From stiner@verizon.net Thu Jan 4 08:25:01 2001 Date: Thu, 04 Jan 2001 01:25:11 -0500 From: Fred Stiner To: Fred Subject: Sources of American Accounting Information http://www72.homepage.villanova.edu/susan.stiner/cgu/sources2k.html [ Part 2: "Attached Text" ] SOURCES OF AMERICAN ACCOUNTING INFORMATION (2000) American capital markets must have a free flow of information. There is much American accounting information on the World Wide Web. ________________________________________________________________________________ All public companies must file their financial statements and other information with the Securities and Exchange Commission (SEC). These statements are available to anyone. At the SEC website, search EDGAR for a Japanese company, such as Nippon Telegraph & Telephone. At the top of the Edgar search page, enter the word "Nippon." Scroll down until you find "Nippon Telegraph & Telephone [text] 20-F." Click on that NTT link. The document retrieved is the NTT annual report filed with the SEC. Scroll down to page 39 (approximately halfway down) to see the Income Statement. ________________________________________________________________________________ The major American stock exchanges are: New York Stock Exchange (NYSE) American Stock Exchange (AMEX) National Association of Securities Dealers (Nasdaq) Selected Asian stock exchanges are: The Stock Exchange of Hong Kong (SEHK) The Singapore Exchange (SGX) The New York Stock Exchange is the largest American stock exchange. The AMEX, Nasdaq and the Stock Exchange of Hong Kong (SEHK) have a combined website. There we can track the performance of any stock listed on any of the exchanges. The Nasdaq and the Stock Exchange of Hong Kong (SEHK) have a joint program to quote and trade seven Nasdaq stocks on the Hong Kong exchange. The stocks are listed on the Nasdaq. The stocks are not listed on the SEHK. The AMEX and the Stock Exchange of Singapore (SGX) will start a joint effort to list and trade selected securities on their exchanges. These are steps on the path to globalization of the securities market. ________________________________________________________________________________ There are many stockbrokers in the U.S. The largest is Merrill Lynch. Compare them to Nikko Securities. Some people do not use a full-service broker for investment advice. They use a discount broker such as Charles Schwab or E*trade, and pay less in commissions. ________________________________________________________________________________ For research on accounting itself, the website at Rutgers University is a good source. AccountingNet is another good source. Many individuals have their own websites. A link to many American accounting and tax websites is found at Dennis Schmidt's website. America's complicated federal tax system is administered by the Internal Revenue Service. The States created the federal government when they joined to form the United States. Each State has a tax system independent of other states. For example, you can learn about Delaware's tax system or Pennsylvania's tax system. In both states, a taxpayer can file his income tax return through the Internet. Finally, you can use Yahoo, a search engine, to find accounting information. ________________________________________________________________________________ Homework: 1. How is the U.S. Securities and Exchange Commission different from Japan's Securities and Exchange Commission? 2. How are American stock exchanges different from Japan's stock exchanges? 3.A. What is the Japanese company that you chose for the financial statements? 3.B. What is that company's website? 4.A. What financial information does McDonald's of Japan have at its website? 4.B. How does that information compare to the financial information at McDonald's USA site? 5. How does the flow of accounting information over the Internet help corporations and investors? Finally.... If you have time, you can take the virtual UD Tour to see pictures of the campus. There are a few pictures of Villanova University available too. You can see the front door of Bartley Hall where Professor Sue Stiner lives. The most famous building at Villanova University is St. Thomas Church. ________________________________________________________________________________ This page was last modified on June 04, 2000 09:49 PM