is to quantify the effect of the differences between US GAAP and IFRS on a company’s financial position. In many cases, one can determine the direction of the impact, but it remains almost impossible to enumerate an implication.
FOR EXAMPLE:
Due to the difference in the definition of “probable,” the revenue recognition point (OR A/R, OR allowances for bad debt, etc.) might differ. Thus, the amount of revenue recognized during any given year is impacted by whether the accounting event (item) was defined (or not) as “probable.” In this case, we can predict and show the direction of the impact, but measuring the effect is tricky.
Because IFRS allows the reversal of the PPE impairment, the reported NI (RE and ultimately Equity) under IFRS can be higher due to this event. Unlike the example above, we can enumerate the difference between reported NI (IFRS) and NI (US GAAP) because we know how much the book value of PPE was boosted due to the reversal.
The project should end with a Conclusion.
CONCLUSION.
Please, finish your project with the Conclusion, which includes
Summary of your findings
Examples of quantified impacts vs. just directions
Importance of the comparability Lessons learned
ANALYSIS:
The acronyms used here: Revenue – R; Net Income – NI; Balance Sheet – BSh; Total Assets
– TA, Property, Plant, and Equipment – PPE; Intangible Assets- IA; Goodwill – GW;
Inventory – INV; Retained earnings – RE; Earnings per Share – EPS;
Use the E