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International Accounting,9780130332721
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International Accounting

by ; ;
Edition:
4th
ISBN13:

9780130332721

ISBN10:
0130332720
Format:
Hardcover
Pub. Date:
1/1/2002
Publisher(s):
PRENTICE HALL
List Price: $136.50

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This is the 4th edition with a publication date of 1/1/2002.
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Summary

Clear writing and a focus on the essentials of international accounting make this award-winning book "the" quintessential source for international accounting. This 5th edition doesn't overwhelm users with too much detail, yet provides enough to give essential coverage of accounting, financial reporting, and financial control. Capital markets and financial/managerial analysis underpin the " theme" of the book. The authors realize that international aspects of accounting are becoming more important as they become more common. Topics include comparative accounting, foreign currency translation, accounting for changing prices, international accounting harmonization, international financial statement analysis, managerial planning and control, financial risk management, and international taxation and transfer pricing. For practicing accounting, financial executives, investment managers, university educators, and professional administrators around the world.

Table of Contents

Preface xvii
Introduction
1(40)
A Brief History of International Accounting
2(4)
Role of Accounting in Business and Global Capital Markets
6(1)
The Global Environment of Business
6(1)
Capital Markets
7(1)
An Introduction to Global Equity Markets
7(8)
The Three Major Equity Market Regions
11(4)
European Equity Markets-A Closer Look
15(4)
Continental Europe's New Equity Culture
15(1)
Convergence and Integration of Equity Markets
16(1)
Stock Exchange Alliances and Mergers
17(1)
Cross-Border Equity Listing and Issuance
18(1)
An Example-Nikken Chemicals Co., Limited
19(2)
Appendix 1-1 Stock Exchange Alliances and Mergers
21(2)
Appendix 1-2 Financial Statement and Auditor's Report from Nikken Chemical Co. Ltd.'s 2000 Annual Report
23(11)
Appendix 1-3 Stock Exchange Web Sites
34(2)
Selected References
36(1)
Discussion Questions
36(1)
Exercises
37(2)
Case 1-1 e-centives, Inc-Raising Capital in Switzerland
39(2)
Development and Classification
41(24)
Development
42(5)
Comparative Development Patterns
47(2)
Macroeconomic Pattern
48(1)
The Microeconomic Pattern
48(1)
The Independent Discipline Approach
49(1)
The Uniform Accounting Approach
49(1)
Classification
49(9)
Judgmental Classifications
50(3)
Empirically Derived Classifications
53(2)
Conclusion
55(3)
Selected References
58(1)
Discussion Questions
59(1)
Exercises
59(3)
Case 2-1 Are Classifications of Accounting Outmoded?
62(1)
Case 2-2 MAN AG
63(2)
Comparative Accounting
65(53)
Basic Concepts
67(1)
Six National Financial Accounting Systems
68(27)
France
68(5)
Germany
73(4)
Japan
77(4)
The Netherlands
81(5)
United Kingdom
86(5)
United States
91(4)
Selected References
95(2)
Discussion Questions
97(1)
Exercises
98(2)
Case 3-1 A Rose by Any Other Name
100(14)
Case 3-2 Kiwis Cannot Fly, But at Least When Troubles Loom, They Keep Their Heads Out of the Sand
114(4)
Comparative Accounting II
118(27)
Reasons for Choosing These Four Countries
119(1)
Some Observations About the Four Countries and Their Accounting
119(2)
Four National Financial Accounting Systems
121(17)
Czech Republic
121(4)
China
125(5)
Taiwan
130(4)
Mexico
134(4)
Selected References
138(1)
Discussion Questions
139(1)
Exercises
140(2)
Case 4-1 Does Secrecy Pay?
142(1)
Case 4-2 After NAFTA
143(2)
Reporting and Disclosure
145(62)
Development of Disclosure
146(4)
Voluntary Disclosure
146(1)
Regulatory Disclosure Requirements
147(2)
The U.S. SEC Financial Reporting Debate
149(1)
Reporting Requirements for Listed Companies in Ten Equity Markets
150(12)
Prospectuses
150(1)
China
151(1)
Czech Republic
152(1)
France
153(1)
Germany
154(1)
Japan
155(2)
Mexico
157(1)
The Netherlands
158(1)
Taiwan
159(1)
United Kingdom
160(1)
United States
161(1)
Reporting and Disclosure Practices
162(37)
Disclosures of Forward-Looking Information
163(4)
Segment Disclosures
167(3)
Cash Flow and Funds Flow Statements
170(2)
Social Responsibility Disclosures
172(6)
Special Disclosures for Non-Domestic Financial Statement Users and Accounting Principles Used
178(2)
Corporate Governance Disclosures
180(1)
Internet Business Reporting and Disclosure
180(14)
Annual Report Disclosures in Emerging Market Countries
194(4)
Implications for Financial Statement Users and Managers
198(1)
Selected References
199(2)
Discussion Questions
201(1)
Exercises
202(2)
Case 5-1 Information Access in Mexico
204(1)
Case 5-2 Netcom AB
205(2)
Foreign Currency Translation
207(45)
Reasons for Translation
207(1)
Background and Terminology
208(1)
The Problem
209(2)
Financial Statement Effects of Alternative Translation Rates
211(5)
Foreign Currency Translation
216(11)
Single Rate Method
216(1)
Multiple Rate Method
217(2)
Financial Statement Effects
219(3)
Which Is Best?
222(2)
Appropriate Current Rate
224(1)
Translation Gains and Losses
224(3)
Translation Accounting Debates
227(1)
Pre-1965
227(1)
1965-1975
227(1)
1975-1981
227(1)
1981-Present
228(1)
Features of Standard No. 52
228(4)
The Debate Continues
232(20)
Reporting Perspective
232(1)
What Happened to Historical Cost?
233(1)
Concept of Income
233(1)
Managed Earnings?
233(1)
Foreign Currency Translation and Inflation
234(1)
Foreign Currency Translation Elsewhere
235(1)
Current Trends
236(1)
Appendix: Translation and Remeasurement Under FAS No. 52
236(1)
Current Rate Method
237(2)
Temporal Method
239(2)
Selected References
241(1)
Discussion Questions
242(1)
Exercises
243(4)
Case 6-1 Regents Corporation
247(1)
Case 6-2 Managing Offshore Investments: Whose Currency?
248(4)
Accounting for Changing Prices
252(39)
Why Are Financial Statements Potentially Misleading During Periods of Changing Prices?
254(1)
Types of Inflation Adjustments
255(1)
General Price Level Adjustments
255(3)
Price Indexes
255(1)
Object of General Price Level Adjustments
256(2)
Current Cost Adjustments
258(3)
Which Method is Best?
261(6)
International Perspective on Inflation Accounting
261(6)
International Accounting Standards Committee
267(3)
Inflation Issues
268(2)
Holding Gains and Losses
270(1)
Accounting for Foreign Inflation
271(1)
Avoiding the Double-Dip
272(3)
Appendix 7-1 Supplementary Current Cost Disclosure
275(5)
Appendix 7-2 Accounting for Foreign Inflation: A Case for Analysis
280(3)
Selected References
283(1)
Discussion Questions
283(1)
Exercises
284(4)
Case Study 7-1 Kashmir Enterprises
288(1)
Case Study 7-2 Icelandic Enterprises, Inc.
289(2)
International Accounting Harmonization
291(53)
Introduction
291(1)
A Survey of International Harmonization
292(4)
Advantages of International Harmonization
292(1)
Criticisms of International Standards
293(1)
Reconciliation and Mutual Recognition
294(1)
Evaluation
295(1)
Applicability of International Standards
295(1)
Some Significant Events in the History of International Accounting Standard Setting
296(1)
Overview of Major International Organizations Promoting Accounting Harmonization
297(1)
International Accounting Standards Board
298(10)
IASC's Core Standards and the IOSCO Agreement
303(1)
The New IASB Structure
303(3)
Recognition and Support for the IASB
306(1)
U.S Securities and Exchange Commission Response to IAS
306(1)
Comparisons Between IAS and Other Comprehensive Bodies of Accounting Principles
307(1)
European Union (EU)
308(7)
Fourth Directive
309(2)
Seventh Directive
311(1)
Eighth Directive
312(1)
Have EU Harmonization Efforts Been Successful?
312(1)
The EU's Approach and the Integration of European Financial Markets
313(1)
Public Offers Directive
314(1)
Investment Services Directive
314(1)
EU Admission and Disclosure Directive
315(1)
International Organization of Securities Commissions (IOSCO)
315(1)
International Federation of Accountants (IFAC)
316(2)
United Nations Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR)
318(1)
Organization for Economic Cooperation and Development (OECD)
318(1)
Conclusion
319(1)
Appendix 8-1 Comparison of IASB, U.S. and U.K. Standards
320(9)
Appendix 8-2 Shanghai Tyre & Rubber Co., Ltd. and Subsidiaries Notes to Consolidated Financial Statements
329(8)
Selected References
337(1)
Discussion Questions
338(1)
Exercises
338(3)
Case 8-1 Shanghai Type & Rubber Co., Ltd.
341(1)
Case 8-2 Accounting Quality in East Asia
342(2)
International Financial Statement Analysis
344(41)
Introduction
344(1)
Challenges and Opportunities in Cross-Border Analysis
345(1)
Business Analysis Framework
346(1)
International Business Strategy Analysis
346(2)
Information Availability
347(1)
Recommendations for Analysis
347(1)
Accounting Analysis
348(3)
Suggestions for the Analyst
351(1)
International Financial Analysis
351(11)
Ratio Analysis
352(5)
Cash Flow Analysis
357(1)
Coping Mechanisms
358(2)
International Prospective Analysis
360(2)
Further Issues
362(12)
Information Access
362(4)
Timeliness of Information
366(2)
Foreign Currency Considerations
368(4)
Differences in Statement Format
372(1)
Language and Terminology Barriers
372(2)
Appendix 9-1 Illustration of Restatement of Japanese GAAP Financial Statements to a U.S. GAAP Basis
374(2)
Appendix 9-2 International Ratio Analysis
376(2)
Selected References
378(1)
Discussion Questions
379(1)
Exercises
380(3)
Case 9-1 Accounting Quality Analysis
383(1)
Case 9-2 Restatement of International Accounting Standards to U S. GAAP
384(1)
Managerial Planning and Control
385(50)
Business Modeling
386(1)
Planning Tools
386(2)
Strategic Costing
388(1)
Capital Budgeting
389(1)
Financial Return Perspectives
390(1)
Measuring Expected Returns
391(3)
Multinational Cost of Capital
394(2)
Management Information Systems and Control
396(4)
Information and Information Systems
396(2)
Information Issues
398(1)
System Issues
399(1)
Issues in Financial Control
400(9)
Domestic Versus Multinational Control System
400(2)
Operational Budgeting
402(3)
Analysis of Exchange Rate Changes
405(4)
Performance Evaluation of Foreign Operations
409(6)
Consistency
409(1)
Unit Versus Managerial Performance
410(1)
Performance Criteria
411(2)
Measurement Issues and Changing Prices in Evaluation
413(2)
Inflation and Performance Measurement
415(10)
Sales Revenue
417(3)
Foreign Currency Translation
420(1)
Performance Standards
421(2)
A Multinational Comparison
423(1)
System Objectives
423(1)
Performance Criteria
423(1)
Currency Volatility
424(1)
Inflation and Performance Evaluation
424(1)
Other Environmental Problems
425(1)
Performance Standards
425(1)
Satisfaction with Existing Systems
425(1)
Selected References
425(1)
Discussion Questions
426(1)
Exercises
427(4)
Case 10-1 Foreign Operations Disclosures: A Tangled Affair
431(1)
Case 10-2 Assessing Foreign Subsidiary Performance in a World of Floating Exchange Rates
432(3)
Financial Risk Management
435(37)
Essentials
435(2)
Why Manage Financial Risk?
436(1)
Role of Accounting
437(1)
Identifying Market Risk
437(1)
Quantify Trade-Offs
438(1)
Accounting for Hedge Products
438(2)
Foreign Exchange Risk Management
439(1)
Accounting and Conceptual Issues
440(3)
Transactions Gains and Losses
440(2)
Translation Gains and Losses
442(1)
Economic Gains and Losses
442(1)
Risk Management in a World of Floating Exchange Rates
443(1)
Forecasting Exchange Rate Changes
443(1)
Exposure Management
444(8)
Translation Exposure
444(4)
Transaction Exposure
448(2)
Accounting Versus Economic Exposure
450(2)
Protection Strategies
452(3)
Balance Sheet Hedges
452(1)
Operational Hedges
452(1)
Contractual Hedges
453(2)
Accounting and Control for Financial Derivatives
455(1)
Foreign Exchange Forward Contracts
455(1)
Currency Swaps
456(1)
Financial Futures
457(1)
Accounting Treatments
458(4)
Hedge of a Recognized Asset or Liability or an Unrecognized Firm Commitment
459(2)
Hedge of a Net Investment in a Foreign Operation
461(1)
Speculating in Foreign Currency
461(1)
Recent Reporting Developments
462(3)
Fair Value Hedges
463(1)
Cash Flow Hedges
463(1)
Foreign Currency Net Investment Hedges
463(1)
Comprehensive Income
463(1)
Financial Control
464(1)
Financial Control Points
464(1)
Appropriate Benchmarks
465(1)
Reporting Systems
465(1)
Selected References
466(1)
Discussion Questions
467(1)
Exercises
467(3)
Case 11-1 Value at Risk: What Are Our Options?
470(1)
Case 11-2 Exposure Identification
471(1)
International Taxation and Transfer Pricing
472(40)
Initial Concepts
473(1)
Diversity of National Tax Systems
473(8)
Types of Taxes
473(4)
Tax Burdens
477(1)
Tax Administration Systems
478(2)
Foreign Tax Incentives
480(1)
Harmful Tax Competition
480(1)
International Harmonization
481(1)
Taxation of Foreign Source Income and Double Taxation
481(5)
Foreign Tax Credit
481(3)
Limits to Tax Credits
484(1)
Tax Treaties
485(1)
Foreign Exchange Consideration
485(1)
Tax Planning Dimensions
486(5)
Organizational Considerations
486(1)
Controlled Foreign Corporations and Subpart F Income
486(1)
Offshore Holding Companies
487(1)
Foreign Sales Corporations
487(1)
Possession Corporation
488(1)
Financing Decisions
489(1)
Pooling of Tax Credits
489(1)
Cost Accounting Allocations
490(1)
Logistics and Transfer Pricing
490(1)
International Transfer Pricing: Complicating Variables
491(5)
Tax Considerations
491(2)
Tariff Considerations
493(1)
Competitive Factors
494(1)
Environmental Risks
495(1)
Performance Evaluation Considerations
495(1)
Accounting Contributions
496(1)
Transfer Pricing Methodology
496(7)
Market Versus Cost Versus...?
496(1)
Arm's-Length Principle
497(1)
Comparable Uncontrolled Price Method
497(1)
Resale Price Method
497(2)
Cost-Plus Pricing Method
499(2)
Comparable Profits Method
501(1)
Profits Splits Method
501(1)
Comparable Uncontrolled Transaction Method
501(1)
Other Pricing Methods
501(1)
Advance Princing Agreements
502(1)
Transfer Pricing Practices
503(2)
The Future
505(1)
Selected References
506(1)
Discussion Questions
506(1)
Exercises
507(3)
Case 12-1 Muscle Max: Your Very Own Personal Trainer
510(1)
Case 12-2 Congress Giveth and Congress Taketh
511(1)
Index 512


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