Discussed with other students & my KCQs

We discussed each company in our class.  It was very interesting for me. 

However, other students were not interested in this discussion.  I could find several similarities and differences among five students.  I liked it but I do not like introducing myself.  I discussed my company with a girl.  I found her company is a similar service company, the Australian company: Mermaid Marine which is in the shipping industry provides services transporting gas and oil from Australia to other countries.  I was excited because it was a similar service company!!!  We could find differences because my company is English.  So, we could not compare revenue or other financial differences.  In balance sheet, there were differences.  My company did not have unearned revenue while, hers company has the account.  Why?  I thought, each company has distinct contract conditions between their clients.  So, her company has received a specific amount before providing services to their clients.  It was interesting.  I can imagine a lot about what transactions were recorded.  My company had a foreign currency hedge in the changes in equity statement.  However, her company did not have it.  Why? The company also operates business with other counties’ companies. 

Also, I discussed about each company with the other three students.  It was interesting, too because each student’s company is from a different country where Australia, New Zealand and England and different businesses such as construction, shipbroking, medical services and a retailer.   As a result, there were several differences in the financial statements.  Account names, categories; income details, setting up and currency are different on each income statement.  Each country has different financial years.  Particularly, retailer and service businesses have different balance sheet because retailers have an inventory.  Service companies do not have this.  On the other hand, all financial statements’ concepts or thinking and layout are similar.