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Accounting And Reporting Criteria For Boeing And Airbus

1228 words - 5 pages

Accounting and Reporting Criteria for Boeing and AirbusEvery business conforms to accounting reporting criteria. In the U.S., companies follow the Financial Accounting Standards Board. Elsewhere, companies follow the International Accounting Standards Board. While both of these boards use many of the same principles, they have many differences as well. With many companies now going global, the difficulty translating these criteria is growing. Boeing and Airbus are two such companies facing these problems. This report will discuss the two companies, the accounting criteria of both, and the steps being made to a joint board and set of standards.Boeing and AirbusAt the end of the twentieth century, seven companies that manufactured passenger planes, helicopters, warbirds and missiles, satellites and spacecraft, merged to become one single enterprise- Boeing. Today, Boeing is the world's leading aerospace company and one of the largest manufacturers of commercial jetliners. Headquartered in Chicago, the company's over 160,000 employees reside all across the U.S. and 70 foreign countries. These employees represent one of the most diverse, talented, and innovative workforces in the world. Boeing has been a premier manufacturer of commercial jetliners for over 40 years. The main commercial products for Boeing are the 737, 747, 767, 777, and the Boeing Business Jet. New products in development include the 787 Dreamliner and the 747-8. Boeing yielded revenue of $66.4 billion for 2007 (Boeing, 2008).Today, Airbus is one of the world's two leading manufacturers of aircraft. Based in France, Airbus manufactures one out of every two airplane orders that have more than 100 seats. Employing 57,000 people, Airbus is renowned for their efficiency, innovation, economy, and safety. The aircraft manufacturer has a product line that includes 14 different airplane models. These models start as small as the 100-seat single-aisle plane, and can get as large as the new 525-seat A380, the largest civil airliner in service. The A320, developed in the late 80s, has become one of the most successful aircraft in the history of aviation. Created in 1970, Airbus is now part of the European Aeronautic Defense and Space Company (EADS) with factories at 16 different European sites. Final assembly of the planes is completed in Toulouse and Hamburg. Airbus now relies on a global network of more than 1500 suppliers in over 30 countries, aiming to have suppliers where the customers are. Airbus is now hailed as an example of what a European corporation can achieve at its best (Airbus, 2008). Both Boeing and Airbus are large aircraft manufacturers. Both work and create parts for all parts of the world. Both companies are public companies that are supported by investors. Despite these similarities, the two companies also have many differences.Regulatory EnvironmentThe regulatory environment for U.S. companies and foreign companies has historically been much different. Recently, the...

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