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International Accounting,9780131480971
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International Accounting

by ;
Edition:
6th
ISBN13:

9780131480971

ISBN10:
0131480979
Format:
Hardcover
Pub. Date:
1/1/2008
Publisher(s):
Prentice Hall
List Price: $194.66

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Summary

Clear writing and a focus on the essentials of international accounting make this award-winning bookthequintessential 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 xiii
CHAPTER 1 Introduction 1(47)
Historical Perspective
2(1)
Contemporary Perspective
3(1)
Growth and Spread of Multinational Operations
4(8)
Global Competition
12(1)
Cross-Border Mergers and Acquisitions
13(1)
Financial Innovation
14(1)
Internationalization of Capital Markets
14(3)
North America
15(1)
Asia
15(1)
Western Europe
16(1)
European Equity Markets-A Closer Look
17(2)
Continental Europes New Equity Culture
17(1)
Cross-Border Equity Listing and Issuance
18(1)
Where Are We?
19(1)
Learning Objectives
20(4)
Appendix 1-1
24(4)
Appendix 1-2 Financial Statement and Auditor's Report from Nikken Chemical Co. Ltd.'s 2000 Annual Report
28(12)
Appendix 1-3 Stock Exchange Web Sites
40(1)
Selected References
41(1)
Discussion Questions
42(1)
Exercises
43(3)
Case 1-1 E-centives, Inc.-Raising Capital in Switzerland
46(1)
Case 1-2 Nikken Chemicals Co., Ltd.
47(1)
CHAPTER 2 Development and Classification 48(20)
Development
49(6)
Classification
55(4)
Four Approaches to Accounting Development
55(1)
Legal Systems: Common Law versus Code Law Accounting
56(1)
Practice Systems: Fair Presentation versus Legal Compliance Accounting
57(2)
Selected References
59(1)
Discussion Questions
60(1)
Exercises
61(3)
Case 2-1 Are Classifications of Accounting Outmoded?
64(1)
Case 2-2 Volkswagen Group
65(3)
CHAPTER 3 Comparative Accounting I 68(49)
Six National Financial Accounting Systems
70(29)
France
70(5)
Germany
75(5)
Japan
80(5)
The Netherlands
85(4)
United Kingdom
89(4)
United States
93(6)
Selected References
99(1)
Discussion Questions
99(1)
Exercises
100(4)
Case 3-1 Standing on Principles
104(1)
Case 3-2 What Difference Does It Really Make?
105(12)
CHAPTER 4 Comparative Accounting II 117(28)
Reasons for Choosing These Four Countries
117(1)
Some Observations About the Four Countries and Their Accounting
118(2)
Four National Financial Accounting Systems
120(16)
Czech Republic
120(4)
China
124(4)
Taiwan
128(4)
Mexico
132(4)
Selected References
136(1)
Discussion Questions
137(1)
Exercises
138(3)
Case 4-1 Does Secrecy Pay?
141(2)
Case 4-2 Casino Capital
143(2)
CHAPTER 5 Reporting and Disclosure 145(39)
Development of Disclosure
146(4)
Voluntary Disclosure
146(1)
Regulatory Disclosure Requirements
147(2)
The US. SEC Financial Reporting Debate
149(1)
Reporting and Disclosure Practices
150(25)
Disclosures of Forward-Looking Information
150(2)
Segment Disclosures
152(3)
Cash Flow and Funds Flow Statements
155(1)
Social Responsibility Disclosures
155(10)
Special Disclosures for Nondomestic Financial Statement Users and Accounting Principles Used
165(1)
Corporate Governance Disclosures
166(1)
Internet Business Reporting and Disclosure
166(9)
Annual Report Disclosures in Emerging Market Countries
175(2)
Implications for Financial Statement Users and Managers
177(1)
Selected References 178 Discussion Questions
178(1)
Exercises
179(3)
Case 5-1 Information Access in Mexico
182(1)
Case 5-2 Tele2 AB
183(1)
CHAPTER 6 Foreign Currency Translation 184(48)
Reasons for Translation
187(1)
Background and Terminology
187(2)
The Problem
189(2)
Financial Statement Effects of Alternative Translation Rates
191(2)
Foreign Currency Transactions
193(4)
Single-Transaction Perspective
195(1)
Two-Transaction Perspective
195(2)
Foreign Currency Translation
197(10)
Single Rate Method
197(1)
Multiple Rate Methods
198(2)
Financial Statement Effects
200(2)
Which Is Best?
202(2)
Appropriate Current Rate
204(1)
Translation Gains and Losses
204(1)
Deferral
205(1)
Deferral and Amortization
205(1)
Partial Deferral
206(1)
No Deferral
206(1)
Where Are We?
206(1)
Translation Accounting Development
207(1)
Pre-1965
207(1)
1965-1975
207(1)
1975-1981
207(1)
1981-Present
208(1)
Features of Standard No. 52
208(4)
Translation When Local Currency Is the Functional Currency
209(1)
Translation When the U.S. Dollar Is the Functional Currency
209(1)
Translation When Foreign Currency Is the Functional Currency
209(3)
The Debate
212(2)
Reporting Perspective
212(1)
What Happened to Historical Cost?
213(1)
Concept of Income
213(1)
Managed Earnings
213(1)
Foreign Currency Translation and Inflation
214(1)
Foreign Currency Translation Elsewhere
215(1)
Current Trends
216(1)
Appendix: Translation and Remeasurement Under FAS No. 52
216(5)
Current Rate Method
217(2)
Temporal Method
219(2)
Selected References
221(1)
Discussion Questions
222(1)
Exercises
223(4)
Case 6-1 Regents Corporation
227(1)
Case 6-2 Managing Offshore investments: Whose Currency?
227(5)
CHAPTER 7 Financial Reporting and Changing Prices 232(43)
Changing Prices Defined
235(2)
Why Are Financial Statements Potentially Misleading During Periods of Changing Prices?
237(1)
Types of Inflation Adjustments
238(1)
General Price-Level Adjustments
238(4)
Price Indexes
238(2)
Object of General Price-Level Adjustments
240(2)
Current Cost Adjustments
242(1)
Which Method Is Best?
243(2)
International Perspective on Inflation Accounting
245(7)
United States
245(2)
United Kingdom
247(1)
Brazil
248(4)
International Accounting Standards Board
252(1)
Inflation Issues
252(6)
Inflation Gains and Losses
252(1)
Holding Gains and Losses
253(1)
Accounting for Foreign Inflation
254(2)
Avoiding the Double-Dip
256(2)
Appendix 7-1 Supplementary Current Cost Disclosures
258(5)
Appendix 7-2 Accounting for Foreign Inflation: A Case Analysis
263(3)
Selected References
266(1)
Discussion Questions
267(1)
Exercises
268(4)
Case 7-1 Kashmir Enterprises
272(1)
Case 7-2 Icelandic Enterprises, Inc.
273(2)
CHAPTER 8 International Accounting Harmonization 275(42)
Introduction
275(1)
A Survey of International Harmonization
276(4)
Advantages of International Harmonization
276(1)
Criticisms of International Standards
277(1)
Reconciliation and Mutual Recognition
278(1)
Evaluation
279(1)
Applicability of International Standards
279(1)
Some Significant Events in the History of International Accounting Standard Setting
280(1)
Overview of Major International Organizations Promoting Accounting Harmonization
281(1)
International Accounting Standards Board
282(9)
IASC's Core Standards and the IOSCO Agreement
286(2)
The New IASB Structure
288(1)
Recognition and Support for the IASB
289(1)
U.S. Securities and Exchange Commission Response to IFRS
290(1)
Comparisons between IFRS and Other Comprehensive Bodies of Accounting Principles
290(1)
European Union (EU)
291(4)
Fourth, Seventh, and Eighth Directives
292(1)
Have EU Harmonization Efforts Been Successful?
293(1)
The EU's New Approach and the Integration of European Financial Markets
294(1)
International Organization of Securities Commissions (IOSCO)
295(2)
International Federation of Accountants (IFAC)
297(2)
United Nations Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR)
299(1)
Organization for Economic Cooperation and Development (OECD)
299(1)
Conclusion
300(1)
Appendix 8-1 Sinopec Shanghai Petrochemical Company Limited: Auditor's Report, Background, and Accounting Policies
301(7)
Selected References
308(1)
Discussion Questions
309(1)
Exercises
310(4)
Case 8-1 SIN OPEC Shanghai Petrochemical Company Limited
314(1)
Case 8-2 Accounting Quality in East Asia
315(2)
CHAPTER 9 International Financial Statement Analysis 317(47)
Introduction
317(1)
Challenges and Opportunities in Cross-Border Analysis
317(1)
Business Analysis Framework
318(1)
International Business Strategy Analysis
319(2)
Information Availability
319(1)
Recommendations for Analysis
320(1)
Accounting Analysis
321(3)
Suggestions for the Analyst
323(1)
International Financial Analysis
324(4)
Ratio Analysis
324(3)
Cash Flow Analysis
327(1)
Coping Mechanisms
327(1)
International Prospective Analysis
328(3)
Further Issues
331(10)
Information Access
331(3)
Timeliness of Information
334(1)
Foreign Currency Considerations
335(3)
Differences in Statement Format
338(2)
Language and Terminology Barriers
340(1)
Appendix 9-1 Illustration of Restatement of Japanese GAAP Financial Statements to a U.S. GAAP Basis
341(5)
Appendix 9-2 International Ratio Analysis
346(2)
Selected References
348(1)
Discussion Questions
349(1)
Exercises
350(5)
Case 9-1A Accounting Quality Analysis
355(1)
Case 9-1B Restatement of International Accounting Standards to U.S. GAAP
355(1)
Case 9-2 Continental A.G.
356(8)
CHAPTER 10 Managerial Planning and Control 364(49)
Business Modeling
365(1)
Planning Tools
365(2)
Capital Budgeting
367(1)
Financial Return Perspectives
368(1)
Measuring Expected Returns
369(3)
Multinational Cost of Capital
372(2)
Management Information Systems
374(3)
Systems Issues
374(2)
Information Issues
376(1)
Management Information and Hyperinflation
377(4)
Sales Revenue
378(3)
Issues in Financial Control
381(10)
Domestic Versus Multinational Control System
382(2)
Operational Budgeting
384(4)
Analysis of Exchange Rate Changes
388(3)
Strategic Costing
391(2)
Performance Evaluation of Foreign Operations
393(5)
Consistency
393(1)
Unit Versus Managerial Performance
394(1)
Performance Criteria
395(3)
Measurement Issues and Changing Prices in Evaluation
398(1)
Performance Evaluation Practices: ICI
398(3)
Foreign Currency Effects
400(1)
Performance Standards
401(2)
Selected References
403(1)
Discussion Questions
404(1)
Exercises
405(4)
Case 10-1 Foreign Investment Analysis: A Tangled Affair
409(2)
Case 10-2 Assessing Foreign Subsidiary Performance in a World of Floating Exchange Rates
411(2)
CHAPTER 11 Financial Risk Management 413(43)
Essentials
413(2)
Why Manage Financial Risks?
415(1)
Role of Accounting
416(16)
Identifying Market Risks
416(2)
Quantify Tradeoffs
418(1)
Risk Management in a World of Floating Exchange Rates
418(2)
Translation Exposure
420(12)
Accounting for Hedge Products
432(10)
Disclosure
442(7)
Reporting Systems
449(1)
Selected References
449(1)
Discussion Questions
450(1)
Exercises
451(3)
Case 11-1 Value at Risk: What Are Our Options?
454(1)
Case 11-2 Exposure Identification
455(1)
CHAPTER 12 International Taxation and Transfer Pricing 456(39)
Initial Concepts
457(1)
Diversity of National Tax Systems
457(6)
Types of Taxes
457(1)
Tax Burdens
458(3)
Tax Administration Systems
461(1)
Foreign Tax Incentives
462(1)
Harmful Tax Competition
463(1)
International Harmonization
463(1)
Taxation of Foreign Source Income and Double Taxation
463(5)
Foreign Tax Credit
464(2)
Limits to Tax Credits
466(1)
Tax Treaties
467(1)
Foreign Exchange Considerations
467(1)
Tax Planning Dimensions
468(4)
Organizational Considerations
468(1)
Controlled Foreign Corporations and Subpart F Income
468(1)
Offshore Holding Companies
469(1)
Foreign Sales Corporations
469(1)
Financing Decisions
470(1)
Pooling of Tax Credits
471(1)
Cost Accounting Allocations
472(1)
Location and Transfer Pricing
472(1)
International Transfer Pricing: Complicating Variables
472(6)
Tax Considerations
473(2)
Tariff Considerations
475(1)
Competitive Factors
476(1)
Environmental Risks
477(1)
Performance Evaluation Considerations
477(1)
Accounting Contributions
477(1)
Transfer Pricing Methodology
478(6)
Market versus Cost versus...?
478(1)
Arm's-Length Principle
479(1)
Comparable Uncontrolled Price Method
479(1)
Comparable Uncontrolled Transaction Method
479(1)
Resale Price Method
479(2)
Cost-Plus Pricing Method
481(1)
Comparable Profits Method
482(1)
Profit Split Methods
483(1)
Other Pricing Methods
483(1)
Advance Pricing Agreements
484(1)
Transfer Pricing Practices
484(2)
The Future
486(1)
Selected References
486(1)
Discussion Questions
487(1)
Exercises
488(4)
Case 12-1 Muscle Max: Your Very Own Personal Trainer
492(1)
Case 12-2 Double Double: Tax Is Trouble
493(2)
Index 495


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