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China Petroleum and Chemical Corporation (CPCC) is an oil and gas company based in Beijing, China. Read the case on pages 329—336 of your book, which goes into detail about how CPCC “provides a reconciliation of income and stockholders’ equity from Chinese GAAP to IFRS.” Meanwhile, for North American shareholders, “the company also provides a reconciliation of net income and stockholders’ equity from IFRS to U.S. GAAP.” Once you have read the case in its entirety, create an initial post that addresses the following:
1. What do you believe to be the key differences in CPCC’s results between:
o PRC GAAP and IFRS?
o IFRS and U.S. GAAP?
2. For CPCC’s international audience, should readers of these financial statements in the United Kingdom find the information useful? How about readers from the United States? Explain why or why not.
3. Would you recommend that other companies adopt the multiple standards approach taken by CPCC? Explain why you are making your recommendation.
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