Financial informationGenerally accepted accounting principles (GAAP) are particularly different for each country. Although there has been pressure for International Financial Reporting Standards (IFRS) to be the new accounting standards for domestic and foreign financial statements, local GAAP still remains the current standard for participating countries (CFO, 2008 ). Regulations regarding an organization's regulatory environment and foreign exchange issues vary within domestic and foreign companies. GAAP differences also vary between the two. When U.S. companies do business abroad, they must also follow certain rules regulated by the Foreign Corrupt Practices Act (FCPA). According to CPE Inc. (2008), “Every business and employee directly or indirectly involved in a foreign operation should have a working knowledge of the FCPA (para. 4). The Financial Accounting Standards Board (FASB) is the U.S. organization that creates the rules and regulations that domestic companies must follow under GAAP. Additionally, “companies whose shares are publicly traded must also comply with the reporting requirements of the Securities and Exchange Commission (SEC), an agency of the United States government” (paragraph 4). Adherence to established standards will help ensure that ethical business practices are respected across borders. Accounting Reporting Criteria PaperUnited Technologies Corporation (UTC) is a global conglomerate and provider of “high-technology products and services for the building systems and aerospace industries” (UTC, 2008). ). With global headquarters located in Hartford, Connecticut; UTC was the 42nd largest company in the United States in 2007, with more than 4,000 locations in approximately 62 countries (UTC,...... middle of paper ......ivesUTC. (2008). Facts and Figures Retrieved November 6, 2008, from http://www.utc.com/utc/About_UTC/Fast_Facts.htmlUTC (2008) Financials Annual Report, accessed November 6, 2008, from http://www.utc.com/utc. /Static%20files/Company%20Reports/Annual%20Reports/2007/2007_utc_annual_report.pdfClark, N. (November 27, 2007) Airbus' currency problems could multiply. Retrieved November 9, 2008 from International Heral Tribune: http: /. /www.iht.com/articles/2007/11/23/business/airbus.phpFinancial Statements (2004) Retrieved November 9, 2008 from the EADS 2004 annual report: http://www.reports.eads.net/. . 2004/ar_2004/en/downloads/Book2/financial_statements_and_corporate_governance.pdfSacho, ZY (2006, November). com/p/articles/mi_qa5377/is_/ai_n21402335