Samsung Electronics And Apple Inc.

1337 Words Jul 12th, 2015 6 Pages
Multi-national organizations are constantly evolving with innovative ideas influenced to adhere to current trends. Aside from designing the next epic innovation, competition among multi-national organizations are intense and creates a drastic hype for investor and shareholders. Financial reporting for multi-national organizations can be compared to the intensity in creating its next profitable proposition as strict financial reporting rules and regulations are constantly developing requiring the expertise of highly skilled professionals. Samsung Electronics and Apple Inc. are two organizations that have set an international example of innovative ideas and the viability of cross border investments. Samsung Electronics and Apple Inc. abide by distinct reporting standards, resulting in incomparable financial statements unless it is reconciled to the conforming reporting standards and differences in financial statement presentations.
Samsung Electronics (Samsung) is a foreign electronic company incorporated in Seoul, Korea. The Korean Accounting Standards Board (KASB) adopted the International Financial Reporting Standards (IFRS) known as the Korean International Financial Reporting Standards (K-IFRS). Samsung’s annual report complies with K-IFRS to prepare its financial statements and is based in a consolidated format for calendar year end December 31, 2013 and 2012. The financial statements consist of the standard required reports containing the independent auditor’s…
Open Document