National Accounting Standards in Retail Industry

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national accounting standards in retail industry

Evaluating International Company under

Abstract This paper analyses the international firms under the national accounting standard in retail industry. The study applies two typically firms which are Woolworths from Australia and Walmart from the United States and compare the two firms in 4 perspectives. Firstly, the different in recognition of intangible assets, revenue, tax, inventory under IFRS (Aus) and U.S.GAAP. Secondly, describe consequence of the different recognition of accounting items and how it affects to financial statement and different regulation under AISC (Aus) and SEC (US). Thirdly, describe the factors that influence the accounting practices of Walmart and
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For example, in the annual report of Woolworth’s limit, which follows the A-IFRS mostly, it is easy to discover from the table 1 and table 2, that the expenses of amortization will be counted every year. Table 2011,
|2011 |goodwill |Brand name |Liquor, petrol |Other |Total intangible |
| | | |and gaming | | |
| | | |licenses | | |
|Carry amount at |3078.2 |237.1 |1689.5 |66.2 |5071 |
|start of period | | | | | |
|Additions arise from|251.1 |4.5 |19.7 |5.4 |280.7 |
|acquisition of | | | | | |
|business | | | | | |
|Other acquisition | | |2.2 | |2.2 |
|disposal | |

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