国际会计学第六版chapter1

Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,Choi/Meek, 6/e,*,单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,*,*,单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,*,*,国际会计学第六版chapter1,Learning Objectives,How is international accounting distinct from domestic accounting?,What does,international accounting diversity,entail?,什么是国际会计的多样性需要,Does international accounting have a history?,What factors are contributing to the importance of international accounting as a field of study?什么因素导致国际会计作为一个研究领域的重要性？,Choi/Meek, 6/e,2,What external and internal reporting issues arise when business and investing transcend national borders?什么样的外部和内部报告的问题出现时，商业和投资超越国界,What is meant by the term,global capital markets,and what does development mean for capital market participants?,全球资本市场，这个术语是什么意思，资本市场参与者的发展意味着什么？,Choi/Meek, 6/e,3,What is International Accounting?,Domestic accounting:,an information specialty providing information about a firm to users of that information as a basis for economic decisions. 一个信息,类,专业,，,提供关于公司的信息，信息使用者经济决策的依据。,Choi/Meek, 6/e,4,International accounting (defined):,same as above except that the firm being reported on is a multinational company with operations and transactions that cross national boundaries or an entity with reporting obligations to non-domestic readers.,他被报告的是跨越国界的跨国公司的公司业务和交易，或者报告义务的实体是非国内的读者。,Choi/Meek, 6/e,5,What Does International Accounting Diversity Entail?,（多样性需求）,Measurement principles,计量模式,Financial disclosure (corporate transparency),经济信息的披露（公司透明度）,Auditing practices,审计实践,Choi/Meek, 6/e,6,Contributing Factors 影响因素,Accountings international heritage,会计的国际历史,Double-entry originates in the Italian city states.,复式记账,起源于意大利的城邦。,Bookkeeping spreads to Germany and assists the spread of capitalism.,记账,蔓延到德国,并且,助攻资本主义的蔓延。,Dutch,sharpend ways of calcilating periodic income.荷兰人改进了计算周期性收入的方法。,Choi/Meek, 6/e,7,French use accounting for governmental planning and control.,Double entry assists the British in managing and controlling commercial interests in the colonies. 复式,记账,协助英国在殖民地的控制,并且,管理商业利益。,Accounting plays a major role in the U.S. industrial revolution.会计在美国工业革命中起着重要的作用。,Choi/Meek, 6/e,8,Contributing Factors,Paradox of international accounting,In many countries, accounting remains a nationalistic affair.,Accounting serves people and institutions whose decisions are international in scope.,Accounting diversity creates a demand for harmonization.,Choi/Meek, 6/e,9,Contributing Factors (contin),（意,大利语，连续的，拉丁语让他继续）,Growth and spread of multinational operations,Choi/Meek, 6/e,10,Choi/Meek, 6/e,11,Contributing Factors (contin),Reporting issues when business transcends national boundaries,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,Choi/Meek, 6/e,12,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 programs,Choi/Meek, 6/e,13,Contributing Factors (contin),Global competition,Competitive benchmarking necessitates international comparisons.,Choi/Meek, 6/e,14,Choi/Meek, 6/e,15,Contributing Factors (contin),Cross-border mergers and acquisitions,Corporate valuation is a function of accounting measurements that vary from country to country.,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.,Choi/Meek, 6/e,16,Choi/Meek, 6/e,17,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 internationally?,Choi/Meek, 6/e,18,Other Chapter Exhibits,Choi/Meek, 6/e,19,Chapter Exhibits (contin),Choi/Meek, 6/e,20,Chapter Exhibits (contin),Choi/Meek, 6/e,21,Chapter Exhibits (contin),Choi/Meek, 6/e,22,Chapter Exhibits (contin),Choi/Meek, 6/e,23,DISCUSSION QUESTIONS,P26/1,In the domestic case, accounting is an information service that provides financial information about a domestic entity to domestic users of that information. International accounting is distinctive in that the entity being reported on is either a multinational company with operations and transactions that transcend national boundaries or involves an entity with reporting obligations to readers who are located outside the reporting entitys country of domicile.,Choi/Meek, 6/e,24,2.Advantage: Some might argue that measurement, disclosure, and external auditing are three distinct (although related) processes, involving different members of the company. For example, corporate attorneys often are involved in disclosure issues, but seldom intervene in measurement issues. The Board of Directors works with the external auditors but not necessarily with the comptroller s office. Thus, discussion of accounting requirements and voluntary accounting choices in different jurisdictions is simplified by focusing on the three components of accounting.,Choi/Meek, 6/e,25,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 accounting,measurement,approaches that reduce the information content of financial statements, and select an external auditor who will be relatively lenient in enforcing accounting requirements. 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.,Choi/Meek, 6/e,26,3.Factors contributing to the internationalization of the subject of accounting include: the growth and spread of multinational operations around the world, the phenomenon of global competition, the increasing number of cross-border mergers and acquisitions that occur almost daily, continued advances in information technology, and the internationalization of the worlds capital markets.,Choi/Meek, 6/e,27,4.International trade involves importing and exporting activities. The major accounting issue 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 of evaluating the performance of foreign subsidiary managers.,Choi/Meek, 6/e,28,5.Students will overwhelmingly argue in favor of harmonization. This is probably a good starting point for the course. After they are introduced to the chapters leading up to Chapter 8, some may no longer feel that harmonization is necessarily the answer to all of their international accounting problems.,Choi/Meek, 6/e,29,6.Recent developments such as the growth and spread of multinational operations, internationalization of the worlds capital markets, increased cross border mergers and acquisitions, the phenomenon of global competition, and financial innovation have increased reader dependence on foreign financial statements.,International accounting issues have become more complex in recent years,for several reasons:,(1)the use of complex financial instruments,and developing accounting standards for these exotic instruments has been problematic.,Choi/Meek, 6/e,30,(2)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.,(3),The growing internationalization 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.,(4),differences in national 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.,Choi/Meek, 6/e,31,7.Examples of external reporting issues include:,Does translation from one set of measurement rules to another change the information content of the original message?,Should accounts of foreign operations be translated to parent currency when consolidated statements are prepared?,Which exchange rates should be employed when translating from one currency to another?,Examples of internal reporting issues include:,Which exchange rates should be used for budgeting purposes?,Should foreign managers be evaluated in terms of parent currency or the local currency of the country in which the manager operates?,Which prices should one use when transferring goods or services between members of the multinational enterprisecost, market, cost-plus, or some other metric?,Choi/Meek, 6/e,32,8.Global capital market activities and transactions reach beyond single political or legal jurisdictions. 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 the European Union (EU).,Choi/Meek, 6/e,33,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 national currency. 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 are underwritten 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.,Choi/Meek, 6/e,34,10.Those opposed to outsourcing see it as a threat to domestic jobs and a form of exploitation by companies engaged in the practice. Some even see it as a moral issue. However, they miss the point of international trade. Although 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 which increases real wealth. One need only look at higher education in America. Whereas stenographers,速记员,in the United States may be losing jobs to stenographers in India, more and more Indian families are sending their children to the United States 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 imports eventually become net importers and vice versa. The importance of international accounting will not diminish. Countries have been trading with one another since antiquity and will continue to do so. 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.,Choi/Meek, 6/e,35,汇报结束,谢谢大家,!,请各位批评指正,