Financial Statements Prepared for Use in Other Countries 2205 the United States, the auditor may report using either (a) a U.S.-style reportmodiï¬ed to report on the accounting principles of another country (see para-graphs.09and.10)or(b)ifappropriate,thereportformoftheothercountry(seeparagraphs .11 and .12).
Retail Inventory Method. The retail inventory method is an accounting system to estimate the ending inventory and cost of goods sold. Essentially, its used to estimate the amount of ending inventory at cost.
Understanding Accounting Methods. Officially, there are two types of accounting methods, which dictate how the companyâs transactions are recorded in the companyâs financial books: cash-basis accounting and accrual accounting. The key difference between the two types is how the company records cash coming into and going out of the business.