Chester, Inc. is a large, publicly traded client at S. N. H. U., LLC. Your task is to develop a comprehensive, professional report for the board of directors. To do this,
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.