国际会计chapter1
Exercises for Chapter 1一、Multiple Choice Questions1.Which of the following variables play a role in shaping accounting development?a. nature of capital marketsb. type of reporting regimec. type of business entitiesd. All of the above.e. Both a and c.2. High levels of financial disclosure are generally found in countriesa. where businesses raise their capital from a large and diverse investor/creditor group.b. where businesses raise their capital from the government.c. where there is a limited number of owners.d. where the sophistication of the financial community is not very high.e. where the cost of publishing financial statements is high.3. In countries where business capital needs are provided by only a few very large banksa. the level of disclosure in financial statements tends to be high.b. companies tend to devote significant resources to make their annual reports attractive.c. companies tend to use income-increasing accounting methods.d. companies tend to understate少报reported earnings.e. All of the above.4. Which of the following does not affect a country's financial accounting orientation?a. The level of inflation.b. Political and economic ties with other countries.c. Status of the accounting profession.d. Quality of accounting education.e. All of the above affect a country's financial accounting orientation.5. In countries with micro-oriented accounting systems, the role of accounting isa. to provide investors with information on the true position of companies.b. to reflect the effect of government economic policies in company accounts.c. to provide inputs for industry or national accounting reports.d. to determine the tax liability of business entities.e. All of the above.6. Which of the following is not true about accounting's role in a macro-oriented environment,a. to provide investors with information on the true position of companies.b. to reflect the effect of government economic policies in company accounts.c. to provide inputs for industry or national accounting reports.d. to determine the tax liability of business entities.e. All of the above.7. Which of the following is not an environmental factor affecting accounting?a. Level of enforcement of regulationsb. Nature of capital marketsc. Type of legal systemd. Languagee. Level of inflation8. Companies in which country produce annual reports to attract potential investors:a. Germanyb. Switzerlandc. United Statesd. Japane. France9. In which pair of countries is there a strong private sector influence on financial accounting standardsetting?a. France and Germany.b. China and Russia.c. France and the United Kingdom.d. Germany and Japan.e. The United Kingdom and the United States.10. Which of the following is an impetus for international accounting standards?a. The linkage of capital markets worldwide.b. Emerging democracies in Latin Americac. The new activist role of the OECDd. The collapse of communism in the former Soviet Unione. The emergence of the World Trade Organization (WTO)11. Among the factors affecting accounting development are the economic and political ties between countries.Which of the following pairs of countries do not have such ties with each other?a. Philippines and the United Statesb. Singapore and the United Kingdomc. Malaysia and Argentinad. Indonesia and the Netherlandse. France and Germany12. The status of the accounting profession is a factor that affects accounting development in countries. Inwhich of the following countries is accounting not regarded favorably as a career choice?a. United Statesb. New Zealandc. Russiad. Australiae. Canada13. Which of the following is not typically included in an accounting conceptual framework?a. a statement of objectives of financial accountingb. targeted users of financial statementsc. limitations of financial statementsd. licensing criteria for public accountantse. characteristics of good financial accounting14. Which of the following countries have conceptual frameworks for accounting?a. Singaporeb. Malaysiac. Indonesiad. Canadae. All of the above15. Identify the benefit(s) of classifying countries according to their accounting systems.a. Countries can learn from the accounting experiences of other countries in their group.b. Countries can use other countries in their group as models for setting standards.c. Global standard-setters can anticipate the reaction to their proposed standards.d. MNCs can plan on the type of disclosure they need to provide in various countries.e. All of the above.16. Which of the following accounting patterns did Mueller [1967] identify in his pioneering classificationstudy on Western, market-oriented economies?a. Macroeconomic patternb. Microeconomic patternc. Independent discipline approachd. Uniform approache. All of the above17. Which of the following was not among the accounting patterns identified by Mueller [1967] in hispioneering classification study on Western, market-oriented economies?a. Macroeconomic patternb. Independent discipline approachc. Socialist approachd. Uniform approache. Microeconomic pattern18. Nobes' [1983] classification study had the following European countries in the macro-uniform, continental,tax-based family:a.Italy, France, W. Germany, Swedenb. Belgium, Spain, Italy, W. Germanyc. Italy, France, Spain, Swedend. Italy, France, Ireland, Spaine. Italy, France, Belgium, Spain19. Nobes' [1983] classification study had the following countries in the micro-based, U.K. influence, family:a.Ireland, Netherlands, Canada, Australiab. Australia, New Zealand, U.K., Irelandc. Netherlands, Australia, U.K., U.S.Ad. Australia, Canada, U.K., Irelande. Netherlands, Australia, Canada, U.S.A.20. The major immediate challenges that face accounting in the global arena include:a. Global harmonizationb. Financial reporting in emerging economiesc. Social and environmental reportingd. Financial reporting in the high technology erae. All of the above二、True/False Questions1.The purpose of accounting is to provide information that is useful for making economic decisions.2. In order to make informed decisions in a global environment, one needs to have an understanding ofinternational accounting issues.3. The flow of goods and services across national borders requires that accounting standards becountry-specific.4. The phenomenal pace of globalization of capital markets in recent years points to the need for capitalmarket participants to understand accounting information that originates in other countries.5. Being educated in international accounting is among the portfolio of skills required of managers incompanies engaged in international business.6. While accounting is a product of its environment it does not affect the environment in which it exists.7. In the United States, financial accounting information is directed primarily toward the needs of investorsand creditors, and decision usefulness is the main criterion for judging its quality.8. Accounting in the United States is increasingly feeling the influence of Swiss accounting standards, asmore and more Swiss companies enter U.S. capital markets.9. The factors that impact accounting at the national level do not contribute to acco unting diversity at theinternational level.10. In equity-oriented capital markets, companies rely on the fairness of their bankers to obtain the necessarycapital.11. Whether a country's capital market is equity-oriented or debt-oriented has no impact on the financialreporting that develops in the country.12. In countries such as Germany, Japan, and Switzerland companies have traditionally turned to the stockmarket as their primary source of capital.13. In countries such as Canada and the United States, once companies reach a certain size they turn to banksas their primary source of capital.14. The type of capital market that exists in a country impacts financial reporting at both the cosmetic and thesubstantive level.15. Considerably more resources are devoted to the preparation of annual reports in debt-oriented capitalmarkets than in equity-oriented capital markets.16. Countries such as Austria and Germany set detailed financial reporting rules which have to be compliedwith for both tax reporting and external financial reporting.17. In code law countries such as France and Germany, accounting is regulated mainly through an accountingcode which is generally set by the legislature.18. Financial reporting in common law countries tends to be more transparent and timely than in code lawcountries.19. While it is relatively inexpensive to adopt the sophisticated accounting standards of another country, ittakes considerable resources to actually implement such standards.20. Recent statistics show that the U.S. has the highest number of auditors relative to the size of its population(i.e., auditors per 100,000 population).21. The lack of financial reporting transparency and the inconsistent application of audit standards were amongthe factors that exacerbated the recent financial crisis in Southeast Asia.22. In macro-user oriented systems, government entities such as tax and economic planning agencies are theprincipal users of accounting reports.23. In micro-user oriented accounting systems such as those in France, Germany, and Sweden, the role ofaccounting is viewed in terms of contributing to enterprise stability and continuity.24. Financial accounting diversity between countries imposes additional costs on capital market participantsworldwide.25. The object of classification (or clustering) in international accounting research is to group countriesaccording to the common elements and distinctive characteristics of their accounting systems.。
国际会计课件第一章
第三节 国际会计的内容和定义
• 2本书的内容
第三节 国际会计的内容和定义
• 3国际会计的定义 （一）早期（20世纪60年代）国际会计学者所下的 不同定义 （1）“国际会计是对所有国家的会计原则、方法和 准则进行研究和分析” （2）“国际会计是最高层次的抽象，其目的在于打 破国界，发展世界性的会计理论，并在任何一个 国家的会计中加以应用”
第一节 会计的国际化
国际贸易的增加，国际投资的扩大及国际金 融市场的形成和发展，客观上使得从事国 际贸易和投资的经济主体越来越关注别国 的财务信息和会计方法，增加了对国际间 相互可比且可靠的财务信息的需求，从而 大大加快了会计国际化的进程，促进了国 际会计研究方面的合作和交流。
第一节 会计的国际化
第二节 会计职业界的国际化
四大会计师事务所： 普华永道 德勤 安永国际 毕马威国际
第二节 会计职业界的国际化
（2）第二层次是建立在“联盟”基础上的兼 具国际和国内性质的会计师事物所 它们以同一名称在国际范围内从事业务经营 ，但只是在入伙的各国会计事务所之间“ 联盟”的基础上经营。
第二节 会计职业界的国际化
第二节 会计职业界的国际化
• 3会计职业国际化的阻力(教材第9页) （1）取得执照的必要学历条件 （2）有否把后续教育作为更换执照的条件 （3）可否有不同类型执照 （4）职业考试
第三节 国际会计的内容和定义
• 1国际会计的内容 （1）会计准则的国际比较 （2）国际财务会计 （3）国际管理会计
第1章国际会计
（1）全球性国际组织
（2）地域性国际组织 （3）其他民间国际组织
第二节 会计国际化的协调进程与面 临的困境 一、国际组织的协调活动
1、联合国在会计国际化中活动
（1）概况
1945年10月24日《联合国宪章》签定生效。 是一个统一的世界性综合性的政府间国际 组织，现有192个会员国。
（2）设立国际会计研究与协调机构
1972年建立跨国公司委员会和跨国公司中心
1976年建立会计和报告国际准则专家组 1979年，成立了有34个成员国代表参加的会计和 报告国际准则特设政府间专家工作小组小组 1982年，常设的会计与报告国际准则政府间专家 工作组。 成果不好 提供讨论、支持IASC
2、欧盟的会计协调与转轨
美国管理会计认证考试(IMA)
美国（IMA）目前是一个拥有70万会员的专业组织。 IMA主要从事注册管理会计师（ CMA) ）及注册财 务管理师（ CFM ）的考试认证工作。 是目前全球管理会计及财务管理领域的最权威的 证照。 拥有中/英文双语试卷的CMA认证被列为中国国际 化人才重点培养项目。中国地区已于1999年9开始 CMA考试。
（2）兼具国际和国内性质的会计师事务 所
会计职业界提供国际性服务的第二个层次。 目前在世界上约有20多家，其前4名的年营业额只 是“四大”的1/7——1/8。
（3）国内会计师事务所为从事国际业务 而进行的临时性协作
会计职业界提供国际性服务的第三个层次
目前可在国内参加考试、国外认证的会计 师资格证书主要有 ACCA（特许公认注册会计师） AIA（国际会计师专业资格证书）
二战后，国际贸易的迅猛发展，国际借贷、国际 筹资活动日益增多；伴随国际资本流动而来的是 货币市场和资本市场的国际化；促进了经济的全 球化。
国际会计学第六版chapter1-
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Contributing Factors (contin)
Growth and spread of multinational operations
Choi/Meek, 6/e
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Contributing Factors (contin)
Reporting issues when business transcends national boundaries
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What Does International Accounting Diversity Entail?
Measurement principles Financial disclosure (corporate transparency) Auditing practices
Dutch enhance income measurement.
Choi/Meek, 6/e
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French use accounting for governmental planning and control.
Double entry assists the British in managing and controlling commercial interests in the colonies.
Choi/Meek, 6/e
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•Financial innovation
Identifying potential market risks Quantifying trade-offs associated with
alternative risk reduction strategies Measuring risk exposures Accounting for specific hedge products Evaluating the effectiveness of hedging
国际会计第一章 Chapter 1
Basic Background of Accounting
• • • • • • • • Assets, Liabilities and Equity Accounting Assumptions Accounting Equation Accounting Principles (or Guidelines) Double entry system Debit and credit rules Accounting steps Financialnvironment
Accounting Clusters
• • • • • British-American Model Continental Model South American Model Mixed Economy Model International Accounting standard Model
My Requirement
• Please access our class website usually, I will publish assignment on it. • Please open your private e-mail address for hand your homework • Please hand your homework as packaged in an attachment, which should be named with your class number. And the e-mail should be named as what’s your homework.
国际会计学第六版chapter_1 Introduction
Internationalization of capital markets
Raising external finance abroad means that financial reports must increasingly travel internationally.
Consolidation of foreign accounts Accounting for foreign currency fluctuations Accounting for changing prices International planning and control Performance evaluation of foreign operations Financial risk management International taxation and transfer pricing
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Chapter Exhibits (contin)
Choi/Meek, 6/e
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Chapter Exhibits (contin)
Choi/Meek, 6/e
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programs
Choi/Meek, 6/e
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Contributing Factors (contin)
Global competition
Competitive benchmarking necessitates international comparisons.
Choi/Meek, 6/e
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Contributing Factors (contin)
Growth and spread of multinational operations
国际会计 第一章
85400
75700 135500 171200 268200 366300 75700 135500 171200 268200 366300 34600 47100 68200 16700 24900 45300 54600 70500
中南美 13600 22400
全球*
3816
00
7805
00
3174 41219 721 151887
288546
13142 124177 13408 525609
资料来源：普化永道2001
国际化的货币、资本融资，客观上对贷款人或 筹资者提出了提供在国际间可比且可信的财务 信息的要求，大大加快了会计国际化的进程。 伴随着货币、资本市场的国际化，国际金融机 构，如国际货币基金组织、世界银行、国际性 的证券交易所快速发展，已经成为推动会计国 际化的重要力量。 在国际化货币、资本市场中，金融工具证券化 及其创新迅猛发展，推动了金融工具会计处理 的国际性研究，丰富了会计国际化的内容。
（一）会计的世袭遗产就是国际性的 （即会计具有能国际化的特性）
意大利式的复式簿记 英国的会计、审计方法 和会计职业界组织 美国的管理会计的概念和实务 、财务会计的 理论与实务 可见：在长期的历史进程中，会计的理论和 方法都有一种国际渗透的趋向，随商业活动 的扩展而传播。 思考：会计是随商业活动的扩展而传播的吗？
单ห้องสมุดไป่ตู้：百万美元
1999年 23963
总计
86335
欧洲
非洲/中东 亚太地区 拉美 总计
31526
1797 12235 878 57725
49873
1612 21687 5204 93134
68180
国际会计课件第一二章
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由单式转为复式
热那亚式复式簿记 记账形式采用了简洁明了的左右对照式 为了计算商业利润，设置了单独的损益账户
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《数学大全》
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关于簿记在商业经营中的地位
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世界会计
多国会计
国外子公司会计
1985年 的观点
1971年美国三位教授的概念
美国会计学家Choi、Mueller的观点
世界性的 统一会计制度
对所有国家会计准 则、方法和准则的 说明和探讨。
国外营业子公司 的会计实务
国际会计由四部分组成
比较国际会计、准则化国际会计、经营性国际会计、政治化国际会计
国家性指会计作为一种经济管理活动，与特定环境下的社会制度、经济体制、文化背景和生产力发展水平紧密联系的。国际性是会计的科学性、技术性等自然属性的体现。
金融全球化
会计发展与
单击此处添加正文，文字是您思想的提炼，为了演示发布的良好效果，请言简意赅地阐述您的观点。
经济环境变化的关系
国际间交易 及投资的增大 跨国公司的出现（下页） 区域经济集团的形成
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会计人员的社会地位以及人们对会计职业的看法会影响到会计发展的水平。
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社会上一般投资者的时间观念，对会计的报告与披露会产生影响。
教育因素：包括普通教育和专业教育。 教育水平的高低对一个社会会计事业的发展和专业水平的提高会有很大的影响。
第三节 会计模式的比较研究
主要内容
国际会计学第六版chapter1-
Does international accounting have a history?
What factors are contributing to the importance of international accounting as a field of study?
Choi/Meek, 6/e
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Contributing Factors
Accounting’s international heritage
Double-entry originates in the Italian city states.
Bookkeeping spreads to Germany and assists the spread of capitalism.
Accounting serves people and institutions whose decisions are international in scope.
Accounting diversity creates a demand for harmonization.
Choi/Meek, 6/e
Accounting plays a major role in the U.S. industrial revolution.
Choi/Meek, 6/e
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Contributing Factors (contin)
Paradox of international accounting
In many countries, accounting remains a nationalistic affair.
国际会计第七版英文版课后答案(第一章)
Chapter 1IntroductionDiscussion Questions1.In the domestic case, accounting is an information service that provides financialinformation about a domestic entity to domestic users of that information. Internationalaccounting is distinctive in that the entity being reported on is either a multinationalcompany with operations and transactions that transcend national boundaries or involves an entiiy with reporting obligations to readers who are located outside the reportingentity’s country of domicile.2.Advantage: Some might argue that measurement, disclosure, and external auditing arethree distinct (although related) processes, involving different members of the company.For example, corporate attorneys often are involved in disclosure issues, but seldomintervene in measurement issues. The Board of Directors works with the external auditors but not necessarily with the comptroller s office. Thus, discussion of accountingrequirements and voluntary accounting choices in different jurisdictions is simplified by focusing on the three components of accounting. Disadvantage: measurement, disclosure and auditing are interdependent, and should not be viewed in isolation of one another. A company choosing to disclose as little as possible, for example, may use accountingmeasurement approaches that reduce the information content of financial statements, and select an external auditor who will be relatively lenient in enforcing accountingrequirements. One alternative classification might include accounting (measurement and disclosure), and auditing. A second classification might include financial reporting(annual and interim reporting, regulatory filings) and ad hoc disclosure (press releases,analyst meetings, etc). Any classification is arbitrary, and potentially useful depending on its purpose.3.Factors contributing to the internationalization of the subject of accounting include: thegrowth and spread of multinational operations around the world, the phenomenon ofglobal competition, the increasing number of cross-border mergers and acquisitions thatoccur almost daily, continued advances in information technology, and theinternationalization of the world’s capital markets.4.International trade involves importing and exporting activities. The major accountingissue associated with foreign trade involves accounting for foreign currency transactions.Foreign direct investment, on the other hand, involves conducting operations abroad.This activity exposes accountants to a new set of issues that run the gamut from having to consolidate foreign currency accounts based on diverse measurement rules to issues ofevaluating the performance of foreign subsidiary managers.5.Students will overwhelmingly argue in favor of harmonization. This is probably a goodstarting point for the course. After they are introduced to the chapters leading up toChapter 8, some may no longer feel that harmonization is necessarily the answer to all of their international accounting problems.6.Recent developments such as the growth and spread of multinational operations,Internationalization of the world’s capital markets, increased cross border mergers andacquisitions, the phenomenon of global competition and financial innovation haveincreased reader dependence on foreign financial statements. An understanding ofaccounting differences and their effect on reported measures of profitability, efficiency, solvency and liquidity are critical if proper decisions are to be made. Internationalaccounting issues have become more complex in recent years for several reasons.Financial transactions are becoming more complex, affecting both national andinternational accounting. For example, the use of complex financial instruments anddeveloping accounting standards for these exotic instruments has been problematic.Global financial markets also are becoming more volatile, leading to large changes in asset and balance sheet amounts (such as related to investments) and major sources of income and expense. The related accounting issues are difficult. The growinginternationalization of business also promotes complexity. Foreign currency transactions and translation have been troublesome accounting issues for years, and are becoming more important as cross-border business and finance increase. Also, differences innational accounting principles potentially are more troublesome as business becomes more international. However, as convergence efforts worldwide accelerate, and more and more companies and countries adopt International Financial Reporting Standards (IFRS), complexity arising from differences in national accounting principles will decrease.7.Examples of external reporting issues include:a. Does translation from one set of measurement rules to another change theinformation content of the original message?b. Should accounts of foreign operations be translated to parent currency whenconsolidated statements are prepared?c. Which exchange rates should be employed when translating from one currency toanother?Examples of internal reporting issues include:a. Which exchange rates should be used for budgeting purposes?b. Should foreign managers be evaluated in terms of parent currency or the localcurrency of the country in which the manager operates?c. Which prices should one use when transferring goods or services betweenmembers of the multinational enterprise- cost, market, cost-plus or some othermetric?8.Global capital market activities and transactions reach beyond single political or legaljurisdictions. For example, global capital market transactions include the following: (1) an American tourist buying Australian dollars for travel purposes in the South Pacific; (2)a Japanese insurance company buying German government bonds as an investment; and(3) a Nigerian agricultural development project receiving cash subsidies from theEuropean Union (EU).The international equities market is one global capital market. A second such market covers foreign exchange transactions, that is, when one national currency is exchanged into, traded forward, hedged, swapped, or otherwise converted to another nationalcurrency. This market is estimated at hundreds of billions of U.S. dollars per day. The total world foreign exchange market is the largest market on earth. The international bond market is still another global capital market. The bonds constituting this market areunderwritten by international syndicates of banks and are marketed and traded all over the world. Global capital markets are a vital part of the world economy.9.English should be designated as the formal international accounting language. Technicalaccounting terms ( terms of art) do not travel well internationally. Since technicalaccounting terms often have attributed meanings (for example, generally acceptedaccounting principles are neither generally accepted nor principles ), it is difficult orimpossible to translate these terms into other languages and retain their original meanings.In other disciplines, such considerations have caused the establishment of Latin as the universal language for botanical classifications, Italian as the language for specifying the tempo (and other matters of interpretation) of musical compositions, and English as the language of electronic computing. Since accounting is used worldwide, a singleworldwide language for accounting makes sense.Why should English be the worldwide language for accounting? English already hasbecome the language of world commerce and multinational business. Thus, the universal use of English in accounting would parallel a well-established business practice. Also, the accounting discipline was in many respects developed as an offshoot of Anglo-American economics, which means that the language roots of many accounting terms and concepts are English. Among non-English speaking people, English is the mostcommon second language. The vast majority of the world’s accounting literature iswritten in English, and nearly all international accounting conventions and conferences use English as the official language. Multinational corporations generally use English in their accounting and financial operating manuals, as well as for corporatecommunications, without regard to national domiciles. Therefore, the worldwide benefits of adopting English as the universal language of accounting are likely to be greater than for any other language, and the worldwide costs are likely to be less.10.Emerging markets are those whose financial systems are emerging from state dominationthrough a process of liberalization. Developed countries are those with liberalizedfinancial systems. Many people believe that liberalization is highly beneficial to sustained economic growth. Many different classifications of developed versus emerging market countries are used, and often the terms are not defined, although no one correct set of definitions for developed and emerging markets exists.Students should be encouraged to suggest their own criteria as to what constitutes adeveloped as opposed to an emerging market. The emerging market countries are in geographic regions that are generally not highly industrialized. But one cannot generalize here as extensive economic liberalization is taking place in these countries (in some more than in others). For example, entry barriers to foreign businesses, government regulation of banking operations, and credit controls have been eased in many of the countries once classified as “emerging.”11.Privatizations of state-owned corporations have had dramatic effects on global capitalmarkets. Often, the privatized entities are large, well-known companies in which thenational government retains a large ownership interest, and retail (individual, non-institutional) investors often are encouraged to buy shares in newly privatized entities. Asa result, the shareholder base in the market grows dramatically, investors become moreactive market participants, and market capitalization increases.Privatizations also mean that management must now compete in the market place formarket share, external capital and corporate control. In such a world, accounting systems must properly motivate managers to work toward the accomplishment of theorganization’s overall goals in an efficient manner while putting together credibleexternal financial statements that will enable it to secure the necessary capital to financecorporate growth. Many of these external and internal reporting issues are covered in the balance of the chapters in this book.12.Those opposed to outsourcing see it as a threat to domestic jobs and a form ofexploitation by companies engaged in the practice. Some even see it as a moral issue.However, they miss the point of international trade. While outsourcing may reduce jobs in one sector, they reflect differences in comparative advantage, which ultimately makes possible greater employment in other sectors and or lower consumer prices whichincreases real wealth. One need only look at higher education in America. Whereasstenographers in the U.S. may be losing jobs to stenographers in India, more and moreIndian families are sending their children to the U.S. for their higher education,increasing the demand for support services in the higher education sector.A look at Exhibit 1.2 shows that over time, countries with greater exports than importseventually become net importers and vice versa. The importance of internationalaccounting will not diminish. Countries have been trading with each other since antiquity and will continue to do. Even if the volume of trade were to diminish, an unlikely event, the network of trading partners continues to expand globally and with it accounting issues associated with international trade.Exercises1.For steps one and two in which the idea for the Proliant ML150 is spawned in Singaporeand approved in Texas, differences in legal practices regarding rights and compensationschemes for intellectual property development may vary between the U.S. and Singapore as the latter’s legal system has been influenced by the U.K. system. Internat ional taxissues also surface in terms of royalty payment arrangements and their tax consequences in both Singapore and the U.S.For step 4, language communications between Singapore and Taiwan could pose someissues of interpretation. Production in Taiwan raises internal reporting issues such asshould exchange rate fluctuations between the Taiwanese dollar and the U.S. dollar beincorporated into the cost of production or accounted for separately as a non-operatingforeign exchange gain or loss. In evaluating the creditworthiness of the Taiwanesemanufacturer, should the financial statements of the Taiwanese manufacturer betranslated to U.S. GAAP or not. If a ratio analysis is performed, should Taiwaneseliquidity and solvency ratios be interpreted based on U.S. financial norms or Taiwanesenorms?For step 5, should clients in Southeast Asian countries be charged identical prices orshould prices be flexed for differences in exchange rates, transportation arrangements and “facilitating” payments. What legal issues are raised in the case of bribes expected on the part of commercial buyers and how would these payments be treated under the U.S.Foreign Corrupt Practices Act?2. A suggested index might look like the following. The instructor should focus on thestudent’s rationale for his or her rating as some students may have more knowledge ofspecific country developments than others and students will naturally exhibit differentdegrees of risk-aversion.Industrialized CountriesUnited States 1Canada 1Japan 1United Kingdom 1France 1Germany 1Italy 1Australia 2New Zealand 2East AsiaHong Kong 1Indonesia 3South Korea 2Malaysia 2Phillipines 1Singapore 1Taiwan 3Thailand 2Latin AmericaArgentina 2Brazil 2Chile 2Colombia 2Mexico 1Peru 1Venezuela 2Middle East and AfricaEgypt 3Israel 2Morocco 2South Africa 1Turkey 2South AsiaBangladesh 2India 2Nepal 3Pakistan 3Sri Lanka 33.The compounded annual growth rate for merchandise exports from 1985 to 2005 wasapproximately 8.7%. The growth rate for merchandise imports was also 8.7% . The comparable growth rates for exports of services was 9.6% over the same 20 year period.It was 9.2% for imports. The outlook for accounting services to travel internationally are very good. Students interested in accounting careers should take note.4.The purpose of this exercise to get students to check out the wealth of stock relatedinformation available on the web. They will probably choose the five whose countriesare most familiar to them. Their exchanges will probably be located in highlyindustrialized economies and which afford access to relatively deep pools of capital. As one example, Luxembourg has long been popular because of its accommodating listingrequirements. However, students should note that the numbers of foreign companieslisted in markets other than the NYSE have been declining. This suggests that manyissuers question the benefits of such listings, and that the benefits of a foreign listinggenerally are greater in the United States. In particular, the U.S. represents a well-established market with strong investor protection. This is especially important in adown economy, as stringent disclosure requirements help to minimize perceivedinformation risk which, in turn, reduces price volatility.5.This exercise will require that students combine certain geographic categories ofmerchandise exports to achieve some comparability with Henekin’s disclosures. It would be interesting to poll students’ ex ante predictions of the correlations and have themponder reasons for any differences they find.Geographic Region Merchandise Exports Geographic Sales for HeinekenAfrica and Middle East 7.9% 12.6%Asia 29.2% 9.1%Europe 41% 65.5%Americas 17.6% 12.7%While correlations between percentage geographic distributions of merchandise exportsand beer sales are closer for Africa and the Middle East and for the Americas, there arebig differences in beer sales and merchandise export patterns for Asia and Europe.Obviously one cannot generalize microeconomic behavior from macroeconomic data.However, some students will be inclined to hypothesize similar patterns given thepopularity of beer consumption around the world. It will be fun brainstorming reasonsfor the observed differences. Might observed differences be due to national differencesin consumer tastes, import restrictions and perhaps the success of national advertisingcampaigns? More important, this exercise should reinforce the notion of environmentaldifferences as explanatory variables.6.The geographic spread of Heineken’s revenue streams suggest that the co mpany isexposed to foreign exchange rate risk. This complicates the process of forecasting thecompany’s future earnings and resultant cash flows. Moreover, the numbers beingreported are the results of a consolidation process. The cardinal rule to remember here is that when exchange rates change, data in parent currency may change even though local currency amounts may not. For managerial accountants, the conduct of foreignoperations raises numerous issues of financial control. For example, which currencyshould be used to evaluate foreign subsidiary performance, the parent currency or thelocal currency? In preparing operating budgets, which exchange rate combination should be used to translate original budgets and subsequently track performance? Whenplanning capital expenditures, how do you factor inflation, foreign exchange rate risk and sovereign risk into measures of future project cash flows, cost of capital estimates andplanned investment outlays? Should capital budgeting decisions be made from theproject’s perspective or a company perspective? Again, this exercise is designed to raise questions that will be addressed in subsequent chapters.7.Issues triggered by Exhibit 1-5 include :a. What criteria are used to determine when a foreign affiliate is to be consolidatedwith that of the parent company? While majority ownership is one criterion forconsolidation, do other criteria exist internationally and why?b. When consolidating the accounts of a foreign affiliate with that of the parentshould accountants first restate the accounting measurement rules of the foreignaffiliate to the reporting requirements of the parent company or should thereporting requirements of the affiliate’s country of domicile prevail? Whichmethod produces the more meaningful information for statement readers?c. When consolidating the accounts of a foreign affiliate should the accountanttranslate the currency of the affiliate to the reporting currency of the parentcompany? If so, which exchange rates should be employed for each balancesheet account? For each income statement account?d. If fluctuating exchange rates produce foreign currency gains and losses duringthe consolidation process, how should these gains and losses be accounted for?8.The ROE ratios for Electrolux based on IFRS and U.S. GAAP was derived as follows:IFRS U.S. GAAPROE 1,763/25,888 + 23,636 1,518/25,057 + 23,5672 2= 1,763/24,762 =1,518/24,3129.For this exercise, we consider information provided by three stock exchanges: TheLondon Stock Exchange, the Deutsche Boerse and the Tokyo Stock Exchange. TheLondon Stock Exchange Web site () provides highly useful information. However, under the U.K. regulatory structure, the Financial Services Authority, not the LSE, is responsible for the admission of securities to official listing and continuing obligations of listed companies.The Deutsche Boerse ()has a 117-page document covering insider trading and required ad hoc disclosure, but nothing in any detail concerning periodic financial disclosures. There is a bar chart that claimed to show the relative transparency of the various Deutsche Boerse exchanges. Without even the most basic frame ofreference, it s hard to describe such a chart as anything but opaque.It might be well to advise students not to investigate financial disclosure requirements for the Tokyo Stock Exchange (www.tse.or.jp). The TSE does not have independentfinancial disclosure requirements. Rather, companies must conform with therequirements of Japan’s Securities and Exchange Law and regulations. The TSE provides this brief summary: Under the Securities and Exchange Law, the registrants are required to file annual and semi-annual reports with the Ministry of Finance, with copies to the stock exchanges where the securities are listed. The financial statements to be included in security registration statements and annual reports must comply with a wide range of formats and contents relating to disclosures prescribed in the regulations. The regulations require both the consolidated financial statements and non-consolidated financialstatements of the registrant. The financial statements prepared under the Securities and Exchange Law and relevant regulations are in major areas equivalent to those prevailing internationally.This summary obviously raises many more questions than it answers. The TSE alsoprovides a flow chart showing which documents are required to be filed, and their filing deadlines, but nothing concerning the required contents of these documents.For an illustrative example, consider the Deutsche Boerse and the London StockExchange. Note that Web sites change continuously. Therefore, the responses shown below are indicative only.Ratings (obviously) will be subjective. Students should be evaluated on the thoroughness and thoughtfulness of their evaluations10.If we divide the total foreign company listings for each region by the total listings for thatregion as one measure of foreign listings, we would obtain the following results: The Americas: 1,174/3,758 = 31.2%Asia-Pacific: 274/2,375 = 11.53%Europe-Africa-Middle-East 1,188/10,383 = 11.4%Student answers to the second part of the question will vary depending on which region of the world they expect to experience the most rapid growth in the years ahead.11.In addition to eliciting a variety of investment strategies, this question should drive homethe connection between accounting information and international investing. Theaccounting issues that will influence country investment allocations will be the extent oftransparency of a company’s accounts, the degree to which its accounting standards areoriented toward investor decisions and the quality of the audit functions in each country. Case 1-1E-Centives, Inc.e-centives, Inc. — Raising Capital in Switzerland1. Possible factors (from Exhibit 1.7) relevant in e-centives decision to raise capital and list on the Swiss Exchange s New Market:•Ease of raising capital (point 3). The Swiss Exchange s New Market has simple listing requirements designed to appeal to small companies. The contrast with the complex,detailed listing and reporting requirements in the United States is striking.•Availability of capital (point 4). Switzerland has a large, well-developed capital market.•Reputation of the exchange (point 5). The Swiss Exchange is well known for providing a high quality, efficient trading environment.•Corporate profile and brand identity (point 6). A listing on the New Market would dovetail with the company s possible expansion into Switzerland by giving it a higherprofile in the Swiss market. While e-centives is interested in expanding into Switzerland, it also is considering Germany and the United Kingdom, which have much largerconsumer markets. Therefore, this is not an overwhelming point in Switzerland s favor.•Regulatory environment (point 7). It is highly likely that e-centives chose Switzerland because its regulatory environment is unlike that of the United States.•Availability of investors (point 9). e-centives might be interested in possible investment from large Swiss pension funds, but it s not likely that such funds would invest in aspeculative, start-up enterprise.2. a. Possible reasons why e-centives chose not to raise public equity in the United States:•One possible reason would be to avoid the complex and expensive process of registering securities with the U.S. Securities and Exchange Commission and keeping up with theCommission’s periodic reporting requirements.•e-centives probably would not satisfy the listing requirements of a U.S. stock exchange (such as Nasdaq or a regional stock exchange).•Management might think that raising money in Switzerland rather than the U.S. might give them an appearance of quality, cleverness, and exclusivity that would not bepossible with a U.S. listing. (Your authors believe that such reasoning is far-fetched, but it s not unknown.)b. Possible drawbacks to not raising capital in the U.S. public markets.•Lack of access to the largest pool of investment capital in the world.•Lack of following by U.S. investment analysts, and lack of access to individual U.S.investors.•Trading volume on the Swiss Exchange New Market is much smaller than on the U.S.exchanges.•Listing in Switzerland does little to establish the reputation or raise the profile of e-centives in the United States.•The degree to which (mostly European) investors in the New Market would be interested in a struggling U.S. start-up certainly can be questioned.3. Advantages and disadvantages to e-centives of using U.S. GAAP.Advantages: U.S. accounting standards are highly credible and well known, which is important to a new company seeking investment capital, and would be much more familiar to the company’s management, outside auditors, and investors domiciled in the U.S. than any other set of standards. Use of U.S. GAAP would eliminate some suspicions of the company trying to put something over on investors by using some other set of GAAP, and U.S. GAAP is accepted explicitly by the Swiss Exchange.Disadvantages: U.S. accounting standards are not particularly well known to investors participating on the Swiss Exchange, who would be expected to know Swiss GAAP, GAAP of other major European markets, and possibly IAS (International Accounting Standards). Compliance with U.S. GAAP is more complex and expensive than compliance with other standards (such as IAS), and the company might see some cost savings by avoiding U.S. GAAP if it isn’t required to use them.4. Should the Swiss Exchange require e-centives to prepare its financial statements using Swiss accounting standards?This is a debatable point. One would expect that investors on the Swiss Exchange would be more familiar with Swiss accounting standards than with any other, and that requiring Swiss accounting standards would make financial disclosures more easily understood toth em than any others. This wouldn’t be true, however, for non-Swiss investors participating on the exchange, and ignores the fact that IAS increasingly are becoming a common language for financial accounting disclosures. Accepting IAS almost certainly would increase the pool of investors that would be able readily to understand disclosures by listed companies, and this would give the exchange a powerful reason to accept IAS in addition to (if not instead of) Swiss accounting standards.5. What are listing and financial reporting requirements of the Swiss Exchange s New Market? Does e-centives appear to fit the profile of the typical New Market company?From the case: The New Market is designed to meet the financing needs of rapidly growing companies Listing requirements are simple. For example, companies must have an operating track record of 12 months [note: not necessarily a profitable operating track record], [and] the initial public listing must involve a capital increase. All of these conditions apply well to e-centives, and on that basis the company does appear to fit the profile of the typical New Market company. The uniqueness of e-centives is in its decision to skip the U.S. capital markets.Case 1-2Infosys Technologies LimitedThis case is designed to get students into reading non-domestic financial statements. Many students will be surprised at the information content of Infosys’ financial statements as the company does not fit the typical stereotype of sub-par financial reporting in emerging markets. Indeed the company illustrates how competitive the world of business has become and the success that accrues to firms that base their futures on innovative thinking and adaptability. Students unused to seeing the report form of balance sheet will find it at odds with the classified balance sheet format that they were taught in class. Other things they will note include but are not limited to: use of a fiscal as opposed to a calendar year, the fact that the financial statements。
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Contributing Factors (contin)
Reporting issues associated with internationalization of capital markets
How to analyze and interpret foreign accounts? How to report to foreign readers? How to harmonize reporting standards
E.g., the e in p/e valuation multiples.
Internationalization of capital markets
Raising external finance abroad means that financial reports must increasingly travel internationally.
internationally?
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Other Chapter Exhibits
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What does international accounting diversity entail?
Does international accounting have a history?
What factors are contributing to the importance of international accounting as a field of study?