International Accounting / Edition 1 available in Paperback
In contrast to other textbooks on international accounting, this is an accessible and manageable introduction both to financial reporting practices in the world's major trading nations and also to the major technical issues. It deals with topics in an appropriate depth for students taking courses in international accounting, analyses the rapidly changing accounting environment of the reforming countries of Eastern Europe, places financial reporting in developing countries in its proper historical context and considers the problems of financial statement analysis on an international scale.
|Publisher:||Cengage Learning EMEA Higher Education|
|Product dimensions:||7.40(w) x 9.60(h) x 1.00(d)|
Table of Contents
Introduction. Definition of, and general meaning attributed to, the term 'International Accounting'. Causes of differences in national accounting practices. Causes of similarities in national accounting practices. The need for, and benefits of, studying accounting practices of other countries. Putting UK accounting practices in an international perspective. Introduction to the globalization of business and capital markets and the effect such a development is having on accounting. Europe I. Accounting in Germany. History of the legal approach to the development of accounting regulations. Details of current accounting rules today as embodied in The Commercial Code, Corporation Act 1965 and 1985 Accounting Directives Law. Influence of the European Community. Influence of tax system. Forms of organization and their accounting requirements. Brief review of some of the more important accounting methods used to value assets and measure profits, including consolidation methods. Details of the German accounting profession and a review of its influence on accounting practices. Accounting in France. Historical development of the 'Plan Comptable General'. Detailed review of the contents of the current 'Plan'. Influence of the European Community. Influence of tax system. Brief review of some of the more important accounting methods used to value assets and measure profits, including consolidated accounts and the influence of the 'Commission des Operations de Bourse'. Details of the French accounting profession and a review of its influence on accounting practices. Accounting in the Netherlands. Influence of company law, particularly the 1970 'Act of Annual Accounts' as updated for the EC 4th and 7th directives. Role of the 'Enterprises Chamber of the Court of Justice of Amsterdam'. Brief review of some of the more important accounting methods used to value assets and measure profits, including consolidated accounts, The Netherlands Accounting and Reporting Guidelines and the development of Replacement Cost Accounting. Details of the Dutch accounting profession and a review of its influence on accounting practices. Europe II. Accounting in Scandinavian countries. Historical review of the development of the various systems that prevail - some based on accounting theory others on the tax system. Influence of the developments within the European Community. Influence of the accounting regulations of overseas capital markets, particularly in London and New York. Review of some of the more important accounting methods used to value assets and measure profits in each of the Scandinavian countries. Details of the national accounting professions within the region and a review of their relative influences on accounting practices. Europe III. Brief discussion of the historical influences on accounting , the principle components of the accounting regulatory framework and the role of the accounting profession for each of the following countries: Belgium; Italy; Spain; Greece; Portugal; and Switzerland. Accounting in the United States of America. History of the development of the Securities and Exchange Commission legislation and the importance of the different forms of organization. The Standard Setting Process and the roles of The Financial Accounting Standards Board, The Financial Accounting Foundation and The Financial Accounting Standards Advisory Council. Review of some of the more important accounting methods used to value assets and measure profits, including a review of published statements reconciling Profits and Equity based on US GAAP's and with those measures using UK GAAP's. Comparison of the American conceptual framework with the framework being developed in the UK. Details of the American accounting profession and a review of its influence on accounting practices. Accounting in Japan. The development of the legislative regulations that relate to Japanese accounting with particular emphasis on the influence of both Germany and the United States of America. Influence of the tax system. Importance of culture to the Japanese system. Importance of informal groups (Zaibatzu and Keiretzu). Review of some of the more important accounting methods used to value assets and measure profits. Published financial statements and the relevance of 'convenience translations'. Details of the Japanese accounting profession and a review of its influence on accounting practices. Accounting problems of developing countries. Discussion of 'What is a developing country?'. How do such countries 'develop' and what role should accounting play in such development. Review of their accounting needs and discussion of whether the accounting systems of 'developed' countries could or even should be used to meet those needs. Barriers to the development of local, suitable accounting methods. Review of some accounting practices in various developing countries eg. Tanzania, Zimbabwe, India, Far East and China. Emphasis will be based, for certain countries, on the influence of the old British Empire. Review of the role of the International Accounting Standards Committee and discussion of the relevance of International Accounting Standards to developing countries. Accounting problems of reforming Socialist countries. Will include details of the difference between capitalist and the old style socialist countries, a comparison of the accounting systems that prevail in each type of system and the historical development of accounting in socialist countries with specific examples of accounting practices and systems. Review of the current developments taking place in the field of accounting, including discussion on the role of accountants from the 'west' and the International Accounting Standards Committee. Discussion on the problems of accounting for 'Joint Ventures'. Harmonization and standardization. Comparison of harmonization and standardization. Arguments for harmonization and/or standardization. Obstacles to global harmonization/standardization. Public sector organizations promoting harmonization and/or standardization on a global or regional basis, including the European Community, United Nations and the Organization for Economic Cooperation and Development. Private sector organizations promoting harmonization and/or standardization on a global or regional basis, with particular reference to the International Accounting Standards Committee and the International Federation of accountants. Technical issues I. Discussion of the following technical accounting practices, including points on their various historical developments and relevant theoretical principles: group accounts, including the consolidation and integration of foreign entities by multinational companies; and segmental analysis and reporting, with particular emphasis on the problems faced by multinational companies. Technical issues ID. Discussion of the following technical accounting practices, including points on their various historical developments and relevant theoretical principles: accounting for taxation, including deferred taxation; leases; pension costs; stocks, including long term contracts; and accounting in an environment of changing price levels, particularly the problems faced by multinational companies with subsidiaries and/or branches operating in countries suffering from hyperinflation. Analysis and interpretation of foreign financial statements. Discussion of the problems of obtaining relevant financial data, including language problems amplified by terminology differences. Problems of foreign currency translation of statements that may be in an unfamiliar format to the analyst, with varying levels of disclosure. Need to consider the differences in fundamental accounting principles. Discussion of the methods available to surmount the barriers to constructive analysis and interpretation.