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Accounting practices McDonald's use, (GAAP and IFRS) for international and domestic purposes?

Accounting practices McDonald's use, (GAAP and IFRS) for international and domestic purposes?

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Answer #1

McDonald's uses GAAP standards for accounting and building their financial reports such as the annual report. On analyzing the 2017 and 2016 annual report available on McDonald's website, they clearly mention GAAP standards have been followed. The principles of IFRS have been incorporated into U.S. GAAP standards.

Further, a letter dated July 27, 2001, from McDonald to SEC, McDonald states that "Since we do not believe that IFRS is a better set of accounting standards than U.S. GAAP, we believe the framework outlined in the staff paper provides a well-balanced approach to incorporating IFRS into U.S. GAAP."

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