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 .