Questions: 1) Find an international company that does not use IFRS nor GAAP. Include the financial statement. Explain the differences between financial reporting for the company and GAAP. Detail any cultural, political, economic, demographic or other factors that impact the financial reporting standards used by the company/country.
2) Find the report (from 2013 or later) publicly held company with an audit opinion that has an Adverse Opinion, a Disclaimer of Opinion or a Qualified Opinion related to a Going Concern Issue. Explain the going concern audit opinion and the "qualified" audit opinion. Explain how the opinions differ based upon IFRS and GAAP and the implications of SAS 126. Include the audited financial statement. Highlight the opinion. Explain what happened to the company including:
- The stock price both before, during and after the report was issued.
- What happened the following year.
- Anything else interesting
3) Explain the changes to Revenue Recognition as it would apply to a specific industry that interests you where the impact is significant.