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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: