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International Accounting

ISBN: 9780132607612 | 0132607611
Edition: 3rd
Format: Hardcover
Publisher: Prentice Hall
Pub. Date: 11/1/1998

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SummaryTable of Contents
For upper-level undergraduate/graduate- level courses in International Accounting. This updated, streamlined, and finely-focused edition of the pioneering text in the field offers a concise, comprehensive, and student-friendly introduction to International Accounting. A multinational approach to a multinational topic, it is written from an accounting perspective rather than a legal, socioeconomic, or multinational business perspective and features current cases from developed and emerging nations alike.
Clear writi... MORE
Prefacexiii
CHAPTER 1 Introduction
1(27)
An Example--Nikken Chemicals Co., Ltd.
4(1)
... MORE
A Brief History of International Accounting
5(1)
How This Book Is Organized
5(5)
Appendix
10(16)
Cases
26(2)
Crossing the Atlantic
26(2)
CHAPTER 2 Development and Classification
28(22)
Development
29(5)
Comparative Development Patterns
34(2)
The Macroeconomic Pattern
34(1)
The Microeconomic Pattern
34(1)
The Independent Discipline Approach
35(1)
The Uniform Accounting Approach
35(1)
Classification
36(12)
Judgmental Classifications
36(2)
Empirically Derived Classifications
38(10)
Cases
48(2)
Are Classifications of Accounting Outmoded?
48(1)
Windsor Company
49(1)
CHAPTER 3 Comparative Accounting I
50(47)
Basic Concepts
51(2)
Six National Financial Accounting Systems
53(31)
France
53(4)
Germany
57(3)
Japan
60(4)
The Netherlands
64(5)
United Kingdom
69(5)
United States
74(10)
Cases
84(13)
A Rose by Any Other Name
84(7)
Kiwis Cannot Fly: But at Least When Troubles Loom, They Keep Their Heads Out of the Sand
91(6)
CHAPTER 4 Comparative Accounting II
97(28)
Reasons for Choosing These Four Countries
97(1)
Some Observations About the Four Countries and Their Accounting
98(2)
Four National Financial Accounting Systems
100(21)
Czech Republic
100(3)
China
103(6)
Taiwan
109(4)
Mexico
113(8)
Cases
121(4)
Does Secrecy Pay?
121(2)
After NAFTA
123(2)
CHAPTER 5 Reporting and Disclosure
125(34)
Development of Disclosure
126(1)
Voluntary Disclosure
126(1)
Regulatory Disclosure Requirements
127(5)
SEC Financial Reporting Debate
132(1)
Annual Report Disclosure Practices in Developed Countries
133(16)
Disclosures of Forward-Looking Information
134(2)
Segment Disclosures
136(3)
Accounting Policy Disclosures
139(1)
Cash Flow and Funds Flow Statements
140(3)
Social Responsibility Disclosures
143(1)
Special Disclosures for Nondomestic Financial Statement Users and Accounting Principles Used
144(4)
Implications for Financial Statement Users and Managers
148(1)
Annual Report Disclosures in Emerging Market Countries
149(7)
Cases
156(3)
Disclosure Harmonization
156(1)
Disclosure Differences in Japan and the United States
156(3)
CHAPTER 6 Foreign Currency Translation
159(47)
Reasons for Translation
159(1)
Background and Terminology
160(5)
The Problem
165(1)
Financial Statement Effects of Alternative Translation Rates
165(3)
Foreign Currency Translation
168(11)
Single Rate Method
168(1)
Multiple Rate Methods
169(2)
Financial Statement Effects
171(2)
Which is Best?
173(4)
Translation Gains and Losses
177(2)
Translation Accounting Debates
179(1)
Pre-1965
179(1)
1965 To 1975
179(1)
1975 To 1981
180(1)
1981-Present
180(1)
Features of Standard No.52
180(4)
The Debate Continues
184(3)
Reporting Perspective
184(1)
What Happened to Historical Cost?
185(1)
Concept of Income
185(1)
Managed Earnings?
185(1)
Foreign Currency Translation and Inflation
186(1)
Foreign Currency Translation Elsewhere
187(1)
Current Trends
188(1)
Appendix
189(1)
Cases
200(6)
Regents Corporation
200(2)
Managing Offshore Investments: Whose Currency?
202(4)
CHAPTER 7 Accounting for Changing Prices
206(42)
Why Financial Statements Are Potentially Misleading During Periods of Changing Prices
207(1)
Types of Inflation Adjustments
208(8)
General Price Level Adjustments
209(2)
Current Cost Adjustments
211(2)
Which Method Is Best?
213(3)
International Perspective on Inflation Accounting
216(8)
United States
216(2)
United Kingdom
218(1)
Brazil
219(4)
International Accountings Standards Committee
223(1)
Inflation Issues
224(7)
Inflation Gains and Losses
224(2)
Holding Gains and Losses
226(1)
Accounting for Foreign Inflation
227(1)
Avoiding the Double-Dip
228(3)
Appendix A
231(6)
Appendix B
237(8)
Case
245(3)
Jayson Enterprises
245(1)
Icelandic Enterprises, Inc.
246(2)
CHAPTER 8 International Accounting Harmonization
248(41)
Introduction
248(1)
A Survey of International Harmonization
249(4)
Advantages of International Harmonization
249(1)
Criticisms of International Standards
250(1)
Reconciliation and Mutual Recognition
251(1)
Evaluation
251(1)
Applicability of International Standards
252(1)
Some Significant Events in the History of International Accounting Standards Setting
252(1)
Overview of Major International Organizations Promoting Accounting Harmonization
253(2)
International Accounting Standards Committee
255(12)
Development of International Accounting Standards
259(3)
Recognition and Support for the IASC
262(4)
Comparision Between IAS and Other Comprehensive Bodies of Accounting Principles
266(1)
European Union (EU)
267(5)
Fourth Directive
268(2)
Seventh Directive
270(1)
Eighth Directive
271(1)
Have EU Harmonization Efforts Been Successful?
271(1)
The EU's New Approach
272(1)
International Organization of Securities Commissions (IOSCO)
272(1)
International Federation of Accountants (IFAC)
273(3)
United Nations Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR)
276(1)
Organisation for Economic Cooperation and Development (OECD)
276(1)
Conclusion
276(1)
Appendix
277(10)
Cases
287(2)
Are International Accounting Standards Worth Something?
287(1)
Shanghai Tyre & Rubber Co., Ltd.
288(1)
CHAPTER 9 International Financial Statement Analysis
289(47)
Introduction
289(1)
Business Analysis Framework
290(1)
International Business Strategy Analysis
291(2)
Some Examples
291(1)
Information Availability
292(1)
Recommendations for Analysis
292(1)
Accounting Analysis
293(5)
Suggestions for the Analyst
298(1)
International Financial Analysis
298(10)
Ratio Analysis
299(6)
Cash Flow Analysis
305(1)
Coping Mechanisms
306(2)
International Prospective Analysis
308(5)
Further Issues
313(12)
Information Access
313(4)
Timeliness of Information
317(2)
Foreign Currency Considerations
319(3)
Differences in Statement Format
322(2)
Language and Terminology Barriers
324(1)
Appendix A
325(4)
Appendix B
329(6)
Cases
335(1)
Accounting Quality Analysis
335(1)
Restatement of International Accounting Standards to U.S. GAAP
335(1)
CHAPTER 10 Managerial Planning and Control
336(51)
Long-Range Planning
337(11)
Planning Tools
337(2)
Strategic Costing
339(1)
Capital Budgeting
340(1)
Financial Return Perspectives
341(1)
Measuring Expected Returns
342(4)
Multinational Cost of Capital
346(2)
Management Information Systems and Control
348(5)
Information and Information Systems
348(3)
Issues in Financial Control
351(2)
Operational Budgeting
353(8)
Analysis of Exchange Rate Changes
357(4)
Performance Evaluation of Foreign Operations
361(22)
Consistency
361(1)
Unit versus Managerial Performance
362(1)
Performance Criteria
363(2)
Measurement Issues and Changing Prices in Evaluation
365(8)
Performance Standards
373(2)
A Multinational Comparison
375(8)
Cases
383(4)
Foreign Operations Disclosures: A Tangled Affair
383(1)
Assessing Foreign Subsidiary Performance in a World of Floating Exchange Rates
383(4)
CHAPTER 11 Financial Risk Management
387(40)
Essentials
387(1)
Why Manage Financial Risks?
388(1)
Role of Accounting
389(2)
Identify Market Risks
389(1)
Quantify Tradeoffs
390(1)
Accounting for Hedge Products
391(1)
Foreign Exchange Risk Management
391(16)
Accounting and Conceptual Issues
392(3)
Risk Management in a World of Floating Exchange Rates
395(1)
Exposure Management
396(8)
Protection Strategies
404(3)
Accounting and Control for Financial Derivatives
407(12)
Foreign Exchange Forward Contracts
408(5)
Foreign Exchange Options
413(2)
Currency Swaps
415(2)
Financial Futures
417(1)
Recent Reporting Developments
418(1)
Financial Control
419(6)
Financial Control Points
420(1)
Appropriate Benchmarks
420(1)
Reporting Systems
421(4)
Cases
425(2)
Value at Risk: What Are Our Options?
425(1)
Exposure Identification
426(1)
CHAPTER 12 International Taxation and Transfer Pricing
427(40)
Initial Concepts
428(1)
Diversity of National Tax Systems
428(6)
Type of Taxes
429(1)
Tax Burdens
430(1)
Tax Administration Systems
431(2)
Foreign Tax Incentives
433(1)
International Harmonization
433(1)
Taxation of Foreign Source Income and Double Taxation
434(6)
Foreign Tax Credit
434(2)
Limits to Tax Credits
436(1)
Tax Treaties
437(3)
Tax Planning Dimensions
440(5)
Organizational Considerations
440(1)
Subpart F Income
441(1)
Offshore Holding Companies
441(1)
Foreign Sales Corporations
442(1)
Possessions Corporation
442(1)
Financing Decisions
442(1)
Pooling of Tax Credits
443(1)
Cost Accounting Allocations
444(1)
Logistics and Transfer Pricing
444(1)
International Transfer Pricing: Complicating Variables
445(5)
Tax Considerations
445(2)
Tariff Considerations
447(1)
Competitive Factors
448(1)
Environmental Risks
449(1)
Performance Evaluation Considerations
449(1)
Accounting Contributions
450(1)
Transfer Pricing Methodology
450(5)
Cost Versus Market Versus...?
450(1)
Comparable Uncontrolled Pricing Method
451(1)
Resale Pricing Method
451(2)
Cost-Plus Pricing Methods
453(1)
Other Pricing Methods
454(1)
Comparable Profits Method
454(1)
Comparable Uncontrolled Transactions Method (CUT)
454(1)
Profit Split Methods
454(1)
Transfer Pricing Practices
455(3)
Size
456(1)
Degree of International Involvement
456(1)
Organizational Design
456(1)
Cultural Influences
457(1)
Transfer Pricing and Government Relations
458(6)
Cases
464(3)
Love for Sale: Mixed Emotions
464(1)
Congress Giveth and Congress Taketh
465(2)
Index467

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