I work for a company that uses accrual-based accounting, notthat I'm directly dealing with the accrual accounts. I have anunderstanding of my role, accounts receivable, and how it playsinto accruals. However, it does appear people outside of finance dosometimes struggle with the concept and with helping to keepfinance aware of actions that need reporting, such things likeoffering a customer a special promotion for future sales not yetrecorded.
When reading about the comparisons between US and Internationalaccounting practices, I again reflect on my personal experiences atwork. I have heard of people within our organization refer to GAAPbut not International Financial Reporting Standards (IFRS). We havethree international offices, three different entities within ourorganization. I will be asking around at work to determine if thecompany prepares two separate financial statements due to havingboth have US and international business.
Our finance department is just finishing our yearly audit. I'velearned the audit is heavily reviewing our US-based practices butalso reviewing of our international. My question is howdoes the audit process differ between US and International,especially when the company being audited consist ofboth?
