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you will use Chester, Inc.’s trial balance to compose comparative
financial statements, analyze data, and interpret results. These financial
statements must be in
good form in accordance with Generally Accepted Accounting
Principles (GAAP). Next, you will assess the performance of Chester,
Inc. using the financial
statements that you created, along with industry performance data and
the financial statements of a competitor. In addition, Chester, Inc. is
considering
expanding into the global market. They would like you to highlight key
areas of the financial statements you have prepared and identify how
they would be
reported differently if composed under International Financial Reporting
Standards (IFRS) rather than GAAP.
Background and Financial Information
Chester, Inc. is a large, publicly traded client operating in athletic wear
including clothing, shoes, and accessories. Direct competitors include
Columbia
Sportswear Company (COLM – NYSE) and Under Armour, Inc. (UA –
NYSE). All of these companies operate in the textile-apparel clothing
industry. Chester Inc.
operates on a calendar year.
Reference the Milestone One Chester Inc. Trial Balance spreadsheet for
the past three years’ financials (2013, 2014, and 2015).
Additional information:
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ACC 700 Milestone Three
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