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Ce. Center for Logistics, Trade and Transportation and College of Business. THE UNIVERSITY OF SOUTHERN MISSISSIPPI. Study Abroad in Panama Coordinated by Dr. Tulio Sulbaran Tel: 601-266-6419 - Email: [email protected]

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THE UNIVERSITY OF SOUTHERN MISSISSIPPI

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The university of southern mississippi

Ce

Center for Logistics, Trade and Transportation

and

College of Business

THE UNIVERSITY OF

SOUTHERN MISSISSIPPI

Study Abroad in PanamaCoordinated byDr. Tulio SulbaranTel: 601-266-6419 - Email: [email protected]

Comparing Accounting Reporting Practices of Nestle in Panama and Hershey in AmericaPresented by:Aaron ThomasTel: 601-927-8055 Email: [email protected]

Jul 2013


The university of southern mississippi

Video Preamble


The university of southern mississippi

Outline

  • 1- Introduction

  • 2- Information/Data Collection Approach

  • 3- Case Study

  • 4- Results and Results Impact

    • Similarities

    • Differences

  • 5- Summary


The university of southern mississippi

Introduction

Investopedia defines financial statements as: “Records that outline the financial activities of a business, an individual or any other entity. Financial statements are meant to present the financial information of the entity in question as clearly and concisely as possible for both the entity and for readers.


The university of southern mississippi

Introduction

  • Panama is ranked 61st out of 183 economies in Doing Business 2012

  • The top 3 obstacles to running a business in Panama include Corruption, Practices of the Informal Sector, and an Inadequately Educated Workforce

  • Panama is ranked 11th out of 29 countries in the South and Central America/Caribbean region, and its overall score is above the world and regional averages.


The university of southern mississippi

Introduction

  • The focus of this report is Comparing Accounting Reporting Practices of Hershey in America to Nestlé in Panama.

  • In specific, the paper will focus on the different reporting practices of the two countries.


The university of southern mississippi

Information/ Data Collection Approach

  • I used Google search engine for my internet search

  • I also used the WRDS database


The university of southern mississippi

Information/ Data Collection Approach

  • Through the Internet Search I found:

  • The definition of Financial Statements

  • Maps and locations of both companies

  • Similarities and differences of financial reporting for both companies


The university of southern mississippi

Information/ Data Collection Approach

While in Panama I also collected information from interviews.

I Interviewed Gloria Reyes at Nestlé's Latin America Headquarters.


The university of southern mississippi

Information/ Data Collection Approach

  • From the Interview I learned

  • Why Panama was chosen as HQ

  • Distribution in Panama and Latin America

  • Some history of Panama


The university of southern mississippi

Case Study

  • Nestle is

  • Located in Costa del Este

  • World leader in Nutrition, Health and Wellness

  • Chosen as Headquarters for Latin America


The university of southern mississippi

Case Study

  • Hershey is

  • Located in Hershey, Pennsylvania

  • A wholesale supplier of chocolate

  • American founded and run


The university of southern mississippi

Results and Results Impact

This paper compared the preparation and presentation of financial statements in Panama and the United States.


The university of southern mississippi

Results and Results Impact


The university of southern mississippi

Results and Results Impact


The university of southern mississippi

Results and Results Impact

  • This study could help with educating Americans on:

  • any pitfalls faced when Panama switched

  • major differences in IFRS


The university of southern mississippi

Summary

  • Panama uses IFRS

  • The U.S. uses GAAP

  • The U.S. is switching to GAAP

  • Many similarities/ Many new things to learn


The university of southern mississippi founded in 1910

THE UNIVERSITY OF SOUTHERN MISSISSIPPIfounded in 1910

Thanks!

Center for Logistics, Trade and Transportation

and

College of Business


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