Memo Project
Objectives:
• Learn how to read financial statements
• Analyze the financial performance of a company
• Improve written communication skills
• Gain an understanding of IFRS
Required:
You have just been hired as a financial analyst at Baruch College Fund in New York. Your responsibility is to analyze potential effect of IFRS adoption from US GAAP and present your research findings to the fund manager. The fund manager has assigned you to analyze the financial positions a successful publicly traded company in USA and provide your opinion on how a convergence to IFRS may affect the results or presentation of their financial statements.
You are required to present your findings to the fund manager and peers via a 2-page report/memo (double-spaced, 12pt font). Be sure to give a short historical background of the company (what exactly is their core business). You will be able to find the financial statements of the companies on websites such as yahoo finance or the SEC website. You are not limited to where you obtain the financial data, but it must be referenced. You are expected to review and reference Chapter 11. Your report should include, but not limited to, the discussions of the questions below that the fund manager has raised. Use these questions as a way to organize your thoughts as you prepare the report.
Suggested Questions to Answer
1. What are the benefits of adopting IFRS from US GAAP?
2. What is the deadline to adopt IFRS for public companies?
3. What are the reasons countries have pushed to adopt IFRS?
4. Why is inflation such a big reason for accounting diversity?
5. What are some potential issues that may arise from adopting IFRS in general?
6.Review the differences in the presentation of the financial statements of the company you chose and advise how the presentation will differ once IFRS is adopted. How would the balance sheet change? Income Statement? Statement of Cash Flows?
7.What is your personal opinion on the push to adopt IFRS for the company you chose? What are the pros and cons?
Companies to be Analyzed (Choose One)
– Las Vegas Sands Corp (LVS)
– Walmart, Inc. (WMT)
– JPMorgan chase & Co. (JPM)
– PayPal Holdings, Inc (PYPL)
– Tesla Inc. (TSLA)
– Ford Motor Company (F)
– Pfizer Inc. (PFE)
– Alibaba Group Holding Limited (BABA)
– Verizon Communications Inc. (VZ)
– Apple, Inc (AAPL)
– Advanced Micro Devices, Inc (AMD)
– Uber Technologies Inc. (UBER)
– Facebook Inc. (FB)
– Alphabet, Inc. (GOOGL)
– Amazon.com, Inc (AMZN)
– Salesforce.com, Inc (CRM)
– Draftkings, Inc (DKNG)
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