国际会计学 荷兰与英国部分翻译
国际会计_第4章-1日本荷兰
二战失败后，日本的会计实务体系又深受美国会计的 影响，有一种掺合的迹象。
尽管在世界范围的会计模式分类中，一般都从发展趋 向把它归入受美国影响模式的国家，但在日本也存在 着传统与外来影响的矛盾，外来影响只能逐步地被接 受，因此：
传统
外来影响
日本的会计发展是缓慢的
表2-3
阿伦的会计模式分类
法国―西班牙 ―意大利模式
因此日本民族痛恨“单 打独斗”,善于相互依靠, 崇尚集体主义,遵守集体 规范,效忠集体利益。
所以,日本会计人员非常 注重职业道德,强调对企 业的效忠。
社会文化对会计的影响
根据荷兰学者霍夫斯蒂德对部分国家社会价 值层面的对比分析,
日本在规避不确定性意识方面是最强的,因 此日本的会计模式偏重法律法规的控制,制 定比较完备的会计法规体系,留给个人判断 的空间很小。
最后，对发展中国家的会计实务体系，除选择墨西哥这个 在国际会计中较有影响的国家外，还对发展中国家会计实 务体系的主要特征作一概述。
4.1 日本会计实务体系的特征
日本会计实务的发展体现了会计在各个国家之间 的输入和输出。
明治维新使得日本对外敞开了国门，因此西方国 家的法律/法典也开始影响日本。这段时间欧洲大 陆国家对日本的影响十分深远：1889年的《民法 典》就是法国和德国共同影响的产物，1881年的 《商法》更是由德国人执笔制定的，德国的影响 一直延续到1899年的《商法》
北欧模式
德国* 荷兰 瑞士 挪威 瑞典 丹麦
芬兰
苏维埃模式
苏联* 匈牙利 波兰 保加利亚
中国
4.1 日本会计实务体系的特征
欧洲大陆国家 （德国）
美国
掺和的迹象
经济体制对会计模式的影响
日本实行生产资料私有制的资本主义市场经济, 会计以维护私人资本利益为出发点,强调会计信 息的真实和实用原则,为实现私人财富的最大化 而服务。
国际会计第七版英文版课后答案（第十二章）
Chapter 12International Taxation and Transfer PricingDiscussion Questions1.Tax neutrality means that taxes have no (are neutral in their) effect on business decisions. In otherwords, business decisions are driven by economic fundamentals instead of taxes. Such decisions should result in an optimal allocation of resources. However, taxes have the potential to divertthis allocation of resources. Taxes are seldom neutral.Governments often use taxes for social purposes. This is not necessarily bad. For example,countries can use tax breaks to attract business investment, thereby promoting economic growth.Chapter 12 discusses harmful tax competition, a concern of both the OECD and EU. The concern is that some countries (tax havens) use taxes as an unfair competitive tool, depriving othercountries of taxes needed to support their infrastructure and government services. Transactionsare funneled through tax havens merely to avoid taxes; they have no real business purpose.Students should have fun debating whether this is good or bad.2.The types of taxes discussed in the book are:a.Income tax. Tax bases and tax rates vary from country to country. The effective tax rateis what is important, not the nominal rate.b.Withholding tax. These are withholdings on interest, dividend and royalty payments toinvestors.c.Value-added tax. This is a consumption tax popular in Europe and Canada. The tax islevied on each stage of production or distribution based on the incremental value added atthat stage. Companies that pay the tax in their own costs reclaim them later from the taxauthorities. Consumers ultimately bear the cost of this tax.d.Border tax. This is a customs or import duty.e.Transfer tax. This is a tax on the transfer of items between taxpayers.The two most common taxes are the income tax and the border tax.Philosophies of taxation vary with the types of taxes, since ultimately the question is who pays and how much. In the case of income taxes, philosophies vary as to whether income earned outside the country’s borders should be taxed (territorial versus worldwide).3.Tax credits reduce a business entity’s income tax liability dollar for dollar. The purpose of thesecredits in international taxation is to insure that profits earned abroad are not subject to doubletaxation. Accordingly, the country in which a parent company is domiciled will generallyrelinquish taxes on income earned abroad up to the amount of the foreign tax.Tax credits may fall short of their intended results because of how taxable income is definedunder domestic and foreign tax laws. The treatment of expenses is a case in point. Under U.S.law, for example, business expenses attributable to foreign source income must be so allocated in determining the foreign tax credit limitation. Distortions occur when the deduction is not allowed in determining taxable income in the foreign country. The result is usually an overstatement ofthe total amount of taxes paid and excess foreign tax credits recognized. Additional distortionsrelate to national differences in defining income sources and timing differences in the recognition of income and expenses.4.Tax Rate System Advantages DisadvantagesClassical Ease of administration Double taxation of corporateincomeSplit Rate Relief from double taxationprovided at the company level Higher tax rates on undistributed profits reduces the attractiveness of retained earnings as a financing sourceTax Credit Relief from double taxationprovided at the shareholderlevel If tax credit is denied foreign shareholders, investing across national boundaries becomes less attractive5.National differences in tax rates are indeed the least significant determinants of a company’seffective tax burden. The key term here is effective. While statutory tax rates define acompany’s nominal tax burden, this seldom indicates its effective tax burden. Widespreaddifferences in tax administration systems, allowable deductions, rates of depreciation allowances, tax credits, tax treaties, special tax incentives offered by foreign governments, and many indirect taxes (including deficient social overhead services in some low-tax countries) are some factors that affect real tax burdens on MNCs.6.Student responses to this question will naturally vary. Some will argue that multinationaloperations abroad are merely guests of their national hosts. Given the visibility and political sensitivity of their positions, therefore, these firms should fully disclose their earnings picture to local tax authorities and pay whatever taxes are called for. However, others will argue that the competitive position of the multinational corporation will be jeopardized if it does not emulate the tax evasion practices of its local corporate peers. Furthermore, since business ethics are colored by the cultural and social fabric of each individual nation, it is presumptuous for a multinational to impose its domestic mores in an environmental context where they may not be appropriate.7.Transfer pricing is a natural consequence of the decentralization of business organizations.Interactions between units of a decentralized system require the establishment of prices at which goods or services can be transferred among operating divisions. In a purely domestic setting, transfer pricing policy assures (a) a measure of performance that reflects a subunit’s use ofresources and (b) the optimal allocation of enterprise resources.Transfer pricing has assumed a more strategic role in management policy with multinational operations. Many MNCs use transfer prices to (a) reduce or hedge environmental risks, (b)develop favorable tax postures overseas, (c) support the competitive position of selected foreign subsidiaries, and (d) circumvent restrictions on fund movements between national boundaries. 8.(a) Transfer pricing objectives of a multinational company often produce results that directlyconflict with the objectives of a foreign affiliate’s minority shareholders. While the minority shareholders want maximum dividends, transfer prices may be designed to minimize theaffiliate’s income and thus its ability to pay dividends. (b and c) Both domestic and foreign tax authorities are interested in enacting laws and regulations to counteract pricing techniquesdesigned to minimize taxable income. Tax authorities want to claim their fair share of taxes. (d) Managers of foreign affiliates should be concerned because the manipulation of transfer prices destroys the usefulness of subsidiary profits as a measure of their performance. (e) Finally,headquarters managers are vitally concerned with the acceptability of their transfer prices togovernments where they do business. The cost of evoking the wrath of host governments who find transfer prices to be objectionable can far exceed any system-wide benefits that transferprices can achieve. Headquarters should also be concerned if transfer pricing distortsperformance measures because this can cause managers to behave dysfunctionally.9.Considerations that complicate the administration of transfer pricing systems internationallyinclude (but are not limited to) the following:a.Tax considerations -- to minimize its global tax bill, a multinational entity might raise(lower) the transfer prices of goods shipped from affiliates located in low-tax (high-tax)countries.b.Tariff considerations -- to minimize foreign tariffs, a firm can lower (raise) transfer priceson goods shipped to high (low) tariff countries.petitive considerations -- a local affiliate’s competitive position can be improved if itis charged low transfer prices on goods imported from a parent or manufacturing affiliate.d.Foreign inflation -- a parent company may raise transfer prices on goods shipped to anaffiliate located in a highly-inflationary country to minimize local funds subject to thatcountry s inflation.e.Foreign exchange risk -- to minimize foreign exchange risk, a parent may raise transferprices to an affiliate located in a devaluation prone country to move exposed assets to amore stable environment.f.Performance evaluation considerations -- to evaluate the performance of a foreign cost(service) center, a parent company might use transfer pricing to give the affiliate arevenue stream. This would enable the parent to evaluate the affiliate with traditionalprofitability measures.10.Transfer prices are generally based on market price or some variant of cost. Among theadvantages of using market prices are that they (a) encourage the efficient allocation of corporate resources, (b) provide meaningful criteria for performance evaluation, (c) assist in identifying profitable and unprofitable units, and (d) are easy to defend as arm’s-length prices to hostgovernments. Cost-based transfer pricing systems also have many advantages in that they are (a) simple to use, (b) based on readily available data, (c) easy to verify before tax authorities, and (d) easily routinized.The overall competitive and financial position of the MNC is a major consideration ininternational transfer pricing policy. Accordingly, a cost-based transfer pricing system is best from the viewpoint of headquarters management. The flexibility afforded by cost-based transfer prices (i.e., transfer prices can be adjusted by changing the cost base itself or markups on cost) is especially important in helping MNCs to cope with the many environmental risks and constraints which affect their international affairs. However, while cost-based transfer pricing systemspromise greater flexibility, increasing governmental scrutiny of transfer pricing decisions will undoubtedly limit their flexibility.11.An arm’s-length price is one that would have been paid to an unrelated party for the same orsimilar goods under identical or similar circumstances. The United States is not alone inmandating that international transfer prices be based on an arm’s-length price. As the chapter points out, many countries have enacted legislation giving their tax authorities the right toreallocate gross income, deductions, credits or allowances to prevent tax evasion or to moreclearly reflect the proper allocation of income.While the notion of an arm’s-length price provides a conceptual foundation on which to basetransfer prices, it is less than definitive in practical application. Accordingly, application of thearm’s-length principle is far from uniform internationally. Surveys of existing corporate transfer pricing practices reveal a variety of pricing modes often based on professional judgment andapproximation.12.Advance pricing agreements (APAs) are a negotiated agreement between a multinational and ataxing authority on an acceptable transfer pricing methodology. The APA is binding on bothparties for a fixed period of time. The main advantage of an APA is that transfer pricing conflicts can be eliminated or reduced, saving time and money for both the multinational and the taxingauthority. The certainty of transfer pricing treatment makes long-term strategic planning easierfor the multinational. The disadvantage is that the parties are locked in to the agreement, which can be a problem if circumstances change. Of course, time and effort are also needed to achieve the APA.Exercises1.At first blush, Company X promises the better performance as it has a higher pre-tax income.However, a closer examination shows that both companies promise identical after-tax returns. A return on sales of 12.0% yields after-tax earnings of $72 million (12% X $600 million) for both companies. Comparative income statements based on the ratios provided are ($ millions):Company X Company YSales 600600Operating expenses 480528Pre-tax income 12072Income taxes 48-0-Net income7272Thus, it appears that Country X has a 40% income tax rate. Country Y’s indirect taxes are buried in operating expenses. Moral: when comparing company investment performance, focus on after-tax returns.pany X is the better investment because the investor in Country Z is probably not entitled toa foreign tax credit for indirect taxes paid. This is illustrated below.Country X Country YPre-tax earnings $120.00 $72.00Income tax (40%) 48.00 -0-After-tax earnings72.00 72.00Country Z’s investment income:Dividends 36.00 36.00Gross-up forforeigntaxes paid(36/72 x 48 ) 24.00 -0-60.00 36.00Income tax (35%) 21.00 12.60- Foreign taxCredit a(24.00) (-0-)Income tax -0-12.60After-tax return 36.00 23.40a Excess tax credits can be carried back 1 year and forward 10 years.3.There are no taxes paid on these transactions. China and Australia tax corporate income (Exhibit12-2) but the subsidiaries there have no profits. The entire profit is in the Cayman Islandssubsidiary, where there is no corporate income tax.As discussed in the chapter, the Cayman Islands subsidiary would seem to be a brass plate subsidiary with no real work or employment attached to it. Such subsidiaries lack substantialactivities and merely funnel financial transactions through the tax haven country to avoid another country s taxes. The company involved is doing nothing illegal. The issue for the taxingauthorities of Australian and China is whether the company is paying its fair share of theirrespective national taxes. These taxing authorities might tax passive income or adjust the transfer pricing arrangement so that they capture some income tax. These are the implications for thecompany and the taxing authorities involved.4.Subpart F foreign base company income = $4,000,000 x U.S. tax at 35% =- Tax credit for foreign taxes paid($4,000,000 x 17.5%)Net U.S. taxes due $4,000,000 1,400,000 700,000 $ 700,000Students must refer to Exhibit 12-2 for the U.S. tax rate of 35%.5.Value added including tax (4,000 – 2,400) = 1,600 Value added excluding tax (1,600 ÷ 1.175) = 1,362 Value added tax (17.5% x 1,362) = 2386.Classical SystemCorporate income SEK1,500,000- Income tax (28%) 420,000= Net income 1,080,000 Dividend SEK540,000 Income to shareholder SEK540,000- Personal income tax (40%) 216,000=Net income SEK324,000 Total taxes paid:Corporate SEK420,000Individual 216,000Total SEK636,000Country A Country B Country C Country D Royalty paid $20.00Branch earnings $90.00Dividend paid $27.00 $27.00 Foreign withholding tax(10%)2.00 2.70 -0-Net payment to Alubar $18.00‗_‗‗‗‗‗‗‗‗‗‗$24.30‗‗‗‗‗_$27.00‗‗‗‗‗‗U.S. income $20.00 $90.00 $27.00$27.00 Dividend gross-up(27.00/54.00 x 36) ____________ 18.00 -0-Taxable income $20.00 $90.00 $45.00$27.00 U.S. tax (35%) 7.00 31.50 15.75 9.45 Foreign tax creditPaid (2.00) (18.00) (2.70) -0-Deemed paid(27.00/54.00 x 36) __________(18.00)_____ Total (2.00) (18.00) (20.70) -0-U.S taxes — net 5.00 13.50 ( 4.95) 9.45 Foreign taxes 2.00 18.00 20.70 36.00 Total taxes 7.00 31.50 15.75 45.45Low Transfer Price (000s omitted)Country A Country B Consolidated Sales $1,000 $1,700 $1,700 Cost of sales 600 1,000 600 Gross margin 400 700 1,100 Operating expenses 100 100 200Pre-tax income 300 600 900 Income tax (35%) 105210 315Net income $ 195 $ 390 $ 585High Transfer Price (000s omitted)Country A Country B Consolidated Sales $1,200 $1,700 $1,700 Cost of sales 600 1,200 600 Gross margin 600 500 1,100 Operating expenses 100 100 200Pre-tax income 500 400 900 Income tax (35%) 175 140 315Net income $ 325 $ 260 $ 585 As long as corporate tax rates in both countries are the same, an increase in the transfer price charged by the manufacturing affiliate transfers income from Country B to Country A. The pricing action, however, has no effect on consolidated taxes or on consolidated income.Low Transfer Price (000s omitted)Country A Country B Consolidated Sales $1,000 $1,700 $1,700 Cost of sales 600 1,000 600 Gross margin 400 700 1,100 Operating expenses 100 100 200 Pre-tax income 300 600 900 Income tax (30%/40%) 90 240 330 Net income $ 210 $ 360 $ 570High Transfer Price (000s omitted)Country A Country B Consolidated Sales $1,200 $1,700 $1,700 Cost of sales 600 1,200 600 Gross margin 600 500 1,100 Operating expenses 100 100 200 Pre-tax income 500 400 900 Income tax (30%/40%) 150 160 310 Net income $ 350 $ 240 $ 590 Where tax rates differ between countries, an increase in the transfer price charged by themanufacturing affiliate transfers taxable income from the higher tax affiliate to the lower tax affiliate. As a result, consolidated taxes decrease by $20,000 and consolidated net incomerises by $20,000.10. a.There are at least three possible transfer prices based on the facts in this exercise. Thefirst is $120, the uncontrolled selling price in Country A. The second is $100, theminimum declared value legally allowed in Country B. The third is $103.20, based onallowing the affiliate in Country A to earn a reasonable (20%) profit on cost. $103.20 iscalculated as follows:Manufacturing cost Operating expenses Transportation costs Total cost per unit Normal profit (20%) Transfer price$ 60.0010.0016.00$ 86.0017.20$103.20($100,000 ÷ 10,000 units)Consolidated income using the three transfer prices is as follows:$120 Transfer Price (000s omitted)Country A Country B Consolidated Sales $1,200 $1,700 $1,700 Cost of sales 600 1,200 600 Gross margin $ 600 $ 500 $1,100 Operating expenses 100 100 200 Transportation costs 160 -0-160 Import duty (20%)-0-240240 Pre-tax income$ 340$ 160$ 500 Income tax (30%/40%)10264166 Net income $ 238$ 96 $ 334$103.20 Transfer Price (000s omitted)Country A Country B Consolidated Sales $1,032 $1,700 $1,700Cost of sales 600 1,032 600Gross margin $ 432 $ 668 $1,100Operating expenses 100 100 200Transportation costs 160 -0-160Import duty (20%)-0-206206Pre-tax income$ 172$ 362$ 534Income tax (30%/40%)52145197Net income $ 120$ 217 $ 337$100 Transfer Price (000s omitted)Country A Country B Consolidated Sales $1,000 $1,700 $1,700Cost of sales 600 1,000 600Gross margin $ 400 $ 700 $1,100Operating expenses 100 100 200Transportation costs 160 -0-160Import duty (20%)-0-200200Pre-tax income$ 140$ 400$ 540Income tax (30%/40%)42160202Net income $ 98$ 240 $ 338b.The three transfer prices have a minimal impact on consolidated income overall.However, it should be emphasized to students that one cannot just focus on the “bottomline.” The exercise points out the interaction of import duties and income taxes. Eventhough varying the transfer price between $100 and $120 has a negligible impact onconsolidated income, the income taxes paid to the two countries vary quite a bit. Themultinational must contend with income tax authorities of both countries and the customsofficials of Country B. The multinational must be able to justify the transfer price to allof these parties.11.Costs as a % of sales price:Operating expenses14%Profit margin 6%Total 20%TP= {[450 X (100% – 20%) – 1.50] ÷ (100% + 5%)} – 1.00= {[ 360 – 1.50] ÷ 1.05} – 1.00= $340.4312.Total manufacturing cost per unit = SEK 401.00Financing cost a % of total manufacturing cost[(7% x SEK45,000,000) ÷ SEK40,100,000] 7.86% 1.Required margin before adjustments:Required margin 8.00%Financing cost7.86%15.86%ernment subsidy adjustment 5.00%3.Adjusted margin in cash terms[(1.1586 ÷ 1.05) – 1] 10.34% 4.Adjusted margin with 60 day terms{1.1034 x [1 + (.07 x 60/360)]} – 1 = 11.63% Transfer price = (1.1163) x (SEK401.00) = SEK447.64Case 12-1The Shirts Off Their Backs1.We believe that wealthy nations have a moral responsibility to help alleviate poverty in poornations. Tax collections in poor countries are part of the solution to alleviating their poverty.Thus, the question of why wealthy nations should be concerned about seeing that poor onescollect their “fair share” of taxes is a moral one.The Christian Aid report lists three reasons why rich countries should be concerned about “tax justice” and help bring it about:a.Levying taxes is critical in alleviating poverty. As countries develop their economies,they need to use taxation to redistribute wealth and bolster public (government) financesto invest in infrastructure which will, in turn, foster economic development.b.Rich countries also lose income through tax avoidance.c.In a world increasingly affected by terrorism, a system of global finance built on secrecycannot be tolerated. After 9/11, the U.S. government acted swiftly to go after terroristfinancing, much of which involved tax havens. These actions show that it is not beyondthe power of authorities to track money around the world.2.There is no doubt that accountants and accounting firms have played a role in tax avoidanceschemes. Are they behaving ethically or stretching the limits of aggressive tax positions? As the case notes, Andersen facilitated Enron’s massive tax avoidance, setting up a global network of3,500 companies to keep from paying taxes. The case cites a U.S. GAO report that found that 60 percent of U.S. corporations with at least $250 million in assets reported no federal tax liabilityfor any year between 1996 and 2000. In 2003, Ernst & Young reached a $25 million settlement with the IRS over aggressive tax shelters that it marketed. In 2006, KPMG paid a $465 millionsettlement after it admitted selling unlawful tax shelter schemes. The anecdotal evidence, at least, gives accountants and accounting firms a black eye.How culpable they are in perpetuating poverty is an open issue. As discussed next in response to question 3, some would argue that accountants are merely responding to the national andinternational rules and systems. However, this argument ignores the ethical dimensions of their actions. Clearly accountants alone cannot solve the problems raised in the case. Greatertransparency is critical, including open information sharing among national tax authorities.International efforts to pry open secret tax haven countries are also necessary. Hurting the ability of developing countries to collect taxes is perhaps an unintended consequence of accountants’participation in tax avoidance schemes.3.In our view, tax planning is not wrong per se, but a natural behavioral response to tax rules inplace and the enforcement actions of tax administrations systems. One observer writes:[R]ules always affect behavior and not necessarily in the way expected or desired by the rulemaker. It is idle to suppose that behaviors will not be affected. Ensuring that unintendedconsequences are minimized and that the intended consequences are achieved is a difficult art. I see no reason why regulations should not be immune to this.I know that the benefits of living in a civilized and well organized society have to be paid for. Iaccept and do not argue against a duty to pay taxes. It is for the properly appointed government to decide how the necessary money should be raised by taxes and thus what each citizen’s share of the total tax bill should be. I recognize that some would say that citizens have a moral duty to pay their properly appointed share of the total. My problem is that I cannot see any justificationfor a suggestion that citizens should so organize their lives as to maximize (or at least avoidminimizing) the share of taxes that they must each pay.In this light, tax planning is not a crime: it is an inevitable human reaction to a particular set ofrules.At some point most people will have changed their behavior to use the provisions of tax law tosecure a benefit of some kind.1If accountants are playing within the rules, then minimizing taxes through proper planning isessentially benign. However, aggressive strategies that operate under the veil of secrecy stretch the limits of ethical behavior in general and accountants’ code of ethical conduct in particular.4.The first three policy recommendations, taken from the Christian Aid report, involve strongerinternational cooperation on the sharing of information.a.Open up the banking secrecy and confidentiality laws that operate in “uncooperative” taxhavens. As the chapter discusses, the OECD is trying to do this, but further cooperativeinternational government actions are necessary to provide transparency over thelegitimacy of transactions funneled through tax haven countries. The veil of secrecy thatoperates in some tax havens prevents governments from automatically exchanginginformation about cross-border income payments.b.Banks and other financial institutions should be required to disclose to relevantauthorities interest, dividends, royalties, and other income that they pay to citizens andcompanies around the world. As this information is shared across countries, theappropriate tax can then be levied by that country’s tax authority.c.Increase the exchange of information among the world’s tax authorities. In particular,increase cooperation and information sharing between the tax authorities of rich and poornations.d.Provide development aid to improve accounting expertise in poor countries. They needthis expertise to audit transfer pricing practices of multinational corporations.e. A unitary tax system (mentioned in the chapter) whereby the global profits ofmultinationals are divided among countries based on the extent of their activities, isadvocated by some. This would reduce or eliminate the need for complex transferpricing to minimize taxes. Each country could tax its share of global profits at the ratedesired.1 Chris Swinson, “Of Tax Rules and Their Consequences,” Accountancy (October 2005): 26.Case 12-2Muscle Max: Your Very Own Personal TrainerThis case raises a number of issues and should be a good vehicle to acquaint students with the many considerations that impact international transfer prices. One issue concerns host government relations, especially with customs officials. The fact that Muscle Max-Australia is being invoiced at two different prices for identical equipment could lead to Australian charges of "dumping" with regard to imports from Malaysia. Invoicing imported machines from Malaysia at the higher Canton price ([A$675 x 1.26] =A$850) or invoicing imported machines from Canton at the lower Malaysian price (A$675) would obviously involve tradeoffs dealing with taxes, competitive position, etc. Students should be encouraged to discuss the costs and benefits associated with such tradeoffs.Another issue relates to who should set transfer pricing policies. Here, affiliate managers appear to have much discretion in setting their transfer prices. The question is whether and under what circumstances this is superior to more centralized decision-making. Students will probably be divided on this issue. Ultimately, the conclusion of which posture is best will relate to management’s philosophy regarding the purpose of transfer pricing. If the purpose is to maximize system-wide results, e.g., minimize global taxes, a case can be made for centralizing transfer pricing policy. If the purpose is to comply with local requirements (legal or otherwise), decentralization may be better.Closely related to the centralization-decentralization issue is the basis upon which transfer prices should be based. Here, transfer prices are based on a cost-plus method. While this may constitute an arm’s-length price and is suited to a centralized management style, it has its limitations. Higher transfer prices paid for the same merchandise could affect Muscle Max-Australia’s local pricing policies with resulting unfavorable competitive effects. The artificially high transfer prices paid for imports from Canton may minimize system-wide taxes, but they must be balanced against lower resulting profit margins which could reduce the company’s local borrowing capacity. Accordingly, some students will argue that market-based prices are better. This approach appears to be more objective and in keeping with a decentralized profit center orientation. Moreover, market-based transfer prices encourage local managers to keep their local prices competitive, are easier to justify to host governments, and in some sense is a more ethically-based price. Even here, however, students can be expected to disagree as to what constitutes an acceptable market-based transfer price.The effect of transfer pricing policies on performance evaluation measures and, ultimately, management behavior also should be considered. The use of a single transfer price for both tax planning and financial control purposes is subject to debate. While the notion of dual transfer pricing systems is logical – i.e., one set of transfer prices for fiscal planning purposes and another for performance evaluation purposes – practice suggests that many firms are unwilling to use such a system because of the cost and time needed to set up and administer it.。
国际会计科目对照表(中英)
ccount 帐户Accounting system 会计系统American Accounting Association 美国会计协会American Institute of CPAs 美国注册会计师协会Audit 审计Balance sheet 资产负债表Bookkeepking 簿记Cash flow prospects 现金流量预测Certificate in Internal Auditing 内部审计证书Certificate in Management Accounting 管理会计证书Certificate Public Accountant注册会计师Cost accounting 成本会计External users 外部使用者Financial accounting 财务会计Financial Accounting Standards Board 财务会计准则委员会Financial forecast 财务预测Generally accepted accounting principles 公认会计原则General—purpose information 通用目的信息Government Accounting Office 政府会计办公室Income statement 损益表Institute of Internal Auditors 内部审计师协会Institute of Management Accountants 管理会计师协会Integrity 整合性Internal auditing 内部审计Internal control structure 内部控制结构Internal Revenue Service 国内收入署Internal users 内部使用者Management accounting 管理会计Return of investment 投资回报Return on investment 投资报酬Securities and Exchange Commission 证券交易委员会Statement of cash flow 现金流量表Statement of financial position 财务状况表Tax accounting 税务会计Accounting equation 会计等式Articulation 勾稽关系Assets 资产Business entity 企业个体Capital stock 股本Corporation 公司Cost principle 成本原则Creditor 债权人Deflation 通货紧缩Disclosure 批露Expenses 费用Financial statement 财务报表Financial activities 筹资活动Going—concern assumption 持续经营假设Inflation 通货膨涨Investing activities 投资活动Liabilities 负债Negative cash flow 负现金流量Operating activities 经营活动Owners equity 所有者权益Partnership 合伙企业Positive cash flow 正现金流量Retained earning 留存利润Revenue 收入Sole proprietorship 独资企业Solvency 清偿能力Stable-dollar assumption 稳定货币假设Stockholders 股东Stockholders equity 股东权益Window dressing 门面粉饰财会名词汉英对照表（1）会计与会计理论会计 accounting决策人 Decision Maker投资人 Investor股东 Shareholder债权人 Creditor财务会计 Financial Accounting管理会计 Management Accounting成本会计 Cost Accounting私业会计 Private Accounting公众会计 Public Accounting注册会计师 CPA Certified Public Accountant 国际会计准则委员会 IASC美国注册会计师协会 AICPA财务会计准则委员会 FASB管理会计协会 IMA美国会计学会 AAA税务稽核署 IRS独资企业 Proprietorship合伙人企业 Partnership公司 Corporation会计目标 Accounting Objectives会计假设 Accounting Assumptions会计要素 Accounting Elements会计原则 Accounting Principles会计实务过程 Accounting Procedures财务报表 Financial Statements财务分析Financial Analysis会计主体假设 Separate—entity Assumption货币计量假设 Unit—of—measure Assumption持续经营假设 Continuity(Going-concern) Assumption会计分期假设 Time-period Assumption资产 Asset负债 Liability业主权益 Owners Equity收入 Revenue费用 Expense收益 Income亏损 Loss历史成本原则 Cost Principle收入实现原则 Revenue Principle配比原则 Matching Principle全面披露原则 Full—disclosure (Reporting） Principle客观性原则 Objective Principle一致性原则 Consistent Principle可比性原则 Comparability Principle重大性原则 Materiality Principle稳健性原则 Conservatism Principle权责发生制 Accrual Basis现金收付制 Cash Basis财务报告 Financial Report流动资产 Current assets流动负债 Current Liabilities长期负债 Long—term Liabilities投入资本 Contributed Capital留存收益 Retained Earning－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－（2）会计循环会计循环 Accounting Procedure/Cycle会计信息系统 Accounting information System帐户 Ledger会计科目 Account会计分录 Journal entry原始凭证 Source Document日记帐 Journal总分类帐 General Ledger明细分类帐 Subsidiary Ledger试算平衡 Trial Balance现金收款日记帐 Cash receipt journal现金付款日记帐 Cash disbursements journal销售日记帐 Sales Journal购货日记帐 Purchase Journal普通日记帐 General Journal工作底稿 Worksheet调整分录 Adjusting entries结帐 Closing entries－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－（3）现金与应收帐款现金 Cash银行存款 Cash in bank库存现金 Cash in hand流动资产 Current assets偿债基金 Sinking fund定额备用金 Imprest petty cash支票 Check（cheque）银行对帐单 Bank statement银行存款调节表 Bank reconciliation statement在途存款 Outstanding deposit在途支票 Outstanding check应付凭单 Vouchers payable应收帐款 Account receivable应收票据 Note receivable起运点交货价 F。
国际会计第七版英文版课后答案(第六章)
Chapter 6Foreign Currency TranslationDiscussion Questions Solutions1.Foreign currency translation is the process of restating a foreign account balance from onecurrency to another. Foreign currency conversion is the process of physically exchanging onecurrency for another.2.In the foreign exchange spot market, currencies bought and sold must be delivered immediately,normally within 2 business days. Thus a Singaporean tourist buying U.S. dollars at the airportbefore boarding a plane for New York would hand over Singapore dollars and immediatelyreceive the equivalent amount in U.S. dollars. The forward market handles agreements toexchange a fixed amount of one currency for another on an agreed date in the future. Forexample, a French manufacturer exporting goods invoiced in euros to a Japanese importer on 60- day credit terms would buy a forward contract to sell yen for euros 2 months in the future.Transactions in the swap market involve the simultaneous purchase (or sale) of one currency in the spot market and the sale (or purchase) of the same currency in the forward market. Thus, a Canadian investor wishing to take advantage of higher interest rates on 6-month Treasury bills in the United States would buy U.S. dollars with Canadian dollars in the spot market and invest in the United States. To guard against a fall in the value of the U.S. dollar before maturity (when the U.S. dollar proceeds are converted back to Canadian dollars), the Canadian investor would simultaneously enter into a forward contract to sell U.S. dollars for Canadian dollars 6 months in the future at today s forward exchange rate.3.The question refers to alternative exchange rates that are used to translate foreign financialstatements. The current rate is the exchange rate at the financial statement date. It issometimes called the year-end or closing rate. The historical rate is the exchange rate at the time of the underlying transaction. The average rate is the average of various exchange rates during a fiscal period. Since the average rate normally is used to translate income statement items, it isoften weighted to reflect any seasonal changes in the volume of transactions during the period.Translation gains and losses do not occur if exchange rates do not change. However, if exchange rates change, the use of current and average rates causes translation gains and losses.These do not occur when the historical rate is used because the same (constant) rate is used each period.4. In this example, the Mexican Affiliate s Canadian dollar loan is denominated in Canadian dollars.However, because the Mexican affiliate’s functional currency is U.S. dollars, the peso equivalent of the Canadian dollar borrowing would be remeasured in U.S. dollars prior to consolidation. If the Mexican affiliate’s functional currency were the peso, the Canadian dollar loan would beremeasured in pesos before being translated to U.S. dollars.5. A transaction gain or loss occurs when a foreign currency transaction, e.g., a foreign currencyborrowing, is settled at a different exchange rate than that which prevailed when the transaction was originally incurred. In this case there is an exchange of one currency for another. Atranslation gain or loss, on the other hand, is simply the result of a restatement process. There isno physical exchange of currencies involved.6. It is not possible to combine, add, or subtract accounting measurements expressed in differentcurrencies; thus, it is necessary to translate those accounts that are measured or denominated in a foreign currency into a single reporting currency. Foreign currency translation can involverestatement or remeasurement. In restatement, the local (functional) currency is kept as the unit of measure; that is, the translation process multiplies the financial results and relationships in the local currency accounts by a constant, the current rate. In contrast, remeasurement translateslocal currency results as if the underlying transactions had taken place in the reporting(functional) currency of the parent company; for example, it changes the unit of measure of aforeign subsidiary from its local (foreign) currency to the U.S. dollar.7. Major advantages and limitations of each of the major translation methods follow.Current Rate MethodAdvantages:a. Retains the initial relationships in the foreign currency statements.b. Simple to apply.Limitations:a. Violates the basic purpose of consolidation, which is to present the results of a parent and its subsidiaries as if they were a single entity.b. Inconsistent with historical cost.c. Presumes that all local assets and liabilities are subject to exchange risk.d. While stockholders equity adjustments shield an MNC s bottom line from translation gains and losses, such adjustments could distort certain financial ratios and be confusing.Current-noncurrent MethodAdvantages:a. Distortions in translated gross margins are reduced as inventories and translated at the current rate.b. Reported earnings are shielded from the distorting effects of currency fluctuations as excess translation gains are deferred and used to offset future translation losses.Limitations:a. Uses balance sheet classification as basis for translation.b. Assumes all current assets are exposed to exchange risk regardless of their form.c. Assumes long-term debt is sheltered from exchange rate risk.Monetary-nonmonetary MethodAdvantages:a. Reflects changes in domestic currency equivalent of long-term debt on a timely basis. Limitations:a. Assumes that only monetary assets and liabilities are subject to exchange rate risk.b. Exchange rate changes distort profit margins as sales transacted at current prices are matched against cost of sales measured at historical prices.c. Uses balance sheet classification as basis for translation.d. Nonmonetary items stated at current market values are translated at historical rates.Temporal MethodAdvantages:a. Theoretically valid: compatible with any accounting measurement method.b. Has the effect of translating foreign subsidiaries operations as if they were originally transacted in the home currency, which is desirable for foreign operations that are extensions of the parent’s activities. Limitation:a. A company increases its earnings volatility by recognizing translation gains and losses currently.In arguing for one translation method over another, your students should eventually realize that, in the present state of the art, there is probably no one translation method that is appropriate for all circumstances in which translations occur and for all purposes thattranslation serves. It is probably more fruitful to have students identify circumstances in which they think one translation method is more appropriate than another.8.The current rate method is appropriate when the foreign entity being consolidated is largelyindependent of the parent company. Conditions which would justify this methodology is when the foreign affiliate tends to generate and expend cash flows in the local currency, sells a product locally so that its selling price is largely insulated from exchange rate changes, incurs expenses locally, finances its self locally and does not have very many transactions with the parentcompany. In contrast, the temporal method seems appropriate in those instances when theforeign affiliate’s operations are integrally related to the parent company. Conditions whichwould justify use of the temporal method are when the foreign affiliate transacts business in the parent currency and remits such cash flows to the parent company, sells a product largely in the parent country and whose selling price is sensitive to exchange rate changes, sources its factorinputs from the parent company, receives most of its financing from the parent and has a largetwo way flow of transactions with it.9.The history of foreign currency translation in the United States suggests that the development ofaccounting principles does not depend on theoretical considerations so much as on political, institutional, and economic influences that affect accounting standard setting. It may be morerealistic to recognize that theoretically sound solutions are impossible as long as policyprescriptions are evaluated on practical grounds. Without specific choice criteria derived from investor decision models, it is fruitless to argue the conceptual merits of competing accounting treatments. It is far more productive to admit that foreign currency translation choices are simply arbitrary.Readers of consolidated financial statements should know that the foreign currency translation method used is one of several alternatives, and this should be disclosed. This approach is more open and reduces the chance that readers will draw misleading inferences.10.Foreign inflation, in particular, the differential rate of inflation between the country in which asubsidiary is located and the country of its parent determines foreign exchange rates. Theserates, in turn, are used to translate foreign currency balances to parent currency.11.In the United Kingdom, financial statements of affiliates domiciled in hyperinflationaryenvironments must first be adjusted to current price levels and then translated using the current rate; in the United States, the temporal method would be employed. The second part of thisquestion is designed to get students from abroad to find out what companies in their homecountries are doing and thereby be in a position to share their new found knowledge with theirclassmates. They need simply get on the internet and read the footnotes of a major multinational company in their home country.12.Under FAS No. 52, the parent currency is designated as the functional currency for an affiliate,whose operations are considered to be an integral part of the parent company’s operations.Accordingly, anything that affects consolidated earnings, including foreign currency translation gains and losses, is relevant to parent company shareholders and is included in reported earnings.In contrast, when a foreign affiliate s operations are independent of the parent s, the localcurrency is designated as its functional currency. Since the focus is on the affiliate s localperformance, translation gains and losses that arise solely from consolidation are irrelevant and, therefore, are not included in consolidated income.Exercises Solutions1.¥250,000,000 X .008557 = $2,139,250.¥250,000,000 ÷ ¥116.86 = $2, 139,312The difference is due to rounding.2.Since £1 = US$1.9590 and €1 = US$1.3256, £1 = US$1.9590/US$1.3256 = €1.4778.Alternatively, €1 = US$1.3256/US$1.9590 = £.6767.3.Single Transaction Perspective:4/1 Purchases (¥32,500,000/¥116.91) $277,992Cash $27,800A/P(¥32,500,000 - ¥3,250,000)/¥116.91 250,192(Credit purchase)7/1 Purchases[(¥29,250,000/¥116.91) – (¥29,250,000/¥115.47) 3,120A/P 3,120(To record increase in purchases due to yen appreciation)7/1 Interest expense(¥29,250,000 X .08 X 3/12)/¥115.47 5,066A/P(¥29,250,000/¥115.47) 253,312Cash 258,378(To record settlement)Two Transactions Perspective:4/1 Purchases $277,992Cash $27,800A/P 250,1927/1 Transaction loss 3,120A/P 3,1207/1 Interest expense 5,066A/P 253,312Cash 258,3784. a. MXN 1,750,000/MXN10.3 = C$169,903.b. The Canadian dollar equivalent of the Mexican inventory account would not change if the functional currencywas the Canadian dollar as the temporal method translates inventory, a nonmonetary asset, at the exchange rate that preserves its original measurement basis. Since inventory is being carried at its net realizable value, it would be translated at the current rate. Had inventory been carried at historical cosuld have been translated at the historical rate or MXN3,750,000/MXN9.3 = C$403,226.5. Baht is the functional currency:B 2,500,000/20 years = B 125,000B 125,000/B37 = 3,378B 5,000,000/20 years = B 250,000B 250,000/B37 = 6,757U.S. dollar is the functional currency:B 2,500,000/20 years = B 125,000B 125,000/B40 = 3,125B 5,000,000/20 years = B 250,000B 250,000/B38 = 6,579Total depreciation $ 9,7046. If the euro is the German subsidiary’s functional currency, its accounts would be t ranslated into Australian dollarsusing the current rate method. In this case the translation gain of AUD4,545,455 would appear in consolidated equity.Thus the only item affecting current income would be the transaction loss(loss on an unsettled transaction) ofAUD1,514,515 on the euro borrowing.If the Australian dollar is deemed to be the functional currency, then the transaction loss andtranslation gain would both appear in reported earnings as follows:AUD(1,514,515) transaction lossAUD4,545,455 translation gainAUD3,030,940 net foreign exchange gain7.U.S. Dollar U.S. Dollar U.S. DollarBefore CNY After CNY After CNYAppreciation Appreciation DepreciationCNY Balance Sheet ($.12=CNY1) ($.15 = CNY1) ($0.09 = CNY1)Assets Amount Current Monetary Current MonetaryNoncurrent Nonmonetary Noncurrent NonmonetaryCash NT5,000 $600 $ 750 $ 750 $ 450 $ 450Accts. Receivable 14,000 1,680 2,100 2,100 1,260 1,260Inventories(cost=24,000) 22,000 2,640 3,300 2,640 1,980 2,640Fixed assets, net 39,000 4,680 4,680 4,680 4,680 4,680Total CNY 80,000 $9,600 $10,830 $10,170 $8,370 $9,030Liabilities & Owners EquityAccts. Payable CNY21,000 $2,520 $ 3,150 $ 3,150 $1,890 $1,890Long-term debt 27,000 3,240 3,240 4,050 3,240 2,430Stockholders equity 32,000 3,840 4,440 2,970 3,240 4,710Total CNY 80,000 $9,600 $10,830 $10,170 $8,370 $9,030Accounting exposure CNY20,000 (29,000) 20,000 (29,000)Translation gain (loss) US$ 600 (870) (600) 8708.U.S. Dollar U.S. Dollar U.S. DollarBefore CNY After CNY After CNYAppreciation Appreciation DepreciationCNY Balance Sheet ($.12=CNY1) ($.15 = CNY1) ($.09 = CNY1)Assets Amount Temporal Current Temporal CurrentCash CNY5,000 $ 600 $ 750 $ 750 $ 450 $ 450Accts. Receivable 14,000 1,680 2,100 2,100 1,260 1,260Inventories(cost=24,000) 22,000 2,640 3,300 3,300 1,980 1,980Fixed assets, net 39,000 3,600 3,600 5,850 3,600 3,510Total CNY 80,000 $8,520 $9,750 $12,000 $11,700 $7,200Liabilities & Owners EquityAccts. Payable CNY21,000 $2,520 $3,150 $3,150 $1,890 $1,890Long-term debt 27,000 3,240 4,050 4,050 2,430 2,430Stockholders equity 32,000 2,760 2,550 4,800 7,380 2,880Total NT$ 80,000 $8,520 $9,750 $12,000 $11,700 $7,200Accounting exposure NT$ (7,000) 32,000 (7,000) 32,000Translation gain (loss) US$ (210) 960 210 (960)c. Students will quickly discover that each translation method has its advantages and disadvantages. After some discussion, the question of translation objectives will arise. Currency translation objectives are based on how foreign operations are viewed. If foreign operations are considered extensions of the parent, a case can be made for a historical rate method: current-noncurrent, monetary-nonmonetary, or temporal. If foreign operations are viewed from a local company perspective, a case can be made for the current rate method. Given the complexity of multinational business activities, one could argue that a single translation method will not serve all purposes for which translations are done. As long as the objectives of foreign currency translation differ among specific reporting entities, a practical solution is to insist on full disclosure of the translation procedures used so that users have a basis for reconciling any differences that exist.9.Company A (Country A)(Reporting Currency = Apeso)Beginning of Year End of YearAssets: Exchange Rate Translated Exchange Rate TranslatedApeso 100 Apeso 100 Apeso 100Bol 100 Apeso 1 = Bol 1.25 Apeso 80 Apeso 1 = Bol 2 Apeso 50Apeso 180 Apeso 150Translation loss = A$ 30Company B (Country B)(Reporting Currency = Bol)Beginning of Year End of YearAssets: Exchange Rate Translated Exchange Rate TranslatedApeso 100 Apeso 1 = Bol 1.25 Bol 125 Apeso 1 = Bol 2 Bol 200Bol 100 Bol 100 Bol 100Bol 225 Bol 300Translation gain = Bol 75b. This exercise demonstrates the effect of the reporting currency on foreign currency translation results when the current rate method is used. Both companies are in seemingly identical situations, yet one reports a translation loss while the other reports a translation gain. One company reports shrinking assets while the other reports increasing assets. Nothing has actually happened but an exchange rate change. Also, despite a stronger Apeso, Company A reports a loss. Conversely, the Bol weakened, yet Company B reports a gain. It appears that a strengthening currency is not always good news, nor is a weakening currency always bad news.If the intention is to repatriate the funds invested in the foreign country (Country B from Company A’s perspective, Country A from Company B’s perspective), the scenario makes sense. After all, CompanyA will be repatriating fewer Apesos than originally invested and CompanyB will be repatriating moreB ol’s than originally invested. Fluctuating exchange rates have changed each company s command over a foreign currency. Assuming the company intends to repatriate the currency, it makes sense toinclude the respective gain or loss in income for the current year. On the other hand it can be argued that the gain or loss should be excluded from income if the company intends to keep the foreign assets invested permanently..10.Translation RateLocal Currency is Dollar isFunctional Currency Functional CurrencyCash Current CurrentMarketable securities (cost)Current Historical aAccounts receivable Current CurrentInventory (market) Current CurrentEquipment Current HistoricalAccumulated depreciation Current HistoricalPrepaid expenses Current HistoricalGoodwill Current HistoricalAccounts payable Current CurrentDue to parent (denominated in dollars) Current CurrentBonds payable Current CurrentIncome taxes payable Current CurrentDeferred income taxes Current CurrentCommon stock Historical HistoricalPremium on common stock Historical HistoricalRetained Earnings Balancing Residual Balancing ResidualSales Average AveragePurchases Average AverageCost of Sales Average HistoricalGeneral and administrative expenses Average AverageSelling expenses Average HistoricalDepreciation Average HistoricalAmortization of goodwill Average HistoricalIncome tax expense Average AverageInter-company interest expense Average Average__________________________________________________________________________________________________________________________a Fixed income securities intended to be held to maturity.11. a. Before riyal depreciation:Cash SAR 60,000,000 ÷ SAR3.75 = $ 16,000,000Inventory 120,000,000 ÷ SAR3.75 = 32,000,000Fixed Assets 750,000,000 ÷ SAR3.75 = 200,000,000Total $248,000,000After riyal depreciation:Cash SAR 60,000,000 ÷ SAR4.125 = $ 14,545,455Inventory 120,000,000 ÷ SAR3.75 = 32,000,000Fixed Assets 750,000,000 ÷ SAR3.75 = 200,000,000Total $246,545,455Translation loss $(1,454,455)b.The translation loss has no effect on MSC’s cash flows as it is the result of a restatement process.c.On a pre-tax basis, an analyst would back out the translation gain from reported earnings and add it to consolidatedequity. However, in addition inventory and fixed assets would be translated at the current rate, as opposed to thehistorical rate, and the resulting translation loss would also be taken to consolidated equity. This would result in a different earnings number as well as asset measures.Before riyal depreciation:Cash SAR 60,000,000 ÷ SAR3.75 = $ 16,000,000Inventory 120,000,000 ÷ SAR3.75 = 32,000,000Fixed Assets 750,000,000 ÷ SAR3.75 = 200,000,000Total $248,000,000After riyal depreciation:Cash SAR 60,000,000 ÷ SAR4.125 = $ 14,545,455Inventory 120,000,000 ÷ SAR4.125 = 29,090,909Fixed Assets 750,000,000 ÷ SAR4.125 = 181,818,182Total $225,454,546Translation adjustnment reflected in equity $(22,545,454)Students could also be probed and asked how the adjusted numbers would impact certain ratios such as ROA or ROE, Debt to Equity, and asset turnover.12. a. The currency effects in the first and third paragraphs have an impact on Alcan’s cash flows. IN the firstparagraph, echange rate changes affect Alcan’s future revenues and costs and directly affect cash receipts andpayments. The third paragraph involves settling foreign currency transactions at a different echange rate than when the transaction were entered into.b.Alcan appears to be employing the monetary-nonmonetary method.c. Many analysts back out translation gains and losses from reported earnings as these are largely non-cash itemsthat simply result from a restatement process. This would especially be the case if Alcan were being compared to a company employing the current rate method. Disregarding translation gains and losses would have the following effect on reported earnings:20X5 20X4 20X3With translation G/L $129m $258m $64mTranslation G/L (86) (153) (326)Without Translation G/L $215m $411m $390mThe impact on the pattern of earnings would change significantly. The year to year changes in earnings both before and after abstracting from currency translation effects are:20X5/20X3 20X5/20X4 20X4/20X3With translation G/L 102% -50% 303%Without Translation G/L 45% -48% 5%Case 6-1 Regents CorporationThe nature of Regents’s operation is such that choice of an appropriate functional currency is ultimately a judgement call. Students can argue for either currency and should be evaluated on the strength of their analysis. A major lesson of this case is that the functional currency choice is important since the currency designation dictates which translation method, (current or temporal) is ultimately used. The financial statement effects can be very different. Thus it is important for a reader of financial statements to understand how the differing measurement options affect the balance sheet and income statement and be prepared to adjust from one framework to the other, even if only crudely.TEMPORAL METHOD(U.S. DOLLAR IS THE FUNCTIONAL CURRENCY)Balance Sheet Accounts, 12/31/X7 Foreign Currency Exchange Rate Dollar EquivalentCash £ 1,060 1.80 $ 1,908Accounts receivable 2,890 1.90 5,491Inventory 3,040 1.78 5,411Fixed assets 4,400 1.70 7,480 Accumulated depreciation (420) 1.70 (714)Patent ----- -----Total £10,970 $19,576Accounts payable £ 1,610 1.80 $ 2,898Due to parent 1,800 1.80 3,240Long-term debt 4,500 1.80 8,100Deferred taxes 80 1.80 144Common stock 1,500 1.70 2,550Retained earnings 1,480 residual 2,644£10,970 $19,576Income Statement, 12/31/X8 Foreign Currency Exchange Rate Dollar Equivalent Sales £ 16,700 1.86 $ 31,062Cost of sales a (11,300) (20,706)General and administrative (1,600) 1.86 (2,976) Depreciation (280) 1.70 (476)(20) 1.82 (36)Interest (480) 1.86 (893) Transaction gain 125 1.86 233Aggregate translation adjustment b (368)Taxes:Current (670) 1.86 (1,246 )Deferred (40) 1.86 (74)Net income £ 2,435 $ 4,520Retained earnings, 12/31X7 1,480 2,644Dividends (300) 1.86 (558)Retained earnings, 12/31X8 £ 3,615 $ 6,606a Beginning inventory £ 3,040 1.78 $ 5,411 Purchases 11,690 1.86 21,743Ending inventory 3,430 1.88 6,448 Cost of Sales £ 11,300 $20,706b Aggregate translation adjustment:1. Monetary assets, 12/31/X7 £ 3,950Monetary liabilities, 12/31/X7 7,990(£ 4,040) x (1.90 - 1.80) = ($404)2. Change in negative exposure:12/31/X7 (£ 4,040)12/31/X8 (2,565 )£ 1,475Composition of decrease:Sources of monetary items:Net income £2,435Depreciation 300 £2,735Uses of monetary items:Inventory increase £(390)Addition to fixed assets (500)Purchase of patent (70)Dividends (300 ) (1,260 )£1,4753. Sources of monetary items x difference in year-end rate and rate used to translate income statement =£2,345 x (1.90 - 1.86) = $94300 x (1.90 – 1.86) = 12 $1094. Uses of monetary items x difference in year-end rate and rate used to translate those items =£(390) x (1.90 – 1.86) = $(15)(300) x (1.90 - 1.86) = (12)(500) x (1.90 - 1.82) = (40)(70) x (1.90 - 1.82) = (6 ) (73)Aggregate translation adjustment = ($404)109(73 )($368)Balance Sheet, 12/31/X8 Foreign Currency Exchange Rate Dollar EquivalentCash £ 1,150 1.90 $2,185 Accounts receivable 3,100 1.90 5,890 Inventory 3,430 1.88 6,448Fixed assets a 4,900 8,390 Accumulated depreciation b (720) (1,226)Patent 70 1.82 127Total £11,930 $21,814 Accounts payable £ 1,385 1.90 $ 2,632Due to parent 1,310 1.90 2,489Long-term debt 4,000 1.90 7,600 Deferred taxes 120 1.90 228 Common stock 1,500 1.70 2,550 Retained earnings 3,615 6,309Total £11,930 $21,814___________________________________________________________________________a Original assets £ 4,400 1.70 $ 7,480New assets 500 1.82 910$ 8,390b Original assets £ 700 1.70New assets 20 1.82 36$ 1,226 CURRENT RATE METHOD(LOCAL CURRENCY IS THE FUNCTIONAL CURRENCY)Balance Sheet Accounts, 12/31/X7 Foreign Currency Exchange Rate Dollar Equivalent Cash £ 1,060 1.80 $ 1,908 Accounts receivable 2,890 1.80 5,202 Inventory 3,040 1.80 5,472Fixed assets 4,400 1.80 7,920 Accumulated depreciation (420) 1.80 (756)Patent --- ---Total £10,970 $19,746Accounts payable £ 1,610 1.80 $ 2,898Due to parent 1,800 1.80 3,240Long-term debt 4,500 1.80 8,100Deferred taxes 80 1.80 144Common stock 1,500 1.70 2,550Retained earnings 1,480 2,355 Cumulative translation adjustment --- 459(given)Total £ 10,970 $19,746Income Statement, 12/31/X8 Foreign Currency Exchange Rate Dollar Equivalent Sales £16,700 1.86 $31,062Cost of sales (11,300) 1.86 (21,018)General and administrative (1,600) 1.86 (2,976) Depreciation (300) 1.86 (558)Interest (480) 1.86 (893) Transaction gain 125 1.86 232Taxes:Current (670) 1.86 (1,246)Deferred (40) 1.86 (74)Net income £ 2,435 $ 4,529Retained earnings, 12/31X7 1,480 2,355Dividends (300) 1.86 (558)Retained earnings, 12/31X8 £ 3,615 $ 6,326Balance Sheet, 12/31/X8 Foreign Currency Exchange Rate Dollar EquivalentCash £ 1,150 1.90 $ 2,185Accounts receivable 3,100 1.90 5,890Inventory 3,430 1.90 6,517Fixed assets 4,900 1.90 9,310Accumulated depreciation (720) 1.90 (1,368)Patent 70 1.90 133Total £ 11,930 $22,667Accounts payable £ 1,385 1.90 $ 2,632Due to parent 1,310 1.90 2,489Long-term debt 4,000 1.90 7,600Deferred taxes 120 1.90 228Common stock 1,500 1.70 2,550Retained earnings 3,615 6,326Cumulative translation adj. ----- 842aTotal £11,930 $22,667a Cumulative translation adjustment:1. Net exposed assets, 12/31/X7, x change in current rate = £2.980 x (1.90 - 1.80) = $2982. Change in net assets x difference between year-end and average rate = £2.135 x (1.90 - 1.86) = 853. Cumulative translation adjustment 12/31/X7 4594. Cumulative translation adjustment, 12/31/X8 $842。
国际会计答案
国际会计答案12．目前美国的会计准则由（）负责制定。
A国会B证券交易委员会C财务会计准则委员会D注册会计师协会13．美国注册会计师协会的主要作用是（）。
A负责制定会计准则B培养、管理和保护注册会计师C 负责审查和批准财务会计准则委员会的工作计划D负责为财务会计准则委员会提供咨询意见14．在德国，划分流动负债与长期负债的期限是（A一年B四年C两年D六个月15．日本的《商法》以保护（）的利益为指导思想。
A投资者B雇员C债权人D企业管理层16.不要求充分披露的国家有（）。
A美国B法国C英国D德国17.日本“三法体制”是指在会计领域主要有三个法律约束着企业的会计行为，这三个法律是（）。
A《税法B《证券交易法》C《注册会计师法D《商法》18．属于英美会计模式的特征包括（）。
A会计准则可以由会计职业界或以会计职业界为主体的民间机构制定发布B财务报告保护公司和债权人利益，一般不要求充分披露这九个方面二）文化因素对会计模式形成和发展的影响2．英国会计与美国会计有什么异同？美国会计模式和英国会计模式的相同点：第一，两国都有民间机构制定会计准则，两国会计准则委员会制定准则的程序基本相同。
第二，美国和英国都有强大的会计职业界。
美国会计模式和英国会计模式的不同点：第一，英国没有像美国证券交易委员会那样的对公司财务会计准则的制定保持着监督和最终修订权利的政府机构，而是通过《公司法》管理公司事务，会计准则的要求不能违反公司法的要求。
第二，英国公司财务报告的目标除了为投资者和债权人提供决策有用的信息外，还要明确提出“社会经管责任”，在增值表上反映的增值额要在出资者、雇员以及政府之间进行分配，并将一部分重新投入企业，这是美国会计模式所没有的。
3．简述霍斯蒂德的四种国家文化维度及对会计的影响。
（1）个人主义与集体主义这个方面所阐述的基本问题是社会个体之间相互依存程度。
对会计的影响决定了一个国家会计职业界的发达情况。
倾向于个人主义的国家，政府对会计管理干预较少，更注重职业判断。
国际会计翻译
1、Attribute 计量属性。
2、Current-cost adjustments.现行成本调整3、disposable wealth .可支配财富。
4、gearing adjustments.资产负债调整。
5、general purchasing power equivalents.一般购买力等价物.6、general purchasing gains and losses.一般采购收益和亏损。
7、historical cost-constant currency.历史成本不变的货币。
8、holding gain.持有收益。
9、hyperinflation。
恶性通货膨胀。
10、inflation。
通货膨胀。
11、monetary asset。
货币资产。
12、monetary gains. 货币收益。
13、monetary liabilities。
金融债务.14 Monetary losses.货币资产损失.15 Monetary working capital adjustment.货币性流动资金调整额.16 Nominal amounts.名义上的数额.17 Nomonetary asset.非货币性资产.18 Nonmonetary liability.非货币性负债.19、Parity adjustment:平价调整：20、Permanent assets固定资产:21、Price index物价指数:22、Purchasing power购买力:23、Real profit :实际利润：24、Replacement cost: 重置成本：25、Reporting currency:报表货币26、Restate-translate method重申交易转化27、Specific price change具体价格变化28、Translate-restate method 交易转换方法2、Conversion.兑换.3、Current rate.现行汇率4、Discount贴现5、Exposed net asset position.收益净资产头寸6、Foreign currency：外币7、Foreign currency financial statement外币财务报表8、Foreign currency transaction外币交易9、Foreign currency translation外币折算10、Foreign operation国外业务经营11、Forward exchange contract远期外汇合约12、Functional currency功能性货币13、Historical rate历史汇率14、Local currency本国货币15、Monetary items货币性资产16、Reporting currency报表货币17、Settlement date结算日18、Spot rate即期汇率19Transaction date交易日期20、Translation a djustments折算调整21、Unit measure计量单位。
国际会计准则会计科目中英对照
国际会计准则会计科目中英对照要说国际会计准则的会计科目中英对照，这事儿听起来是不是有点复杂？但其实你稍微了解一下，就能发现它并不难，甚至可以说挺有意思的。
想象一下，你去一家外国公司做生意，账本上有很多术语你不太明白，稍微转个弯，弄清楚它们的中英文对照，问题就迎刃而解了。
这就像你去外地旅游，碰到不懂的地方，发现一张“翻译单”就觉得一切都能轻松搞定了！要知道，了解这些会计术语可比你去超市找打折商品还省心呢。
看看什么是“资产”吧。
在中文里，资产就是公司拥有的有价值的东西，像现金、设备、库存等等。
那在英文里，资产可不是一眼就能看明白的东西哦。
它就叫“Assets”。
看！是不是简单得很？不过，资产又分很多种，流动资产（Current Assets）和非流动资产（NonCurrent Assets）就是其中两个大类。
流动资产你可以理解成那些一眼看得出来很快能变现的东西，比如现金、存货什么的。
非流动资产呢，就像是你家那台不怎么舍得卖的老电视，买了就很久都不会动的那种，换句话说，它就是那些长期使用的资产，像机器、厂房之类的。
再说说“负债”吧，负债，顾名思义就是公司欠别人的钱。
这可是每个公司都逃不掉的话题。
比如，你从银行贷款，或者向供应商赊账，负债就产生了。
这部分在英文里叫“Liabilities”，简直就是字面意思了，欠的东西得还嘛。
负债也分成短期负债和长期负债，就像你借了一些短期小额的钱，跟你借了十年的房贷不一样，短期负债（Current Liabilities）就是那种快要还掉的账，长期负债（NonCurrent Liabilities）嘛，大家就可以理解成更长时间才能偿还的债务了，反正每个月按期支付，稳稳的。
大家可能会好奇，资产和负债都弄明白了，那企业的“所有者权益”到底是啥？哎，这个其实就是公司老板心头的宝，所有者权益就是公司资产减去负债后的净值。
在英文里呢，叫“Equity”，大家记住这个词，以后听到就知道那是公司“净资产”的代名词。
国际会计学(INTERNATIONAL ACCOUNTING
Special Topics
3. Foreign Currency Accounting 外币会计
3.1 The foreign currency exchange accounting
外币交易会计
3.2 Foreign currency translation accounting
外币折算会计
Basic Content
Analyze on how to coordinate the different accounting system in each country, how to realize the standardization of international accounting, and how to establish the international accounting standards. Analysis of the concrete accounting problems of subsidiary company. Study on how to establish effective accounting practice for international transaction. Especially for transnational corporations
课程名称：国际会计(International Account性质：专业选修课(Optional course & ChineseEnglish bilingual education course) 预修课程：基础会计学(Basic Accounting)、 财务会计(Financial Accounting)、 成本会计(Cost Accounting)、 管理会计(Management Accounting)、 财务管理(Financial Management) 学分数(Credits)：3 周学时(Class hour each week)：3 总学时(Total class hours)：51
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荷兰会计计量
因为那些采用历史成本编制资产负债表和收益表的公司希望在附注中披露补充的
现行成本信息。
当存货采用历史成本时，它通常按照成本与市价孰低来列示，成本根据先
进先出法、后进先出法、平均法。
所有无形资产都被假设拥有有限的寿命，通常
不超过20年。
研究和开发成本仅仅在其金额可收回且能够确定时，才予以资本化。
租赁、或有项目和养老金成本一般与英国和美国的计量方法相同，尽管适用的规
则更为一般。
递延所得税按照全额分摊观念(充分预计)确认，并根据负债法计量。
他们或许按照贴现现值计价。
现行价值会计不能用于纳税目的，因此如果财务报
告采用了现行价值，就会产生永久性差异，而不是时间性差异。
由于荷兰公司在应用计量规则方面具有灵活性，我们可以推测存在拉平
收益的机会。
此外，在提供可信的未来债务上具有灵活度。
比如，周期性维护
和大规模彻底检修的准备金是可以允许的。
英国会计计量
在英国，企业合并会计中的收购和兼并方法都允许采用。
但是，兼并法
(美国的权益集合法)的应用范围很窄，以致现在几乎不再存在。
在收购法下，
商誉是所给付代价的公允价值和所取得公司净资产的公允价值之间的差额。
FRs7规定公允价值应分摊到收购日现存的可辨认资产和负债之上．并反映
当时的情形．未来的营业损失和重组成本在计算商誉时不能考虑，而必须反
映在购买后的收益中。
商誉可被资本化，并在其使用年限内摊销，一
般为20年或更短。
但是，如果商誉常常进行年度减值测试，更长的年限或者
没有确切年限的商誉（导致无法摊销）也是可能存在的。
比例合并只允许在未
注册为股份有限公司形式的合营公司中采用。
权益法应用于“附属”公司(公司
在其中拥有20％或更多的投票权，但不予合并)，以及公司形式的合营公司。
Frs23涉及到外币报表折算，它要求独立的子公司采用期末汇率(现行汇率)法，
而整合的子公司采用时态法。
在前者中，折算差额计入股东权益项下的准备金
之中；而在后者中，折算差额包含在损益账户之中。
在恶性通货膨胀国家经营
的子公司的财务报表，必须在折算之前做出调整，以反映现行物价水平。
资产计价可以采用历史成本、现行成本，或采用两者的混合，正如大多数
公司所做的那样。
因此，允许对土地和建筑物进行重估。
折旧和摊销必须与
相应的资产计量基础相匹配。
研究经费通常在支出的年度注销，而开发成本
在特定情形下可以递延。
但是，实际上很少英国公司会资本化任何开发成本。
存货(指在库的)按成本与可实现净值孰低法计价，并以先进先出或平均成本
为基础。
后进先出法不允许用于纳税目的，因而通常并不被采用。
将所有权上的风险和利益转移给承租人的租赁，予以资本化，并且将租赁
义务列示为一项负债。
计提的养老金和其他退休后福利的成本，在获得职工
服务的期间内，系统而合理地予以确认。
或有损失只有在其可能发生并且能
够相当准确地加以估计的时候，才予以确认。
递延税款采用负债法计算，但仅
在完全为大多数时间性差异准备的基础上。
长期递延税项结余可以按折现现值
计价。
现存的收益拉平机会在资产计价和其他计量领域赋予会计人员以灵活性。
近年来，在英国，造作会计，以及它的运用是否是误导而不是提供信息，已经
引起了关注。