...1 Financial Reporting Case: Comparing Financial Reports Using the Form 20F Reconciliation Annie has been hired as an analyst for a relatively small investment company and has had several discussions with her new employer who is interested in expanding its investment options to include more international firms. One issue that Annie has brought up with her boss in their discussions is many investors’ unfamiliarity with financial reports prepared based on accounting standards other than US GAAP. While Annie’s employer seems to appreciate her concerns, Annie has asked you to help her prepare a report for her boss to examine and to use when he needs to explain the issues to the company’s clients. Annie has already located a number of popular press items that she will use to gain a general sense of where US GAAP and IFRS differ. However, she is concerned that she will need more direct information to provide to her employer in order to help him understand the issues at hand. She has examined a number of companies that report using IFRS, but is not sure how to use those reports to help her illustrate her concerns. She has asked you to help her prepare some information that she might use to help her boss better understand the impact on financial reports of using IFRS versus US GAAP. Given the importance of various ratios in financial ratios, you have decided to calculate several commonly used financial ratios using values taken from a company that prepares it financial ...
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...Evidence of IFRS and US GAAP Convergence from Nokia’s 20-F Reconciliations” Nokia was created in 1967 through a merger and has become one of the world’s leaders in mobile communications and electronics. The Finland based company gained a lot of power through acquisitions within the telecommunication and electronic market, made around the 1980’s. The company is now specializing in four segments, mobile phones, multimedia, enterprise solutions, and networks. Nokia has ADRs (American Depository Receipts), which allow investors in the US to trade securities without having to trade in foreign capital, that are currently traded in the New York Stock Exchange as “NOK”. Company shares are also being traded on the Frankfurt, Helsinki, and Stockholm stock markets. Nokia’s first issuance of an ADR was in 1994. Since the communications market is changing and growing very rapidly, the best way to differentiate is to acquire smaller companies and share resources and knowledge. A lot of money is spent on research and development of more advanced technologies to gain a competitive advantage. Currently, Nokia has teamed with Microsoft to offer an alternative to the android and Apple’s iOS. Nokia also has a strong presence in markets such as the wireless handset and wireless infrastructure markets. According to Standard& Poors Communication Equipment 2006 Industry Survey, only Ericsson was ahead of Nokia in being the top supplier of wireless infrastructure. In the same report, Nokia was the top...
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...Form 20-F 2011 Nokia Form 20-F 2011 As filed with the Securities and Exchange Commission on March 8, 2012. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2011 Commission file number 1-13202 (Exact name of Registrant as specified in its charter) Republic of Finland (Jurisdiction of incorporation) Nokia Corporation Keilalahdentie 4, P.O. Box 226, FI-00045 NOKIA GROUP, Espoo, Finland (Address of principal executive offices) Riikka Tieaho, Director, Corporate Legal, Telephone: +358 (0)7 1800-8000, Facsimile: +358 (0) 7 1803-8503 Keilalahdentie 4, P.O. Box 226, FI-00045 NOKIA GROUP, Espoo, Finland (Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person) Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934 (the “Exchange Act”): Title of each class Name of each exchange on which registered American Depositary Shares Shares (1) New York Stock Exchange New York Stock Exchange(1) Not for trading, but only in connection with the registration of American Depositary Shares representing these shares, pursuant to the requirements of the Securities and Exchange Commission. Securities registered pursuant to Section 12(g) of the Exchange Act: None Securities for which there is a reporting obligation pursuant to Section 15(d)...
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...Form 20-F 2011 Nokia Form 20-F 2011 As filed with the Securities and Exchange Commission on March 8, 2012. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2011 Commission file number 1-13202 (Exact name of Registrant as specified in its charter) Republic of Finland (Jurisdiction of incorporation) Nokia Corporation Keilalahdentie 4, P.O. Box 226, FI-00045 NOKIA GROUP, Espoo, Finland (Address of principal executive offices) Riikka Tieaho, Director, Corporate Legal, Telephone: +358 (0)7 1800-8000, Facsimile: +358 (0) 7 1803-8503 Keilalahdentie 4, P.O. Box 226, FI-00045 NOKIA GROUP, Espoo, Finland (Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person) Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934 (the “Exchange Act”): Title of each class Name of each exchange on which registered American Depositary Shares Shares (1) New York Stock Exchange New York Stock Exchange(1) Not for trading, but only in connection with the registration of American Depositary Shares representing these shares, pursuant to the requirements of the Securities and Exchange Commission. Securities registered pursuant to Section 12(g) of the Exchange Act: None Securities for which there is a reporting obligation pursuant to Section 15(d)...
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...IFRS in the United States: If, When and How Donna L. Street s described by Erchinger (2012), for decades various United States (US) Securities and Exchange Commission (SEC) Chairs and Chief Accountants have expressed support for the development of one set of globally accepted accounting standards. Since the formation of the International Accounting Standards Board (IASB) in 2001, SEC leaders have repeatedly indicated that the logical choice for globally accepted standards is the International Financial Reporting Standards (IFRS) issued by the IASB. However, in line with other large economies, such as Japan, India and China, as of June 2012 the US had not adopted IFRS.1 This paper explores when and how, and indeed if, IFRS will become the basis for the financial reporting of domestic SEC registrants in the US. Readers are encouraged to first review Erchinger’s (2012) history of the SEC’s consideration of IFRS in the US included in this forum and especially Table 1 of this article, which provides a chronology of SEC releases regarding incorporation of IFRS into the US financial reporting model. This paper complements Erchinger’s by assessing approaches recently explored by the SEC for incorporating IFRS into the US financial reporting model. A decision can lead to correct or incorrect action. However, as articulated by many SEC constituents, uncertainty associated with repeated delays and hence ‘no decision’ by the SEC is clearly not in the best interest of investors and other financial...
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...C H A P T E R 2 CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING LEARNING OBJECTIVES After studying this chapter, you should be able to: •1 •2 •3 •4 Describe the usefulness of a conceptual framework. Describe efforts to construct a conceptual framework. Understand the objective of financial reporting. Identify the qualitative characteristics of accounting information. Define the basic elements of financial statements. •6 •7 Describe the basic assumptions of accounting. Explain the application of the basic principles of accounting. Describe the impact that constraints have on reporting accounting information. •8 •5 What Is It? Everyone agrees that accounting needs a framework—a conceptual framework, so to speak—that will help guide the development of standards. To understand the importance of developing this framework, let’s see how you would respond in the following two situations. SITUATION 1: “Taking a Long Shot . . . ” To supplement donations collected from its general community solicitation, Tri-Cities United Charities holds an Annual Lottery Sweepstakes. In this year’s sweepstakes, United Charities is offering a grand prize of $1,000,000 to a single winning ticket holder. A total of 10,000 tickets have been printed, and United Charities plans to sell all the tickets at a price of $150 each. Since its inception, the Sweepstakes has attracted area-wide interest, and United Charities has always been able to meet its sales target. However, in the...
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...ACCOUNTING Published by McGraw-Hill/Irwin, a business unit of The McGraw-Hill Companies, Inc., 1221 Avenue of the Americas, New York, NY, 10020. Copyright 2012, 2010, 2007 by The McGraw-Hill Companies, Inc. All rights reserved. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written consent of The McGraw-Hill Companies, Inc., including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning. Some ancillaries, including electronic and print components, may not be available to customers outside the United States. This book is printed on acid-free paper. 1 2 3 4 5 6 7 8 9 0 DOW/DOW 1 0 9 8 7 6 5 4 3 2 1 ISBN 978-0-07-811084-9 MHID 0-07-811084-X Vice president and editor-in-chief: Brent Gordon Editorial director: Stewart Mattson Publisher: Tim Vertovec Executive editor: Steve Schuetz Executive director of development: Ann Torbert Senior development editor: Christina A. Sanders Vice president and director of marketing: Robin J. Zwettler Marketing director: Brad Parkins Senior marketing manager: Kathleen Klehr Marketing manager: Michelle Heaster Vice president of editing, design, and production: Sesha Bolisetty Managing editor:...
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... Pulak Prasad Rakesh Bharti Mittal Tan Yong Choo Evan Mervyn Davies Rajan Bharti Mittal Hui Weng Cheong Nikesh Arora Salim Ahmed Salim Tsun-yan Hsieh Manoj Kohli Table of contents Corporate information Performance at a glance rformance Chairman's message airman's CEO (International) & JMD's message O (Internation onal) on CEO (India & South Asia)'s message O (India dia Corporate social responsibility rporate po Directors' report rectors' e Management discussio & analysis nage agement discussion ssio ssion Report on corporate governance governance port ver ve Secretarial audit report report cretarial o Standalone financial stateme with Aud ors' report Auditors' ndalone a statements ments me e uditors r Consolidated financial statements with Auditors' report nsolidated financial statements w i nt with t 2 3 4 6 8 10 0 1 14 24 30 47 48 103 1 Bharti Airtel Annual Report 2010-11 Corporate information Board of directors Mr. Sunil Bharti Mittal Chairman & Managing Director Mr. Manoj Kohli CEO (International) & Joint Managing Director Non-executive directors Mr. Ajay Lal Mr. Akhil Gupta Ms. Chua Sock Koong Mr. Craig Ehrlich Lord Evan Mervyn Davies Mr. Hui Weng Cheong Mr. N. Kumar Mr. Nikesh Arora Mr. Pulak Prasad Mr. Rajan Bharti Mittal Mr. Rakesh Bharti Mittal H.E. Dr. Salim Ahmed Salim Ms. Tan Yong Choo Mr. Tsun-yan Hsieh Website http://www.airtel.com Registered & Corporate Office Bharti Airtel Limited, Bharti Crescent, 1, Nelson Mandela Road...
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...INSIDE Wipro in Brief Customer Focus Financial Highlights Chairman's Letter to the Stakeholders CEO's Letter to the Stakeholders CFO's Letter to the Stakeholders Board of Directors Sustainability Highlights 2012-13 Management Discussion & Analysis Directors Report Corporate Governance Report Business Responsibility Report Standalone Financial Statements Consolidated Financial Statements Consolidated Financial Statements under IFRS Glossary 2 4 8 10 12 14 16 22 24 41 55 85 106 147 183 231 This Annual Report is printed on 100% recycled paper as certified by the UK-based National Association of Paper Merchants (NAPM) and France - based Association des Producteurs et des Utilisateurs des papiers et cartons Recycles (APUR). Certain statements in this annual report concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration...
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...CHAPTER 4 CORPORATE CHAPTER 5 CAPITAL AND SHARES TABLE OF CONTENTS GOVERNANCE 94 CHAPTER 6 FINANCIAL STATUS, OPERATING CHAPTER 1 LETTER TO HTC SHAREHOLDERS 4 34 50 RESULTS AND RISK MANAGEMENT CHAPTER 2 COMPANY PROFILE CHAPTER 3 BUSINESS OPERATIONS 104 CHAPTER 8 FINANCIAL INFORMATION CHAPTER 7 AFFILIATE INFORMATION AND OTHER SPECIAL NOTES 14 118 138 CHAPTER 1 LETTER TO HTC SHAREHOLDERS 1 LETTER TO SHAREHOLDERS LETTER TO SHAREHOLDERS 1 LETTER TO SHAREHOLDERS Dear shareholders, Faced with increasingly intense competitive pressure in the global smartphone market, HTC Corporation (HTC) has in the past year continued to allocate resources to product development, technological innovation, and marketing in order to satisfy consumer needs and at the same time solidify HTC's core developmental ability. 2012 saw HTC reach its 15th anniversary, marking an important milestone. In February, at Mobile World Congress (MWC) held in Barcelona, HTC started a camera and audio revolution with the announcement of its One series of smartphones. These smartphones introduced new technological advances such as "Amazing Camera" and "Authentic Sound," bringing consumers a brand-new user experience. In addition, in order to meet the needs of different consumers, HTC has successfully rolled out a variety of smartphones such as the DROID DNA, HTC J, and HTC Butterfly that deliver superior performance and eye-catching, user-focused...
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...Delivery and growth Royal Dutch Shell plc Annual Report and Form 20-F for the year ended December 31, 2007 Royal Dutch Shell Our Business With 104,000 employees in more than 110 countries and territories, Shell plays a key role in helping to meet the world’s growing demand for energy in economically, environmentally and socially responsible ways. Our Exploration & Production business searches for and recovers oil and natural gas around the world. Many of these activities are carried out as joint venture partnerships, often with national oil companies. Our Gas & Power business liquefies natural gas and transports it to customers across the world. Its gas to liquids (GTL) process turns natural gas into cleaner-burning synthetic fuel and other products. It develops wind power to generate electricity and invests in solar power technology. It also licenses our coal gasification technology, a cleaner way of turning coal into chemical feedstocks and energy. Our Oil Sands business, the Athabasca Oil Sands Project, extracts bitumen from oil sands in Alberta, western Canada and converts it to synthetic crude oils. Our Oil Products business makes, moves and sells a range of petroleum-based products around the world for domestic, industrial and transport use. Its Future Fuels and CO2 business unit develops fuels such as biofuels and hydrogen and synthetic fuels made from natural gas (GTL Fuel) and potentially from biomass; and leads company-wide activities on CO2 management. With...
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...its telecom services under the airtel brand, and is headed by Sunil Bharti Mittal. Bharti Airtel is the first Indian telecom service provider to achieve Cisco Gold Certification. It also acts as a carrier for national and international long distance communication services. The company has a submarine cable landing station at Chennai, which connects the submarine cable connecting Chennai and Singapore. Airtel is credited with pioneering the business strategy of outsourcing all of its business operations except marketing, sales and finance and building the 'minutes factory' model of low cost and high volumes. The strategy has since been copied by several operators. Its network—base stations, microwave links, etc.—is maintained by Ericsson, Nokia Siemens Network and Huawei, and business support is provided by IBM, and transmission towers are maintained by another company (Bharti Infratel Ltd. in India). Ericsson agreed for the first time to be paid by the...
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...7.0% in line with our dividend per share growth target. We also paid a special dividend of 4.0 pence per share and our £6.8 billion share buyback programme is almost complete. £6.4bn Capital expenditure increased by 2.3%, as we continued to maintain our high level of investment to support our network strategy. 14.91p Adjusted earnings per share of 14.91 pence, down 11.0% on last year, resulting from the loss of income following the sale of several businesses and higher financing costs. Vodafone Group Plc Annual Report 2012 01 Business review In this year’s report Business review# 02 Overview 02 Who we are 04 What we do and how we do it 06 Where we do it 08 Where we are heading 10 How we’re doing Chairman’s statement Chief Executive’s review Industry trends How we do business Strategy 22 26 28 Performance# 40 50 51 54 Operating results Guidance Principal risk factors and uncertainties...
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...Siemens employees working together in our global network of trust. To learn more, please see: SPECIAL REPORT: DIVERSIT Y, PAGES 66-75 When a new international airport is being planned, when a doctor recommends a treatment to a patient, when political leaders and society want to ensure reliable energy supplies for the future, when a company wants to offer tailor-made service solutions, when the development of innovative products demands the creativity, experience and dedication of a wide range of experts, that’s when tough decisions have to be made – far-reaching decisions based on a strong sense of responsibility. The success of our integrated technology company rests not only on our technological excellence, power of innovation and financial strength but also on our commitment to responsibility – a commitment that’s made us a strong partner of trust to people all around the world for 165 years. Trust unites us – Building strong partnerships for 165 years Company Report 2012 Trust unites us – Building strong...
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...was a major challenge while preparing the report. My sincere gratitude go to Md. Nafiz Mahmood, RF planning team leader and Shahriar Bin Mohsin, Head of Network Engineering for extending their courtesy and cooperation with appropriate data. I sincerely thank you Sir for allowing me to highlight the key findings in this report and hope that it will fulfill the purpose. It will be extremely kind of yours to accept my analysis. Sincerely yours Md. Ashraful Huq ZR1301004 EMBA, 15thBatch Institute of Business Administration University of Dhaka Table of content 1 | Introduction | | | 8 | | 1.1 | Origin of the Report | 8 | | 1.2 | Objectives | | 8 | | 1.3 | Scope and Limitations | 8 | | 1.4 | Methodology | | 8 | 2 | Corporate Profile of Huawei Technologies Ltd | 9 | | 2.1 | Company information and history | 9 | | 2.2 | Human...
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