The document provides an introduction to international accounting. It discusses key topics in international accounting including foreign currency translation, consolidation of foreign financial statements, accounting for foreign inflation, and management accounting areas like multinational transfer pricing and analysis of foreign financial statements. International accounting aims to facilitate harmonization of accounting practices globally and help decision makers understand financial reporting across different countries and their underlying accounting principles. It allows companies to effectively manage multinational operations and transactions between borders.
According to International Accounting Standard Board (IASB), the objective of financial reporting is “to provide information about the financial position, performance and changes in financial position of an enterprise that is useful to a wide range of users in making economic decisions.”
Financial Accounting Vs. Management Accounting | Academy Tax4wealthAcademy Tax4wealth
What is the difference between Financial Accounting and Management Accounting, and what are the key functions and meanings of each? Join Academy Tax4wealth now, and solve your quarry. Learn more!
For more information, visit us at:-
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Financial Accounting Vs. Management Accounting | Academy Tax4wealthAcademy Tax4wealth
What is the difference between Financial Accounting and Management Accounting, and what are the key functions and meanings of each? Join Academy Tax4wealth now, and solve your quarry. Learn more!
For more information, visit us at:-
https://academy.tax4wealth.com/blog/financial-accounting-vs-managerial-accounting
Finance for non finance for employee, business man and corporatete Bibek Prajapati
The ability to effectively read financial reports and data is crucial to the
processes of day-to-day management, strategic planning and
decision-making in any firm.
-The proper understanding of the various
financial concepts and instruments and their implications to the firm’s
health and performance in the market place are indispensable for
managers who typically come from various functions within the firm.
-The comprehensive program of Finance for Non-Finance Managers
has been carefully designed to meet the needs of executives and
managers who come from nonfinancial backgrounds across the
corporate landscape.
-The two-staged program provides theparticipants with a comprehensive understanding of key financial principles and practices and empowers them with the tools to effectively interpret and use financial data in the decision-making process in their respective functions of sales, marketing or planning.
Meaning/ WHY
Benefits
Key Personal Responsibility
Type of business
Financial planning
Three principle of corporate Finance
Why Financial Accounting
Fundamentals of Financial Accounting
Procedural Aspects of Accounting
Objectives of accounting
Function of Accounting
Accounting – Classification
Difference between Management Accounting and Financial Accounting
Bookkeeping &Process of accounting
Steps/Phases of Accounting Cycle
User of accounting Information
BASIC ACCOUNTING TERMS
Types of Accounts
Accounting Equation
ACCRUAL BASIS AND CASH BASIS OF ACCOUNTING
CAPITAL AND REVENUE TRANSACTIONS
Cost Accounting meaning , objective
ROLE OF A COST ACCOUNTANT IN A MANUFACTURING ORGANISATION
COST CONCEPT, TYPES AND CLASSIFICATION
Cost centre and cost unit
ELEMENTS OF COST
CLASSIFICATION OF COST
TYPES / TECHNIQUES OF COSTING
METHODS OF COSTING & THEIR APPLICABILITY
COGS, INVENTRY
Capacity
Budget
Corporate objective
Cost control and variance
Standard costing
Cash flow statement
Annual Report
Ratio analysisis
Capital Budgeting
Risk and Return
Regulators
Constitutional Aspects of Taxation by the Union and States
Financial Relations between the
Union and the States
Indirect Taxes : Union and the States
Taxation by the Union and the States
REVENUE ADMINISTRATION
Gst
Existing Indirect Tax System
ACTIVE INTERFACE WITH IT SYSTEMS
INCOME TAX LAW : AN INTRODUCTION
Income-tax Act
The Finance Act
CONCEPT OF INCOME
Stapes of TOTAL INCOME AND TAX PAYABLE
Deductions from Gross Total Income
RETURN OF INCOME
According to International Accounting Standard Board (IASB), the objective of financial reporting is “to provide information about the financial position, performance and changes in financial position of an enterprise that is useful to a wide range of users in making economic decisions.”
Financial Accounting Vs. Management Accounting | Academy Tax4wealthAcademy Tax4wealth
What is the difference between Financial Accounting and Management Accounting, and what are the key functions and meanings of each? Join Academy Tax4wealth now, and solve your quarry. Learn more!
For more information, visit us at:-
https://academy.tax4wealth.com/blog/financial-accounting-vs-managerial-accounting
Financial Accounting Vs. Management Accounting | Academy Tax4wealthAcademy Tax4wealth
What is the difference between Financial Accounting and Management Accounting, and what are the key functions and meanings of each? Join Academy Tax4wealth now, and solve your quarry. Learn more!
For more information, visit us at:-
https://academy.tax4wealth.com/blog/financial-accounting-vs-managerial-accounting
Finance for non finance for employee, business man and corporatete Bibek Prajapati
The ability to effectively read financial reports and data is crucial to the
processes of day-to-day management, strategic planning and
decision-making in any firm.
-The proper understanding of the various
financial concepts and instruments and their implications to the firm’s
health and performance in the market place are indispensable for
managers who typically come from various functions within the firm.
-The comprehensive program of Finance for Non-Finance Managers
has been carefully designed to meet the needs of executives and
managers who come from nonfinancial backgrounds across the
corporate landscape.
-The two-staged program provides theparticipants with a comprehensive understanding of key financial principles and practices and empowers them with the tools to effectively interpret and use financial data in the decision-making process in their respective functions of sales, marketing or planning.
Meaning/ WHY
Benefits
Key Personal Responsibility
Type of business
Financial planning
Three principle of corporate Finance
Why Financial Accounting
Fundamentals of Financial Accounting
Procedural Aspects of Accounting
Objectives of accounting
Function of Accounting
Accounting – Classification
Difference between Management Accounting and Financial Accounting
Bookkeeping &Process of accounting
Steps/Phases of Accounting Cycle
User of accounting Information
BASIC ACCOUNTING TERMS
Types of Accounts
Accounting Equation
ACCRUAL BASIS AND CASH BASIS OF ACCOUNTING
CAPITAL AND REVENUE TRANSACTIONS
Cost Accounting meaning , objective
ROLE OF A COST ACCOUNTANT IN A MANUFACTURING ORGANISATION
COST CONCEPT, TYPES AND CLASSIFICATION
Cost centre and cost unit
ELEMENTS OF COST
CLASSIFICATION OF COST
TYPES / TECHNIQUES OF COSTING
METHODS OF COSTING & THEIR APPLICABILITY
COGS, INVENTRY
Capacity
Budget
Corporate objective
Cost control and variance
Standard costing
Cash flow statement
Annual Report
Ratio analysisis
Capital Budgeting
Risk and Return
Regulators
Constitutional Aspects of Taxation by the Union and States
Financial Relations between the
Union and the States
Indirect Taxes : Union and the States
Taxation by the Union and the States
REVENUE ADMINISTRATION
Gst
Existing Indirect Tax System
ACTIVE INTERFACE WITH IT SYSTEMS
INCOME TAX LAW : AN INTRODUCTION
Income-tax Act
The Finance Act
CONCEPT OF INCOME
Stapes of TOTAL INCOME AND TAX PAYABLE
Deductions from Gross Total Income
RETURN OF INCOME
Discuss in detail the importance of either ageneral standardstan.pdfarchiesgallery
Discuss in detail the importance of either a
general standard
standard of fieldwork or
standard of reporting
Solution
Standards of reporting are also known as Accounting standards.
Accounting Standards are employed as one of the main compulsory regulatory mechanisms for
preparation of general-purpose financial reports and subsequent audit of the same, in almost all
states of the globe.Accounting standards are concerned with the scheme of measurement and
disclosure principles for the provision and demonstration of financial statements.They come out
with a set of important statements of how particular types of proceedings, events and other costs
should be known and reported in the financial statements.Accounting standards are devised to
supply useful information to different users of the financial statements, to such as shareholders,
creditors, lenders, management, investors, suppliers, competitors, researchers, regulatory bodies
and social club at large and so alone.In fact, such assertions are planned and prescribed so as to
improve & benchmark the quality of financial coverage.
The speedy development of international trade and internationalization of firms, the
developments of new communication technologies, the issue of international competitive forces
is perturbing the financial environment to a large extent.Under this global business scenario, the
residents of the business community are badly in need of a common accounting language that
should be uttered by all of them across the world.A financial reporting system of worldwide
standard is a requirement for attracting foreign as well as present and prospective investors at
home alike that should be achieved through harmonization of accounting standards
Operating a line of work is not simply to make profits, deposit money in the money box, paying
employees, and lure more customers and clients. It is whether the commercial enterprise is
booming or if the owner is simply investing in something that will not win them all. Accounting
standards in the United States appear in the conformation of the generally accepted accounting
principles, a set of measures, guidelines and operations that are used when accounting for the
affairs of most governmental and non- governmental bodies.The reading of numbers and the
wherewithal to put them in the proper context are at the essence of accountability.Measures exist
to assure that accounting decisions are reached in a unified and reasonable manner..
Translation of Foreign Currency in Financial Statements An.docxturveycharlyn
Translation of Foreign Currency in Financial Statements
And
Preparation of Journal Entries
This week’s focus is on the translation of foreign currency financial statements for the purpose of
preparing consolidated financials and also posting journal entries.
When preparing consolidated financial statements on a worldwide basis, the foreign currency financial
statements prepared by foreign operations must be translated into the parent company’s reporting
currency.
Issues related to this translation:
1. Which method should be used, and
2. Where should the resulting translation adjustment be reported in the consolidated financial
statements.
Translation methods differ on the basis of which accounts are translated at the current exchange rate
and which are translated at historical rates. Accounts translated at the current exchange rate are
exposed to translation adjustment (balance sheet exposure).
Different translation methods give rise to different concepts of balance sheet exposure and translation
adjustments of differing sign and magnitude.
There are four major methods of translating foreign currency financial statements:
1. current/noncurrent method
2. monetary/non-monetary method
3. temporal method
4. current rate
We will be focusing on the temporal and current rate methods.
CURRENT RATE METHOD
All assets and liabilities are translated at the current exchange rate giving rise to a balance sheet
exposure equal to the foreign subsidiary’s net assets. Stockholders’ equity accounts are translated at
historical exchange rates. Income statement items are translated at the average exchange rate for the
current period.
Appreciation of the foreign currency results in a positive translation adjustment
Depreciation of the foreign currency results in a negative translation adjustment
Translating all assets and liabilities at the current exchange rate maintains the relationships that exist in
the foreign currency financial statements.
Translating assets carried at historical cost at the current exchange rate results in amounts being
reported on the parent’s consolidated balance sheet that have no economic meaning.
TEMPORAL METHOD
A method of foreign currency translation that uses exchange rates based on the time assets and
liabilities are acquired or incurred. The exchange rate used also depends on the method of valuation
that is used. Assets and liabilities valued at current costs use the current exchange rate and those that
use historical exchange rates are valued at historical costs. Source: INVESTOPEDIA
With the temporal method assets are carried at current or future value (cash, marketable securities,
receivables) and liabilities are re-measured at the current exchange rate.
Assets carried at historical cost and stockholders’ equity accounts are re-measured at historical
exchange rates.
Expenses related to assets re ...
International Accounting is the international aspect of accounting encompassing accounting principles and reporting practices in different countries, foreign currency and exchange and the accounting of multinational companies and their subsidiaries.
Understanding Financial Reporting in New York_Finalert LLC .pptxfinalert.net
Financial Reporting refers to the systematic process of collecting, analyzing, summarizing, and communicating an organization's financial information to various stakeholders, including investors, creditors, regulators, and internal management.
This course is designed to provide a comprehensive understanding of accounting principles and practices for individuals seeking to develop a strong foundation in financial management and reporting.Whether you are a business professional, aspiring accountant, or an entrepreneur looking to manage your finances better, this course will equip you with the essential knowledge and skills required to navigate the world of accounting confidently.
Discuss in detail the importance of either ageneral standardstan.pdfarchiesgallery
Discuss in detail the importance of either a
general standard
standard of fieldwork or
standard of reporting
Solution
Standards of reporting are also known as Accounting standards.
Accounting Standards are employed as one of the main compulsory regulatory mechanisms for
preparation of general-purpose financial reports and subsequent audit of the same, in almost all
states of the globe.Accounting standards are concerned with the scheme of measurement and
disclosure principles for the provision and demonstration of financial statements.They come out
with a set of important statements of how particular types of proceedings, events and other costs
should be known and reported in the financial statements.Accounting standards are devised to
supply useful information to different users of the financial statements, to such as shareholders,
creditors, lenders, management, investors, suppliers, competitors, researchers, regulatory bodies
and social club at large and so alone.In fact, such assertions are planned and prescribed so as to
improve & benchmark the quality of financial coverage.
The speedy development of international trade and internationalization of firms, the
developments of new communication technologies, the issue of international competitive forces
is perturbing the financial environment to a large extent.Under this global business scenario, the
residents of the business community are badly in need of a common accounting language that
should be uttered by all of them across the world.A financial reporting system of worldwide
standard is a requirement for attracting foreign as well as present and prospective investors at
home alike that should be achieved through harmonization of accounting standards
Operating a line of work is not simply to make profits, deposit money in the money box, paying
employees, and lure more customers and clients. It is whether the commercial enterprise is
booming or if the owner is simply investing in something that will not win them all. Accounting
standards in the United States appear in the conformation of the generally accepted accounting
principles, a set of measures, guidelines and operations that are used when accounting for the
affairs of most governmental and non- governmental bodies.The reading of numbers and the
wherewithal to put them in the proper context are at the essence of accountability.Measures exist
to assure that accounting decisions are reached in a unified and reasonable manner..
Translation of Foreign Currency in Financial Statements An.docxturveycharlyn
Translation of Foreign Currency in Financial Statements
And
Preparation of Journal Entries
This week’s focus is on the translation of foreign currency financial statements for the purpose of
preparing consolidated financials and also posting journal entries.
When preparing consolidated financial statements on a worldwide basis, the foreign currency financial
statements prepared by foreign operations must be translated into the parent company’s reporting
currency.
Issues related to this translation:
1. Which method should be used, and
2. Where should the resulting translation adjustment be reported in the consolidated financial
statements.
Translation methods differ on the basis of which accounts are translated at the current exchange rate
and which are translated at historical rates. Accounts translated at the current exchange rate are
exposed to translation adjustment (balance sheet exposure).
Different translation methods give rise to different concepts of balance sheet exposure and translation
adjustments of differing sign and magnitude.
There are four major methods of translating foreign currency financial statements:
1. current/noncurrent method
2. monetary/non-monetary method
3. temporal method
4. current rate
We will be focusing on the temporal and current rate methods.
CURRENT RATE METHOD
All assets and liabilities are translated at the current exchange rate giving rise to a balance sheet
exposure equal to the foreign subsidiary’s net assets. Stockholders’ equity accounts are translated at
historical exchange rates. Income statement items are translated at the average exchange rate for the
current period.
Appreciation of the foreign currency results in a positive translation adjustment
Depreciation of the foreign currency results in a negative translation adjustment
Translating all assets and liabilities at the current exchange rate maintains the relationships that exist in
the foreign currency financial statements.
Translating assets carried at historical cost at the current exchange rate results in amounts being
reported on the parent’s consolidated balance sheet that have no economic meaning.
TEMPORAL METHOD
A method of foreign currency translation that uses exchange rates based on the time assets and
liabilities are acquired or incurred. The exchange rate used also depends on the method of valuation
that is used. Assets and liabilities valued at current costs use the current exchange rate and those that
use historical exchange rates are valued at historical costs. Source: INVESTOPEDIA
With the temporal method assets are carried at current or future value (cash, marketable securities,
receivables) and liabilities are re-measured at the current exchange rate.
Assets carried at historical cost and stockholders’ equity accounts are re-measured at historical
exchange rates.
Expenses related to assets re ...
International Accounting is the international aspect of accounting encompassing accounting principles and reporting practices in different countries, foreign currency and exchange and the accounting of multinational companies and their subsidiaries.
Understanding Financial Reporting in New York_Finalert LLC .pptxfinalert.net
Financial Reporting refers to the systematic process of collecting, analyzing, summarizing, and communicating an organization's financial information to various stakeholders, including investors, creditors, regulators, and internal management.
This course is designed to provide a comprehensive understanding of accounting principles and practices for individuals seeking to develop a strong foundation in financial management and reporting.Whether you are a business professional, aspiring accountant, or an entrepreneur looking to manage your finances better, this course will equip you with the essential knowledge and skills required to navigate the world of accounting confidently.
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2. The purpose of accounting is to provide
information that is useful for making business
and other economic decisions. For this reason,
accounting is commonly referred to as the
language of business.
The important categories of information
contained in accounting are operating
information, financial accounting information,
management accounting information and tax
accounting information.
3. Since countries have their own set of socio-
economic, political, legal, cultural, technological
and linguistic environment, financial reporting
diversities are quite eminent.
With diverse financial reports in hand,
decision makers find it difficult to make effective
decisions. To overcome this difficulty and to have a
more uniform and harmonized financial reporting
across the globe, the concept of INTERNATIONAL
ACCOUNTING has gained momentum.
4. International accounting is nothing but
international aspects of accounting, including such
as accounting principles and reporting
matters
practices in different countries and their
classification patterns of accounting development;
international and regional harmonization, foreign
currency translation, foreign exchange risk,
international comparisons of consolidation
accounting and inflation accounting, accounting in
developing countries, performance evaluation of
foreign subsidiaries.
5. An understanding of the international dimension of
the accounting processes that were just
described is important to those seeking to manage
a business or obtain or supply of financing across
notional borders.
Accounting amounts may vary significantly
according to the principles that govern them.
Differences in culture, business practices, political
and regulatory structures, legal systems, currency
values, local inflation rates, business risks, and tax
codes all affect how the MNC conducts its
operations and financial reporting around the
World. Financial statements and others
disclosures are impossible to understand without
an awareness of the underlying Accounting
6. Definition of InternationalAccounting:
“International accounting would involve
accounting for international transactions, the operational
aspects of international firms, comparison of accounting
principles and practices found in foreign countries and
the procedures by which they were established”.
“International accounting is that branch of
accounting which analyses the different accounting
principles and practices prevalent around the globe, deals
with the specific technical problems encountered by
individuals and MNCs in international operations and as
its ultimate goal, attempts to develop a universal system
of accounting that would receive acceptance the world
over”.
7. International accounting may thus be
defined as that “branch of accounting which
deals with the recording and translation of
foreign transactions, preparation and
presentation of consolidated foreign financial
statements and presentation of international
financial reporting in accordance with
international GAAP and auditing practices”.
8. Importance of International Accounting:
1. It facilitates achieving harmonization of
accounting practices across nations.
2. It helps in reaching out to global investors.
3. It helps in taking informed decisions.
4. It helps in mobilizing global resources
5. It helps in establishing uniformity in global
financial reporting and disclosure practices
6. It helps in the professionalization of accounting
education world over.
7. It helps in inculcating ethics and transparency into
accounting practices.
9. Approaches to International Accounting:
1. Universal or worldAccounting
2. Comparative InternationalAccounting
3. Pragmatic or operational international
Accounting
4. Politicized InternationalAccounting
10. Development of International
Accounting:
The factors, which have contributed towards the
development of international accounting, are:
1. Expansion of world trade
2. Emergence of multinational corporations
3. Increase in international flow of capital
4. Historical evolution of accounting
5. Need for harmonization of accounting
practices
11. Scope of International Accounting:
The scope of International accounting has been
justified with 3 concepts:
A. FinancialAccounting
B. ManagementAccounting
C. Social and Allied Accountingactivities
12. A. Financial Accounting:
1. Recording of foreign transactions
2. Foreign currency translation
3. Accounting for foreign inflation
4. Consolidation of foreign financial statements
5. Segment and Interim reporting
13. 1. Recording of foreign transactions:
International accounting essentially begins with
the recording of foreign transactions. A transaction, in
relation to importing, exporting, foreign borrowings
and lending, and forward contracts, taking place
between parties belonging to two different countries, is
said to be an international or foreign transactions.
As far as recording foreign transactions is
concerned, two approaches i.e., single transaction
approach and the dual transaction approach are
found to be popular.
The dates of the transaction such as
a) The initial transaction date
b) The interim reporting date
c) The settlement date
14. 2. Foreign Currency Translation:
Foreign currency translation means, converting the
financial figures which is one country’s currency to other
country's currency. Foreign currency translations refers to
the change in the monetary expression of the financial data
contained in the financial statements.
Ex. Figures of the balance sheet and income statement
expressed in rupees when restated in dollar equivalent or in
other similar foreign currency.
Issues or steps involved in FCT:
a) Recognition and recording of foreign currency
transactions
b) Recording of forward exchange contracts
c) Translation of foreign currencies
d) Understanding the international GAAP on foreign
currency translation.
15. 3. Accounting for foreigninflation:
Price level changes refer to the increase
or decrease in the purchasing power of money.
Purchasing power, in turn, refers to the ability
of a given sum of money to buy a certain
amount of goods or services now in
comparison to what the same of money could
have bought at a previous date.
16. 4. Consolidation of Foreign Financial
Statements :
consolidated refers to the preparation and
presentation of ‘integrated financial statements’,
popularly known as consolidated statements.
By incorporation the financial data of the
subsidiary, to the extent of the controlling interest,
in the financial statement of the parent company
with a view to giving the stakeholders information
as regards the economic resources being controlled
by the group.
17. 5. Segment and Interim Reporting:
Segment reporting refers to the reporting of
financial information in relation to different business
activities of the firm classified as business segment or
geographical segment.
Interim reporting refers to the presentation of
financial statements of the enterprise covering periods of
less than a full financial year. The purpose of such
presentation of financial statements is to provide the
decision makers with frequent and timely information for
taking investment and credit decisions, based on their
ability to predict full year’s financial results from the
interim results.
18. B. Management Accounting
1. Analysis of foreign financial statements
2. Multinational transfer pricing
3. Budgeting and performance evaluation of
foreign subsidiaries
4. Management of foreign exchange risk
5. International taxation
19. 1. Analysis of Foreign Financial Statements :
Financial statement analysis refers to an information
processing system that is meant for providing financial
data which are appropriate and useful to decision makers
who are concerned with evaluating the economic
situation of the firm and predicting its future course.
Techniques of financial statement analysis:
a) Economic ValueAdded (EVA)
b) Market ValueAdded (MVA)
c) Multiple Discriminate Analysis (MDA)
20. 2.Multinational Transfer Pricing:
Transfer pricing relates to the pricing of goods
and services that change hands between entities
engaged in inter firm trade. Transfer price is the price
at which goods or services are transferred between
affiliated entities within an organization.
Objectives of Transfer Pricing:
a) Appropriate evaluation of segment with
management performance
b) Avoidance of foreign currency restrictions and
quotas
c) Minimization of taxed and tariffs
d) Minimization of exchange risks
e) Avoidance of profit repatriation restrictions
f) Enhancement of shares of profits in joint ventures
21. 3.Budgeting and performance evaluation of
foreign subsidiaries :
budgeting and performance
Firms use
evaluation as
control. For multinational corporations, it
tools for strategic planning and
is
essential that these budgeting and performance
evaluation tools are chosen appropriately so as to
fit to the environment of the countries of their own
domicile and also of the foreign countries.
22. 4. Management of Foreign Exchange Risk:
Exchange risk management aims at
monitoring and managing the firm’s foreign
exchange exposure so as to maximize its
profitability, cash flow and market value.
Foreign exchange exposure primarily assumes
three forms:
a) Translation exposure
b) Transaction exposure
c) Economic exposure
23. a)Translation exposure: The potential of an increase or decrease in
the parent company’s net worth and reported net income due to
fluctuations in the exchange rates. It arises from Buying and selling on
credit goods or services whose prices are contractually denominated in
foreign currency, Borrowing and lending funds in foreign currency,
Forward exchange contracts, Acquisition or disposal of assets
denominated in foreign currency, settlement of liabilities denominated
in foreign currency.
b)Transaction exposure: . In contrast, transaction exposure arises due
to the sensitivity of the firm’s contractual cash flows denominated in
foreign currency to exchange rate fluctuations.
c)Economic exposure: It refers to the extent to which the value of the
firm would be impacted by unexpected changes in the exchange rates.
The managerial efforts to manage economic exposure would be to
formulate long term strategies so as to enhance and preserve its value
in the event of unexpected exchange rate fluctuations.
24. 5. International Taxation:
International taxation is a complex
phenomenon that affects all the aspects of
multinational operations including foreign
investments, transfer pricing, marketing of product
and services, cost of capital and capital structure.
It is therefore imperative for multinational
corporations in particular to understand the
diversities that exist in relation to corporate tax
laws in different countries for better tax planning
and decision making.
25. C. SOCIALAND ALLIEDACCOUNTING POLICIES
1. Accounting for newer financial instruments
1. Global joint venture
2. Environmental disclosures
3. Social disclosure
26. 1. Accounting for newer financial instruments:
IAS 39 a derivative is a financial instrument, by classifying
option, swap, future and forward.
1. Global joint venture:
IAS 31 deals with the accounting procedure of investments in joint ventures, by
classifying jointly controlled operations, jointly controlled assets, and jointly
controlled entities.
1. Environmental disclosures:
Environmental disclosures by companies have increasingly
become a matter of interest not only to the environmentalists but
also to stakeholders like the investors, employees, customers,
regulatory agencies and the society at large.
1. Social disclosure: Social disclosure primarily aims at informing
general public about the social welfare measures taken by the
firm and their effects on the society.