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HOW TO RECOVER FROM A FINANCIAL CRISIS IN BUSINESS: THE CASE OF SAMSUNG CORPORATION FINANCIAL ASSESSMENT OR THE CASE OF VOLKSWAGEN CORPORATION FINANCIAL ASSESSMENT: Both companies are among the top companies in their area in Europe and worldwide in terms of footprint, turnover, profits, technological advance and innovative products and services despite the recession by reinvesting their profits and focus on long term growth. Both of them are always ‘on the way’ and constantly see possibilities to improve for the future through a healthy competitive environment. However, each of them for different business reasons had to face and cope with a severe financial crisis quite recently. In their effort to steadily apply the strategy “value for money” to their customers and satisfy them with innovative applications in their sectors, they have not succeeded to offer the desired products/ services based on the customer’s expectations and satisfy them with innovative applications in their sectors. Therefore, both have launched extensive crisis programmes for a lower cost structure at their companies, where the main focus is to have a quick recovery the sooner the better. Sources taken from Annual Summaries that both companies release every quarter, both of them are listed in Stock Markets and numerous web sites and Press Release Sources. Requirements: Please start up by consulting a number of related books and articles on financial reporting and managerial accounting/costing in your library and the electronic folder of your pack. List the desirable characteristics of financial reports as outlined in such books and articles. Examine the annual reports of SAMSUNG or VOLKSWAGEN CORPORATIONS with all the financial statements included (at least 3 financial years per company) towards the following points: 1. Examine these reports and then make the appropriate financial assessment on it to see how far in your view it appears to contain the desirable characteristics of financial reports as outlined in the textbooks. (You must show all workings, that is to analyze the financial performance and risk position of these companies as disclosed by its financial statements and explain ratios calculated for at least 3 financial years per company and make and comparison between the years before and after the crisis with the respective detailed analysis). (50% of the total mark) 2. Given the focus of SAMSUNG or VOLKSWAGEN CORPORATIONS on the customer, the drive to reduce costs and “value for money” concept and quick recovery plans, technological innovations with huge investments regarding future and always “looking forward” and the emphasis on “customers and suppliers” working together to overcome the crisis, You are required to: Discuss, using relevant academic literature to support your arguments, the potential for using strategic management accounting/costing concepts and techniques to help promote and facilitate SAP or VOLKSWAGEN CORPORATIONS ambitions for the future with a comparison with similar companies such as (APPLE for SAMSUNG or BMW for VOLKSWAGEN for example).Prepare a written report on your findings and present them on your assignment and provide a practical example on a specific area regarding their accounting and financial implications. (50% of the total mark).