On the internet FIND the 2019 reports of the following companies: – Südzucker (German company, using German GAAP) – Costco (US company, using US GAAP) – Widam Food Company (Qatari company, using IFRS) REQUIRED: 1. ‘US Accounting is the best in the world, so it is better for German companies than German accounting’. Discuss whether or not you agree with this quote (no more than 250 words) (2 marks) 2. As of today, German listed companies are using IFRS for their consolidated financial statements while German individual companies are using German accounting. In your opinion, what are the advantage and disadvantages for a country such as Germany that would follow from requiring companies to apply IFRS in their individual financial statements (no more than 300 words) (2.5 marks) 3. Refer to the income statements of Südzucker, Costco, and Widam Food Company. Calculate gross profit margin (gross profit/sales), operating profit margin (operating profit/sales) and net profit margin (net earnings/sales) for each of these companies. If a particular ratio cannot be calculated, explain why not (1.5 marks) 4. Looking at the financial statements of Südzucker (German accounting) and Costco (US GAAP) ONLY: (4 marks) A. List two format differences in the companies’ balance sheets B. Give one example of differences in the level of details (on the face of the financial statements) C. Give one example of disclosure differences (in the notes/Please indicate the note number) D. Give one example of either recognition or measurement differences (Please indicate the note number)

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