This document outlines the key learning objectives and topics covered in international accounting. It defines international accounting as accounting for multinational companies that have operations across national borders. The document discusses how international accounting is distinct from domestic accounting in its consideration of diversity in measurement principles, disclosure practices, and auditing across countries. It also lists several contributing factors to the growth and importance of international accounting, such as the globalization of business, capital markets, and competition.
In this ppt i have given Introduction International Accounting which covers approaches in international accounting, importance of ia, introduction international accounting.
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In this ppt i have given Introduction International Accounting which covers approaches in international accounting, importance of ia, introduction international accounting.
Subscribe to Vision Academy for Video assistance https://www.youtube.com/channel/UCjzpit_cXjdnzER_165mIiw
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An exercise whose objective is to enable auditors to express an opinion on whether the financial statements give a true and fair view (or equivalent) of the entity’s affairs at the period end and of its profit or loss (or income and expenditure) for the period then ended and have been properly prepared in
accordance with the applicable reporting framework (e.g. relevant legislation and applicable accounting standards) or where statutory or other specific requirements prescribe the term, whether the financial statements “present fairly”.
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An exercise whose objective is to enable auditors to express an opinion on whether the financial statements give a true and fair view (or equivalent) of the entity’s affairs at the period end and of its profit or loss (or income and expenditure) for the period then ended and have been properly prepared in
accordance with the applicable reporting framework (e.g. relevant legislation and applicable accounting standards) or where statutory or other specific requirements prescribe the term, whether the financial statements “present fairly”.
Introduction. The Whitlock Company is public accounting firm t.docxnormanibarber20063
Introduction.
The Whitlock Company is public accounting firm that I have been working with for the past six years. In the six years I have ensured that I have worked hard and provide my worth through accomplishing the various tasks assigned to me and in the process sharpening my skills and potential. It is for this reason the top management promoted me to the position of head of legal advisor to our clients on matters pertaining the client aspirations to venture into international business. My responsibilities will therefore be advising the clients on the pros and cons of the international business and how to go about.
Whitlock Company where I have been given a promotion.
My hard work , show of skills and potential led to me been promoted.
My responsibility on promotion will entail advising clients on international business.
1
Cont.
The company has made much progress since I joined three years later after its establishment and during those years, it has made remarkable milestones which has made it be recognized worldwide. The company is located in Netherlands where its main office is and has several branches all over the world. Some of the service that it offer include; Auditing, Public Accounting, Taxation Accounting, Forensic Accounting and Book keeping.
Environmental issues affecting accounting diversity
The rule and regulations of accounting are affected by different factors which include:
Economic environment
This provide the structure and information that need to be reported and hence a major influence of the financial reporting framework which comprises of:
Economic openness: this is a good environment for investors since it give the notch of good reporting of accounts. With improved reporting of accounts, there is a high interest in investing in such as country.
Privatization: this lead to the availability if finances publicly and have been adopted by various countries such as Pakistan and Iran. It is through privatization that there was need to adopt the International Financial Reporting Standards. (IFRS) in many countries.
Economic development stage: this is possible through raising of more capital and adopt different accounting practices that will ensure development. Hence the framework of the accounting practice have a lot in economic development.
International trade: the method of approach of international trade affect the framework of accounting that have been used national wise. Hence adoption of the IFRS is not easy for many countries but it paramount for all.
Economic environment entails:
Economic openness
Privatization
Economic development stage
International trade
3
Political environment
There is a major link between the economic system and the political environment in the determination of the practices to be carried out for rules and regulations. A country political system is very important in the determination of its financial reporting. Developed countries whose democracy if highly rated they .
discuss the rationale for the global harmonization of financial repo.pdfeyewaregallery
discuss the rationale for the global harmonization of financial reporting and disclosure
requirements
Solution
The focus and rationale of global harmonization of financial reporting and disclosure
requirements is for achieving a level of compatibility for the statements. There is less
complication for the companies and individuals to present the financial statements and its
interpretations. The differences between financial reporting standards are erased with
international harmonization of financial reporting.
When there is achievement of international harmonization in finial reporting then it benefits
countries and improves the access effectively for the financial market. The confidence and
investor\'s K owned he is increased. According to Wiley (2000) even though the rationale behind
harmonization is smooth preparation and presentation of financial statements; there may be
differences based on the factors like taxation and political aspects.
It focuses on creation of similar set of procedures with the help of boundary establishment and
how they can differ globally.
It also benefits accounting standards on national and international levels.
The disclosure requirements include the information related to nature and the extent of risks
which arises from financial instruments. The importance of financial instutments for the purpose
of finial position and performance of entity. It includes financial assets, held to maturity
investments, loans and receivables, sale assets etc..
Question 1=Please respond to the followingAnalyze the major e.docxteofilapeerless
Question 1=
Please respond to the following:
Analyze the major elements of international trade to determine why there is more risk here than in domestic trade. Describe some of the risks you identified (3) at. Make at least one recommendation for mitigating the risk(s) you have identified. Provide arguments to support your response. Cite your sources.
Question 2=
Please respond to the following:
Analyze the major elements of international trade to determine why there is more risk here than in domestic trade. Describe some of the risks you identified. Make at least one recommendation for mitigating the risk(s) you have identified. Provide arguments to support your response. Cite your sources.
The major elements of international trade are balance of payments that is made up of invisibles, visibles, and current accounts for the purpose of recording all financial dealings with foreigners, correcting a deficit, and exchange rates.
Balance of payments is used to monitor international monetary transactions for a specific period and tracks the money going in and out of a country.
The BOP is divided into current, capital, and financial accounts.
The current account captures credits and debits related to the trade of merchandise that are bought, sold, or donated in the form of aid.
The capital account consists of monetary flows from debt forgiveness, the transfer of goods, and financial assets by migrants leaving or entering a country, and other fixed assets.
The financial account relates to monetary flows on business investments, real estate, bonds, and stocks.
Government assets such as foreign reserves, gold, and special drawing rights are also included.
Within the elements of international trade, there are country risk, foreign exchange risk, and fraud.
The political and economic stability of a country, and exchange controls all play into country risk.
If a country experiences civil war or sudden changes in government, they may not keep the terms of trade contracts and may default on foreign debt commitments as a result of these political issues.
According to Boland, (2015), most banks have specialized units dealing with country risk and they control the level of exposure that bank will assume for each country.
Foreign exchange risk as another factor that is a big part of international trade as the trader is always at the mercy of exchange rate fluctuations due to various economic, and political changes amongst other speculative reasons.
Traders must stay connected to trading rooms in banks to keep abreast of the exchange market and enter into forward foreign exchange contracts to guard their profit margin.
Fraud is another risk associated with international trade such as documentation, counterpart, and insurance fraud in addition to cargo theft.
For mitigating risks associated with international trade, buyers should ensure sufficient insurance coverage is in place to guard against risk such as transit risk.
Buyers .
Global Market AnalysisGeoff BrownProfessor Duh.docxwhittemorelucilla
Global Market Analysis
Geoff Brown
Professor Duhn
ACC 680
March 5, 2017
Objectives
Introduction
Potential issues in financial statement analysis
Recommendations on the issues
International financial statement analysis potential benefits
2
Introduction: financial statements analysis
Definition; the act of looking at financial statements with a view of evaluating the financial status of the company to make better economic decisions(Brown et.al, 2014)
Financial statements include balance sheet, income statement, statement of equity and cash flow statement among others
Financial analysis uses tools such as financial ratios
Financial statement analysis make the use of various tools. The most common tools is financial ratios. This financial ratios are classified into various categories depending on the objective they are required to achieve. The common financial ratios are classified into liquidity, profitability, solvency, operating financial ratios and leverage ratios.
3
Introduction (continued)
Statement of the problem- effect of global market on financial statement analysis
Scope; financial statement analysis in the us vis a vis the global market
global market of choice is German.
This presentation is intended to give an outline of the various opportunities as well as threats that will be encountered as result of having global operations. The threats and opportunities will have a bias on the various effects this global markets will have on the process of financial statement analysis. This will also be a comparison between the host country, USA and the new country referred to as the global market. The global market in this case is German
4
Potential issues
Legal systems
Tax regulation
Political and political ties
Inflation
Funding mechanism
This are the major determinants of many countries accounting system and by the extension the process of financial statement analysis. They present both threats and opportunities to the business. The will be each be discussed in the subsequent slides.
5
Legal system
There two types of legal systems namely common law and codified roman law
The kind of accounting system is determined by the legal system
German being the global market uses codified roman law.
Accounting profession in German is highly regulated with procedures laid down on particular transaction
In the German law is silent about items such as cash flow statements, leases and also transactions involving foreign currency transactions(Geppert et.al, 2016)
Unlike in the USA and other countries who use the common law legal system, the accounting field is highly regulated in German. In countries operating under the common law regime the laws are left to professional bodies to deliberate on the various contentious issues. In this case various tools such as cash flow statement are very important when it comes to issues such liquidity. Lack of clear direction on such an item can make benchmarking wit ...
A Theoretical Framework (Modelling) for International Business ManagementYasmin AbdelAziz
The international framework with all the institutions and organisations
that determine country’s economic and support policy in emergent situations.
2. Impact of globalisation on international and national policy and activities. 3. The
national framework, which fairly complicated because there are many active players:
a) National economic policy: understanding it and the environment for trade
activities. b) National economic structure and competiveness of the domestic
companies. c) International management capacities. d) Local or regional environment
and conditions for the companies. e) Focus on the world market conditions and their
development
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
A Strategic Approach: GenAI in EducationPeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
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Palestine last event orientationfvgnh .pptxRaedMohamed3
An EFL lesson about the current events in Palestine. It is intended to be for intermediate students who wish to increase their listening skills through a short lesson in power point.
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
Acetabularia Information For Class 9 .docxvaibhavrinwa19
Acetabularia acetabulum is a single-celled green alga that in its vegetative state is morphologically differentiated into a basal rhizoid and an axially elongated stalk, which bears whorls of branching hairs. The single diploid nucleus resides in the rhizoid.
2. Choi/Meek, 7/e 2
Learning Objectives
How is international accounting distinct from
domestic accounting?
What does international accounting diversity entail?
Does international accounting have a history?
What factors are contributing to the importance of
international accounting as a field of study?
What external and internal reporting issues arise
when business and investing transcend national
borders?
What is meant by the term, global capital markets,
and what does development mean for capital market
participants?
3. Choi/Meek, 7/e 3
What is International Accounting?
Domestic accounting: an information
specialty providing information about a firm to
users of that information as a basis for
economic decisions.
International accounting (defined): same
as above except that the firm being reported
on is a multinational company with operations
and transactions that cross national
boundaries or an entity with reporting
obligations to non-domestic readers.
4. Choi/Meek, 7/e 4
What Does International
Accounting Diversity Entail?
Measurement principles
Financial disclosure (corporate transparency)
Auditing practices
5. Choi/Meek, 7/e 5
Contributing Factors
Accounting’s international heritage
Double-entry originates in the Italian city states.
Bookkeeping spreads to Germany and assists the spread
of capitalism.
Dutch enhance income measurement.
French use accounting for governmental planning and
control.
Double entry assists the British in managing and controlling
commercial interests in the colonies.
Accounting plays a major role in the U.S. industrial
revolution.
6. Choi/Meek, 7/e 6
Contributing Factors (contin)
Paradox of international accounting
In many countries, accounting remains a nationalistic
affair.
Accounting serves people and institutions whose
decisions are international in scope.
Accounting diversity creates a demand for
harmonization.
9. Choi/Meek, 7/e 9
Contributing Factors (contin)
Reporting issues when business transcends
national boundaries
Consolidation of foreign accounts
Accounting for foreign currency fluctuations
Accounting for changing prices
International planning and control
Performance evaluation of foreign operations
Financial risk management
International taxation and transfer pricing
Financial innovation
Identifying potential market risks
Quantifying trade-offs associated with alternative risk reduction strategies
Measuring risk exposures
Accounting for specific hedge products
Evaluating the effectiveness of hedging programs
10. Choi/Meek, 7/e 10
Contributing Factors (contin)
Global competition
Competitive
benchmarking
necessitates
international
comparisons.
12. Choi/Meek, 7/e 12
Contributing Factors (contin)
Cross-border mergers and acquisitions
Corporate valuation is a function of accounting
measurements that vary from country to country.
E.g., the e in p/e valuation multiples.
Internationalization of capital markets
Raising external finance abroad means that
financial reports must increasingly travel
internationally.
15. Choi/Meek, 7/e 15
Contributing Factors (contin)
Reporting issues associated with
internationalization of capital markets
How to analyze and interpret foreign accounts?
How to report to foreign readers?
How to harmonize reporting standards
internationally?