This agreement marked an important step toward formalizing their commitment to converging U.S. In October 2002, the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) issued a memorandum of understanding (MOU) known as the Norwalk Agreement. The history of convergence efforts for IFRS reporting includes several milestones. This paper presents arguments in favor of convergence because of the benefits it presents. This essay examines the SEC's proposed Work Plan for transitioning IFRS into the U.S. In accordance to the balance sheets for the two financial years, the total assets of the company decreased from $41,164 to $40,877 whereas the total liabilities also declined from $23,387 to $21,484. Total Assets, Total Liabilities and Total Stockholders’ Equity Comparison Moreover, the strategic goal and objective of Home Depot encompassing the development of close and special affiliations with suppliers aid the firm in accomplishing cost minimization (Smithson, 2017). On the basis of the cost leadership generic strategy, the company’s financial goal is cost minimization. The main financial strategy of the company is cost minimization. One of the key elements impelling Home Depot’s success is its financial strategy. In particular, the company deals with the provision of home improvement supplies including tools, construction merchandises, kitchen appliances and the like. Home Depot is one of the prominent and successful retailing companies in the United States.
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