国际会计总复习(课堂作业)

For step 1-3: ①difference in legal practices regarding rights, and compensation schemes for intellectual properly development may vary between the U.S and Singapore②royalty payment arrangements and their tax consequences in both Singapore and the U.S.For step 4:①language communication between Singapore and Taiwan ②exchange rate fluctuation between the Taiwanese dollar and the U.S dollar be incorporated into the cost of production or accounted for separately as a non-operating foreign exchange gain or loss.③evaluating the creditworthiness of the Taiwanese manufacturer, should the financial statements of the Taiwanese manufacturer be translated to U.S. GAAP or not. ④Taiwanese liquidity and solvency ratios be interpreted based on U.S. financial norms or Taiwanese norms?Step 5:①identical prices or should prices be flexed for differences in charge rates, transportation arrangement ect.②legal issues are raised in the case of bribes There are 2 combinations:① Common law legal system + Strong equity markets + Separation of financialand tax accounting②Code law legal system + Credit-based financing (bank) + Accounting rules conform to tax lawQ5: Consider the following countries/ regions:Q2: Considering 5 countries discussed in this chapter:List 5 countries’ financial accounting standards setting board or agency and accounting supervising and enforcement organization.Q1:Compare and contrast the mechanisms for regulating and enforcing financial reporting in 5 countries.US:The Financial Accounting Standards Board (FASB) is a private sector that determined US generally accepted accounting principle (GAAP). The Securities and Exchange Commission (SEC) has the authority to determine US GAAP for publicly held companies, but defers to the FASB. The FASB and SEC have a close working relationship that ensures the FASB standards are acceptable to the SEC. The SEC enforces financial reporting rules for publicly held companies.Auditors are the enforcers for non-publicly held companies.Mexico: Accounting Standards are issued by the Council for Research and Development for Financial Information Standard (CINIF), an independent public/private-sector patterned after the US FASB. The National Banking and Securities Commission recognize the accounting standards, the government agency that regulates the Mexico Stock Exchange. The Commission is responsible for enforcing financial reporting standards for listed companies.Enforcement of financial reporting for non-listed companies is done by auditors. Japan: Accounting Standards are set by a private sector——the Accounting Standards Board of Japan (ASBJ). Before ASBJ, accounting standards setting was a government activity. Enforcement of financial reporting was done by auditors.The Stock Exchange is regulated by the Financial Service Agency (FSA), a government body.China: Accounting Standard setting is a government activity in China. The China Accounting Standards Committee is the authoritative body within the Ministry of Finance responsible for developing accounting standards. The China Securities Regulatory Committee is the government agency that regulates China’s two stock exchanges. The CSRC is also responsible for enforcing financial reporting for listed companies.India:The Institute of Chartered Accountants, a private Sector professional body, develops accounting standards. The Securities and Exchange Board of India, an agency of the Ministry of Financial, regulates India’s 22 stock exchanges and responsible got enforcing financial reporting rules.Overall: The 5 countries vary in terms of private versus public sector responsibility for regulating and enforcing financial reporting. The United States has the strongest mechanism for regulating and enforcing financial reporting of the 5 countries.1.Sources of finance2.Legal system3.Taxation4.Political and economic tiescation levels6.Inflation7.Level of economic developmentQ2: For each 5 countries, list:1.The name of the national financial accounting standard setting board or agency2.The name of the agency, institute, or other organizations charged with supervising and enforcing financial accounting standards.Q1: Indentify the objectives for accounting disclosures systems in investor-oriented equity markets （指出以投资者为导向的资本市场中会计披露的目的）1.Investor protection2.Market qualityQ2: Indentify the principles under investor-oriented equity markers. (指出以投资者为导向的资本市场的原则)1.Cost effectiveness Market freedom and flexibility Transparent financial reportingand full and complete disclosure2.Equal treatment of foreign and domestic firms3.Q3: What are the typical corporate financial-disclosure practices?(1)Disclosures of forward-looking information(2)Segment disclosures(3)Social responsibility reporting(4)Special disclosures for non-domestic financial statement users Corporategovernment disclosures(5)Internet business reporting and disclosuresWhat is the difference between voluntary disclosure & mandatory disclosure? Summarize what is voluntary disclosure & mandatory disclosure.Mandatory disclosures are corporate disclosures made in response to regulatory requirements （eg. rules issued by national regulators or stock exchanges）. V oluntary disclosures are purely discretionary in nature.The distinction between mandatory and voluntary disclosure can be ambiguous.For example, the requirement that US companies must file from 10-ks with the US. SEC is straightforward. While the measurement and disclosure approaches for some of the item in the Form 10-ks are not.Moreover, there are widely divergent views concerning what types of press announcements are mandatory versus voluntary.Q6: 1. Provide 2 explanations for differences in manager’s voluntary disclosure practice. 简述2个会计实务中管理层对资源的态度不同的理由(1)Mangers in highly competitive industries may be less forthcoming than mangersin less competitive industries due to the expected cost of releasing information of potential use to their competitors.(2)Managers are expected to be more forthcoming when there is good news todisclosure, than when there is bad news, particularly when the news can be expected to affect share price.2. Provide 2 explanations for differences in manager’s mandatory disclosure practice. 简述2个会计事务中管理层对强制披露的态度不同的理由(1)Cross-jurisdictional differences in disclosure requirements. Differences in theextent of compliance with disclosure rules due to cross-jurisdictional differences in enforcement.Q1: Explain how international accounting differs from purely domestic.1.In the domestic case, accounting is an information service that providesfinancial information about a domestic entity to domestic users of that information.2.International accounting is distinctive in that the entity being reported on iseither a multinational company (MNC跨国公司) with operations and transactions that transcend national boundaries or involved on entity with reporting obligations to readers who are located outside the reporting entity’s country.Q2: Indentify several internal and external reporting issues that arise when business and investment transcend national borders.External:1.Does translation from one set of measurement rules to another change theinformation contact of the origin message？(计量规则转换问题)2.Should accounts of foreign operations be translated to parent currencywhen consolidated statement ate prepared?（合并财务报表转换问题）3.Which exchange rates should be employed when translating from onecurrency to another? （汇率问题）Internal:1.Which exchange rates should be used for budgeting purpose?（编制预算汇率转换）2.Should foreign managers be evaluated in terms of parent currency or themanager operates?（子公司经理人业绩评价用哪种货币）3.Which prices should one use when transferring goods or services betweenthe members of the multinational enterprise cost market, cost-plus, or other cost problem?（在跨国公司不同子公司进行物品或服务的转换的定价问题）。