Course Project: Throughout your course work, you explored topics such as cost and revaluation models of accounting, revenue recognition, assets and liabilities, translation accounting, consolidated financial statements, and international taxation. These topics are all an integral part of financial reporting in international accounting. With your course studies in mind, create an 8- to 10-slide PowerPoint Presentation addressing the following: Part OneU.S. and two companies from the same industry: One international/foreign company operating in the United States (e.g., Nestle) following the IFRSOne U.S. company operating in a foreign country (e.g., Kraft Foods) following the U.S. GAAP Locate and analyze each companys financial statements and disclosures. Part TwoTopics in International Accounting Select two of the following topics and consider international accounting issues surrounding the topics and companies you selected: Cost and revaluation models of accounting Analyze each companys model of accounting. Determine whether the companies use the cost or revaluation models of accounting. Evaluate the implications of each companys accounting model. Describe how the companies compare to each other. Revenue recognition Analyze each companys revenue. Consider the types of revenue the companies generate. Determine which type of revenue is greatest for each company. Evaluate the implications of the differences between IFRS and U.S. GAAP revenue recognition standards on each company. Assets and liabilities Analyze each companys financial statements. Consider the types of financial assets and liabilities such as securities and other financial investments they have acquired. Determine whether the investments were acquired as short-term or long-term investments. Evaluate the implications of these investments on the companies. Translation accounting Analyze each companys reporting currency. Determine whether the company uses a different reporting currency than its functional currency. Explain why a company would use a currency other than its functional currency for financial reporting. Consolidated financial statements Analyze the foreign companys financial statements. Determine whether the foreign company reports its financial information on a consolidated basis, separate basis, or both. Provide your opinion on whether international standards, like U.S. GAAP, should require companies to report on a consolidated basis. International taxation Analyze each companys taxation. Consider how the foreign company is taxed and how the U.S. company is taxed in comparison. Determine each companys treatment of foreign source income. Evaluate the implications of taxation on each company. Part Three Foreign Financial Statements Identify inherent issues in analyzing foreign financial statements. Evaluate the impact of these issues on financial reporting in international accounting. Provide recommendations for mitigating these issues.