Financial Reporting on the Internet (AMETEK, Inc.)
The company's management as AMETEK observes in its 2012 annual report is responsible for not only the preparation but also the integrity of the financial statements and other related information (AMETEK, Inc., 2012).
As the company further points out in its annual report, its financial statements conform to the provisions of GAAP (AMETEK, Inc., 2012). The relevance of following the standard set of accounting policies cannot be overstated. To begin with, these standards come in handy in the enhancement of uniformity. As Warren and Reeve (2006) observe, this uniformity helps various stakeholders including but not limited to investors to compare one company against another. Confusion would most likely result were individual companies to prepare financial statements in different formats. It is also important to note that GAAP help in the standardization as well as regulation of accounting methods, assumptions, and definitions. For this reason, these standards play a very meaningful role in the reduction of the risk of error and fraud in the preparation of financial statements.
Q.3
Table 1: Comparison of Figures
2012 ($)
2011 ($)
Change ($)
2011 ($)
2010 ($)
Change ($)
Revenue
3,334,213
2,989,914
344,299
2,989,914
2,470,952
518,962
Operating Income
745,872
635,941
109,931
635,941
482,158
153,783
Net Income
459,132
384,464
74,668
384,464
238,932
145,532
All dollar figures are in thousands.
Based on the figures above, AMETEK seems to be expanding. This is more so the case given the impressive growth it registered in net income, revenue, and operating income within the three years under consideration. The positive net income figures for the years 2012, 2011, and 2010 also clearly indicate that AMETEK is a profitable company. Given that the revenue figure...
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