国际会计学第六版chapter(4)
国际会计学第六版
Conservative earnings for creditor protection. Less extensive disclosures.
Development (contin)
Legal system
Code law
Laws are all-embracing. Accounting tends to be prescriptive and
Example: the Netherlands
Independent discipline approach
Accounting derived from business practices, judgment, and trial-and-error.
Examples: U.K. and U.S.
sector professional organizations.
Development (contin)
Taxation
Must companies record revenues and expenses in their accounts to claim them for tax purposes?
Development (contin)
Level of economic development
Affects the types of transactions and which ones are most prevalent in the economy which, in turn,
Accounting values (Gray)
Professionalism vs. statutory control Uniformity vs. flexibility Conservatism vs. optimism Secrecy vs. transparency
国际会计学第六版chapter课件
3
Development of Disclosure
Voluntary disclosure
Voluntary disclosures are increasing as investors demand more detailed and timely information.
But managers’ incentives for disclosure aren’t always aligned with those of investors.
International Accounti. Meek
Chapter 5: Reporting and Disclosure
1
Learning Objectives
Distinguish voluntary and mandatory disclosure and the applicable regulatory measures.
Disclosure regulations and third party certification can improve the functioning of capital markets.
国际财务管理课后习题答案chapter4
国际财务管理课后习题答案chapter4CHAPTER 4 CORPORATE GOVERNANCE AROUND THE WORLDSUGGESTED ANSWERS AND SOLUTIONS TO END-OF-CHAPTERQUESTIONS AND PROBLEMSQuestions1.The majority of major corporations are franchised as public corporations. Discuss the key strengthand weakness of the ‘public corporation’. When do you think the public corporation as an organizational form is unsuitable?Answer: The key strength of the public corporation lies in that it allows for efficient risk sharing among investors. As a result, the public corporation may raise a large sum of capital at a relatively low cost. The main weakness of the public corporation stems from the conflicts of interest between managers and shareholders.2.The public corporation is owned by multitude of shareholders but managed by professional managers.Managers can take self-interested actions at the expense of shareholders. Discuss the conditions under which the so-called agency problem arises.Answer: The agency problem arises when managers have control rights but insignificant cash flow rights. This wedge between control and cash flow rights motivates managers to engage in self-dealings at the expense of shareholders.3.Following corporate scandals and failures in the U.S. and abroad, there is a growingdemand for corporate governance reform. What should be the key objectives ofcorporate governance reform? What kind of obstacles can there be thwarting reformefforts?Answer: The key objectives of corporate governance reform should be to strengthen shareholder rights and protect shareholders from expropriation by corporate insiders, whether managers or large shareholders. Controlling shareholders or managers do not wish to lose their control rights and thus resist reform efforts.4.Studies show that the legal protection of shareholder rights varies a great deal acrosscountries. Discuss the possible reasons why the English common law traditionprovides the strongest and the French civil law tradition the weakest protection ofinvestors.Answer: In civil law countries, the state historically has played an active role in regulating economic activities and has been less protective of property rights. In England, control of the court passed from the crown to the parliament and property owners in seventeenth century. English common law thus became more protective of property owners, and this protection was extended to investors over time.5.Explain ‘the wedge’ between the control and cash flow rights and discuss its implications forcorporate governance.Answer: When there is a separation of ownership and control, managers have control rights with insignificant cash flow rights,whereas shareholders have cash flow rights but no control rights. This wedge gives rise to the conflicts of interest between managers and shareholders. The wedge is the source of the agency problem.6.Discuss different ways that dominant investors use to establish and maintain the control of thecompany with relatively small investments.Answer: Dominant investors may use: (i) shares with superior voting rights, (ii) pyramidal ownership structure, and (iii) inter-firm cross-holdings.7.The Cadbury Code of the Best Practice adopted in the United Kingdom led to a successful reform ofcorporate governance in the country. Explain the key requirements of the Code and discuss how it may have contributed to the success of reform.Answer: The Code requires that chairman of the board and CEO be held by two different individuals, and that there should be at least three outside board members. The recommended board structure helped to strengthen the monitoring function of the board and reduce the agency problem.8.Many companies grant stocks or stock options to the managers. Discuss the benefitsand possible costs of using this kind of incentive compensation scheme.Answer: Stock options can be useful for aligning the interest of managers with that of shareholders and reduce the wedge between managerial control rights and cash flow rights. But at the same time, stock options may induce managers to distort investment decisions and manipulate financial statements so that they can maximize their benefits in the short run.9.It has been shown that foreign companies listed in the U.S. stock exchanges are valued more thanthose from the same countries that are not listed in the U.S. Explain the reasons why U.S.-listed foreign firms are valued more than those which are not. Also explain why not every foreign firm wants to list stocks in the United States.Answer: Foreign companies domiciled in countries with weak investor protection can bond themselves credibly to better investor protection by listing their stocks in U.S. exchanges that are known to provide a strong investor protection. Managers of some companies may not wish to list shares in U.S. exchanges, subjecting themselves to stringent disclosure and monitoring, for fear of losing their control rights and private benefits.。
国际会计学第六版cha(1)
Choi/Meek, 6/e
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Have a basic working knowledge of accounting classifications and how they compare with one another.
Explain the difference between the “fair presentation” and “legal compliance” orientations of accounting and identify nations in which each is prevalent.
Choi/Meek, 6/e
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Development
Sources of finance – who, how many, how close? Equity markets
Profits measure how well managers have run the company.
Accounting is used to assess cash flows, risks, and to value the firm.
Choi/Meek, 6/e
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Political and economic ties
Accounting ideas and technologies are transferred through conquest, commerce, and other forces.
Inflation
Extensive disclosures.
Banks
Conservative earnings for creditor protection. Less extensive disclosures.
国际会计学第四章在线测试答案
国际会计学第四章在线测试答案单选题1、下列属于致力于国际会计协调化的政府间地域性国际组织的是（）。
A.非洲会理事会B.欧洲会计师联合会C.美洲会计师联合会D.亚太会计师联合会答案：A2、经济合作与发展组织在会计的国际协调化方面发布的重要文件有（）。
A.《跨国公司行为规范中的会计披露要求》B.《关于在跨国公司投资的指南》C.《外国发行者证券跨国上市的首次挂牌交易的国际披露准则概要》D.《国际会计准则和欧洲会计指令间一致性的考察》答案：B3、政权委员会国际组织第一工作组的目的是（）。
A.为跨国股票上市过程提供最有效和快速的方法B.有利于会计协调化C.有利于跨国投资D.有助于进行国际贸易和经济合作活动4、推动会计协调化最有成效的区域性国家联盟是（）。
A.亚太经济合作组织B.证券委员会国际组织C.国际会计师联合会D.欧盟答案：D多项选择题1、会计协调化的作用在于（）。
A.有助于进行国际贸易和经济合作活动B.促进了国外企业在国际货币市场融资,特别是在国际资本市场发行证券时需要提供的财务报表的可比性。
C.有利于跨国投资D.便于跨国公司合并其分布在世界各地的子公司的财务报表答案：ABCD2、下列属于致力于国际会计协调化的全球性国际组织的是（）。
A.欧盟B.证券委员会国际组织C.经济合作发展组织会计工作组D.国际资产评估准则委员会答案：ABC3、欧盟发布的有关会计协调化的指令包括（）。
B.第4号C.第6号D.第7号答案：ABCD4、证券委员会国际组织的常务机构包括（）。
A.非洲/中东地区委员会B.太地区委员会C.欧洲地区委员会D.沙羊地区秀品会经这合作与发展组织答案：ABCD。
会计学 第四章 会计周期
credit side
Liabilities// Owners’ Equity //Revenue Account
DR
CR
Debit for decrease -
Credit for increase +
account payable d. Received $1,500 cash as fees for services provided to a customer. Dr cash cr service rev e. Paid for the office equipment purchased in transactions (c) f. Billed a customer $2,700 as fees for services. g. Paid the monthly rent with $525 cash. Dr rent expense cr cash h. Collected $1,125 of the account receivable created in transaction9(f) i. R baker withdrew $1,000 cash form the business.
decrease in liabilities, owners’ equity and revenues are recorded on the left debit side
increase in liabilities, owners’ equity and revenues are recorded on the right credit side
国际会计_第4章-2瑞典等
而在成文法国家，会计准则和惯例直接以法律为 基础，往往以官方为主（吸收民间机构参与）制 定，并以法规的形式发布，或者由民间机构制定 的准则，只能是相关会计法规的“解释”和“操 作细则”，不具备法定效力。 相应地，美、英会计职业界具有强大的威望和势 力，而在法德等欧洲大陆国家，会计职业界不够 强大。 由于在成文法系国家，会计规定的变革必须通过 立法程序，这就缺乏不成文法国家那样宽松的环 境，使其反应不能及时，变革也比较缓慢。
也可以看出，当一国的资本市场逐步发达时，财务报告 的目标就会转向主要是保护社会公众投资者的利益，对 财务报告的充分披露要求就会提高，法国和德国会计的 近期发展表现出这种趋向。 （4） 利润分配中是否提留公积 在利润分配中预先提留公积制度，是欧洲大陆国家会计 实务体系通常的做法，而且在世界范围内还有着重大的 影响；在英美会计模式中，企业对于因特定目的而需要 保存一部分留存收益不作分配时，只能是暂时的，不能 提留永久性的公积。这种留存收益的暂时分拔，在特定 目的达到或不再需要时，应立即转回留存收益，供利润 分配之用，这种做法当然也是立足于维护公众投资者利 益的。
第4章
比较会计模式（下）
4.1 日本会计实务体系的特征 4.2 荷兰会计实务体系的特征 4.3 瑞典会计实务体系的特征 4.4 发达国家会计实务体系综述 4.5 捷克会计实务体系 4.6 墨西哥会计实务体系 4.7 发展中国家会计实务体系的一般特征
统一会计趋向
在统一会计趋向下，会计被标准化并用作中央政府管 理控制工具。 一般说来，统一趋向常见于政府强烈干预经济计划的 国家，解体前的苏联和当时实行集中计划经济的其他 社会主义国家，可称为典型的代表。 在这些国家里，会计被用来计量业绩、配置资源、征 收税款、控制价格等。 拥有统一会计方案的法国则是统一会计趋向最明显的 西方国家。
会计学第四章.
Use of a Work Sheet
When used to prepare FSs, Work Sheet is constructed at the end of a period before the adjusting process.
Complete Structure for Work Sheet –
Dr. Cr.
Benefits of a Work Sheet
Aids the preparation of financial statements Reduces the possibility of errors Links accounts and adjustments to their impacts in financial statements Assists in planning and organizing an audit of financial statements Helps in preparing interim FSs when the journalizing and posting of adjusting entries are postponed until year-end Shows the effects of proposed or “what-if” transactions
300 1,400 1,000 230 45,300
45,300
5 Steps Preparing Work Sheet
Step 2. Enter Adjustments in the Adjustments Columns
Keying the adjustments –“加关键词”
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Other influences on French accounting rules
Commercial legislation (Code de Commerce)
Tax laws
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France (contin)
Accounting regulation and enforcement CNC – National Accounting Board
Describe the key similarities and differences between the accounting systems of these five countries.
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Identify the use of International Financial Reporting Standards at the levels of the individual company and the consolidated financial statements in these five countries.
LIFO （Last in, First out ）not allowed
Finance leases – capitalized; operating leases – expensed
Provisions – recognized when probable and estimable
Deferred taxes – recognized in full, using the liability method, for temporary differences between the carrying amount and tax base
Describe the audit-oversight mechanisms in these five countries.
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3IFRS in tFra biblioteke European Union
Starting in 2005, all EU-listed companies must follow IFRS in their consolidated financial statements.
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France
Overview
“The Plan” – national uniform chart of accounts (national accounting code)
Objectives and principles of financial reporting Definitions of elements Recognition and valuation rules Standardized chart of accounts Model financial statements
Generally, IFRS consolidated statements are permitted for non-listed companies.
Requirements for individual company financial statements vary – IFRS may be required, allowed, or prohibited.
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IFRS (contin)
IFRS are based on fair presentation principles
IFRS may be overridden in rare circumstances to achieve fair presentation
Accounting measurements
Business combinations – purchase accounting
Goodwill – annual impairments test
Investments in associates – equity method
Translation of financial statements of foreign
International Accounting, 6/e
Frederick D.S. Choi Gary K. Meek
Chapter 3: Comparative Accounting: Europe
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Learning Objectives
Understand how financial reporting is regulated and enforced in five European countries: France, Germany, the Czech Republic, the Netherlands, and the U.K.
Keeps plan current Makes rulings and recommendations on
accounting issues
CRC – Accounting Regulation Committee
Converts CNC rulings and recommendations into binding regulations
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AMF – Financial Markets Authority Supervises securities markets
OEC – Institute of Public Accountants Represents the accounting profession Members prepare financial statements, and provide tax, information systems, and management advisory services
operations – functional currency concept
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Assets valued at historical cost or fair value
Research costs – expensed; development costs – capitalized