Gaps in World GAAP

One of the single largest challenges in comparing the financial performance of companies in the same fundamental business but in different countries around the world is dealing with varying accounting practices.

Generally accepted accounting principles or “GAAP” is a dynamic concept requiring constant review and reaction to changing circumstances, markets and economic development.

Jim Lippert, CPA and our contributing financial editor, focuses on the issue more closely by examining the accounting methods of several different international shipping companies – Western Bulk, Stena AB, Sembawang Shipyard Limited, Stolt Partners, TORM and Transportacion Maritima Mexicana.

The accounting method choices made by these companies will be compared to the accounting principles of nine larger and perhaps more mature accounting countries such as the US, the UK, Japan, Australia, Canada, France, Italy, Holland and Germany.

This is only an excerpt of Gaps in World GAAP

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