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  1. Compare the format of the financial statements. What are the major similarities and differences? Why do these differences exist?
  2. Compare the footnote summarizing the accounting policies followed by the company (typically the first footnote to the financial statements) in the most recent annual reports. Identify any differences in the accounting principles employed by the companies. What effect do these differences have on their financial position, results of operations, and cash flows? Is one company more conservative or liberal than the other in selecting its accounting principles? Why do you think the difference(s) exist? Also discuss any accounting principle change that occurred during the period covered by the financial statements. Was it a mandatory or elective change?
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