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Mei

Part I

The below standards are applicable for Apple Inc.

IAS #21           The Effects of Changes in Foreign Exchange Rates

IAS #29           Financial Reporting in Hyperinflationary Economies

IAS #31           Interests in Joint Ventures (superseded by IFRS 11 Joint Arrangements and IFRS 12

Disclosures of Interests in Other Entities)

IFRS 3             Business Combinations

IFRS 8             Operating Segments

IAS 21 (The Effects of Changes in Foreign Exchange Rates)

IAS 21 describes how to account for foreign currency transactions and operations in the financial statements and how to translate financial statements into a presentation currency or a reporting currency. Apple Inc. needs to translate the financial statements of its subsidiaries with different functional currencies into U.S. dollars. The company recognizes gains and losses generated by foreign currency translations in accumulated other comprehensive income in the stockholder’s equity section on the consolidated balance sheet. Apple reclassifies cumulative foreign currency translations as other comprehensive income and reports them in the consolidated statement of comprehensive income.

 

Part III

Apple Inc. might want to include the following companies in a benchmarking study.

Korea- Samsung

US- Microsoft, Dell, HP

Hong Kong- Lenovo

China- Xiaomi, Huawei, Oppo

Resources:

 Top 10 Apple Competitors In 2021. What Competitors. Retrieved from

https://whatcompetitors.com/apple/#:~:text=The%20biggest%20competitor%20of%20Apple,21.2%25%20of%20the%20global%20market.

 SEC filing. (September 26, 2020). United States Securities and Exchange Commission.

https://www.sec.gov/ix?doc=/Archives/edgar/data/320193/000032019320000096/aapl-20200926.htm