China Petroleum and Chemical Corporation (CPCC) is an oil and gas company based in Beijing China. Read the case on pages 329336 of your book which goes into detail about how CPCC provides a reconciliation of income and stockholders equity from Chinese GAAP to IFRS. Meanwhile for North American shareholders the company also provides a reconciliation of net income and stockholders equity from IFRS to U.S. GAAP. Once you have read the case in its entirety create an initial post that addresses the following:1. What do you believe to be the key differences in CPCCs results between:
2. For CPCCs international audience should readers of these financial statements in the United Kingdom find the information useful? How about readers from the United States? Explain why or why not.3. Would you recommend that other companies adopt the multiple standards approach taken by CPCC? Explain why you are making your recommendation.Your initial post should thoroughly address the questions above and be supported with research. Be sure to properly cite your reference(s).
International Accounting Timothy Doupnik and Hector Perera McGraw-Hill Fourth Edition 2014 ISBN: 978-0-07-786220-6 ———>THIS IS THE TEXTBOOK TO REFER TO
ANSWER IN 2-3 PARAGRAPHS (USE SCHOLARLY SOURCES)