国际会计第七版英文版课后答案第一章Word文档格式.docx
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国际会计第七版英文版课后答案第一章Word文档格式.docx
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DiscussionQuestions
1.Inthedomesticcase,accountingisaninformationservicethatprovidesfinancialinformationaboutadomesticentitytodomesticusersofthatinformation.Internationalaccountingisdistinctiveinthattheentitybeingreportedoniseitheramultinationalcompanywithoperationsandtransactionsthattranscendnationalboundariesorinvolvesanentiiywithreportingobligationstoreaderswhoarelocatedoutsidethereportingentity’scountryofdomicile.
2.
3.Advantage:
Somemightarguethatmeasurement,disclosure,andexternalauditingarethreedistinct(althoughrelated)processes,involvingdifferentmembersofthecompany.Forexample,corporateattorneysoftenareinvolvedindisclosureissues,butseldominterveneinmeasurementissues.TheBoardofDirectorsworkswiththeexternalauditorsbutnotnecessarilywiththecomptrollersoffice.Thus,discussionofaccountingrequirementsandvoluntaryaccountingchoicesindifferentjurisdictionsissimplifiedbyfocusingonthethreecomponentsofaccounting.Disadvantage:
measurement,disclosureandauditingareinterdependent,andshouldnotbeviewedinisolationofoneanother.Acompanychoosingtodiscloseaslittleaspossible,forexample,mayuseaccountingmeasurementapproachesthatreducetheinformationcontentoffinancialstatements,andselectanexternalauditorwhowillberelativelylenientinenforcingaccountingrequirements.Onealternativeclassificationmightincludeaccounting(measurementanddisclosure),andauditing.Asecondclassificationmightincludefinancialreporting(annualandinterimreporting,regulatoryfilings)andadhocdisclosure(pressreleases,analystmeetings,etc).Anyclassificationisarbitrary,andpotentiallyusefuldependingonitspurpose.
4.
5.Factorscontributingtotheinternationalizationofthesubjectofaccountinginclude:
thegrowthandspreadofmultinationaloperationsaroundtheworld,thephenomenonofglobalcompetition,theincreasingnumberofcross-bordermergersandacquisitionsthatoccuralmostdaily,continuedadvancesininformationtechnology,andtheinternationalizationoftheworld’scapitalmarkets.
6.
7.Internationaltradeinvolvesimportingandexportingactivities.Themajoraccountingissueassociatedwithforeigntradeinvolvesaccountingforforeigncurrencytransactions.Foreigndirectinvestment,ontheotherhand,involvesconductingoperationsabroad.Thisactivityexposesaccountantstoanewsetofissuesthatrunthegamutfromhavingtoconsolidateforeigncurrencyaccountsbasedondiversemeasurementrulestoissuesofevaluatingtheperformanceofforeignsubsidiarymanagers.
8.
9.Studentswilloverwhelminglyargueinfavorofharmonization.Thisisprobablyagoodstartingpointforthecourse.AftertheyareintroducedtothechaptersleadinguptoChapter8,somemaynolongerfeelthatharmonizationisnecessarilytheanswertoalloftheirinternationalaccountingproblems.
10.
11.Recentdevelopmentssuchasthegrowthandspreadofmultinationaloperations,Internationalizationoftheworld’scapitalmarkets,increasedcrossbordermergersandacquisitions,thephenomenonofglobalcompetitionandfinancialinnovationhaveincreasedreaderdependenceonforeignfinancialstatements.Anunderstandingofaccountingdifferencesandtheireffectonreportedmeasuresofprofitability,efficiency,solvencyandliquidityarecriticalifproperdecisionsaretobemade.Internationalaccountingissueshavebecomemorecomplexinrecentyearsforseveralreasons.Financialtransactionsarebecomingmorecomplex,affectingbothnationalandinternationalaccounting.Forexample,theuseofcomplexfinancialinstrumentsanddevelopingaccountingstandardsfortheseexoticinstrumentshasbeenproblematic.Globalfinancialmarketsalsoarebecomingmorevolatile,leadingtolargechangesinassetandbalancesheetamounts(suchasrelatedtoinvestments)andmajorsourcesofincomeandexpense.Therelatedaccountingissuesaredifficult.Thegrowinginternationalizationofbusinessalsopromotescomplexity.Foreigncurrencytransactionsandtranslationhavebeentroublesomeaccountingissuesforyears,andarebecomingmoreimportantascross-borderbusinessandfinanceincrease.Also,differencesinnationalaccountingprinciplespotentiallyaremoretroublesomeasbusinessbecomesmoreinternational.However,asconvergenceeffortsworldwideaccelerate,andmoreandmorecompaniesandcountriesadoptInternationalFinancialReportingStandards(IFRS),complexityarisingfromdifferencesinnationalaccountingprincipleswilldecrease.
12.
13.Examplesofexternalreportingissuesinclude:
14.
a.Doestranslationfromonesetofmeasurementrulestoanotherchangetheinformationcontentoftheoriginalmessage?
b.Shouldaccountsofforeignoperationsbetranslatedtoparentcurrencywhenconsolidatedstatementsareprepared?
c.Whichexchangeratesshouldbeemployedwhentranslatingfromonecurrencytoanother?
Examplesofinternalreportingissuesinclude:
a.Whichexchangeratesshouldbeusedforbudgetingpurposes?
b.Shouldforeignmanagersbeevaluatedintermsofparentcurrencyorthelocalcurrencyofthecountryinwhichthemanageroperates?
c.Whichpricesshouldoneusewhentransferringgoodsorservicesbetweenmembersofthemultinationalenterprise-cost,market,cost-plusorsomeothermetric?
15.Globalcapitalmarketactivitiesandtransactionsreachbeyondsinglepoliticalorlegaljurisdictions.Forexample,globalcapitalmarkettransactionsincludethefollowing:
(1)anAmericantouristbuyingAustraliandollarsfortravelpurposesintheSouthPacific;
(2)aJapaneseinsurancecompanybuyingGermangovernmentbondsasaninvestment;
and(3)aNigerianagriculturaldevelopmentprojectreceivingcashsubsidiesfromtheEuropeanUnion(EU).
16.
Theinternationalequitiesmarketisoneglobalcapitalmarket.Asecondsuchmarketcoversforeignexchangetransactions,thatis,whenonenationalcurrencyisexchangedinto,tradedforward,hedged,swapped,orotherwiseconvertedtoanothernationalcurrency.ThismarketisestimatedathundredsofbillionsofU.S.dollarsperday.Thetotalworldforeignexchangemarketisthelargestmarketonearth.Theinternationalbondmarketisstillanotherglobalcapitalmarket.Thebondsconstitutingthismarketareunderwrittenbyinternationalsyndicatesofbanksandaremarketedandtradedallovertheworld.Globalcapitalmarketsareavitalpartoftheworldeconomy.
17.Englishshouldbedesignatedastheformalinternationalaccountinglanguage.Technicalaccountingterms(termsofart)donottravelwellinternationally.Sincetechnicalaccountingtermsoftenhaveattributedmeanings(forexample,generallyacceptedaccountingprinciplesareneithergenerallyacceptednorprinciples),itisdifficultorimpossibletotranslatethesetermsintootherlanguagesandretaintheiroriginalmeanings.Inotherdisciplines,suchconsiderationshavecausedtheestablishmentofLatinastheuniversallanguageforbotanicalclassifications,Italianasthelanguageforspecifyingthetempo(andothermattersofinterpretation)ofmusicalcompositions,andEnglishasthelanguageofelectroniccomputing.Sinceaccountingisusedworldwide,asingleworldwidelanguageforaccountingmakessense.
18.
WhyshouldEnglishbetheworldwidelanguageforaccounting?
Englishalreadyhasbecomethelanguageofworldcommerceandmultinationalbusiness.Thus,theuniversaluseofEnglishinaccountingwouldparallelawell-establishedbusinesspractice.Also,theaccountingdisciplinewasinmanyrespectsdevelopedasanoffshootofAnglo-Americaneconomics,whichmeansthatthelanguagerootsofmanyaccountingtermsandconceptsareEnglish.Amongnon-Englishspeakingpeople,Englishisthemostcommonsecondlanguage.Thevastmajorityoftheworld’saccountingliteratureiswritteninEnglish,andnearlyallinternationalaccountingconventionsandconferencesuseEnglishastheofficiallanguage.MultinationalcorporationsgenerallyuseEnglishintheiraccountingandfinancialoperatingmanuals,aswellasforcorporatecommunications,withoutregardtonationaldomiciles.Therefore,theworldwidebenefitsofadoptingEnglishastheuniversallanguageofaccountingarelikelytobegreaterthanforanyotherlanguage,andtheworldwidecostsarelikelytobeless.
19.Emergingmarketsarethosewhosefinancialsystemsareemergingfromstatedominationthroughaprocessofliberalization.Developedcountriesarethosewithliberalizedfinancialsystems.Manypeoplebelievethatliberalizationishighlybeneficialtosustainedeconomicgrowth.Manydifferentclassificationsofdevelopedversusemergingmarketcountriesareused,andoftenthetermsarenotdefined,althoughnoonecorrectsetofdefinitionsfordevelopedandemergingmarketsexists.
20.
Studentsshouldbeencouragedtosuggesttheirowncriteriaastowhatconstitutesadevelopedasopposedtoanemergingmarket.Theemergingmarketcountriesareingeographicregionsthataregenerallynothighlyindustrialized.Butonecannotgeneralizehereasextensiveeconomicliberalizationistakingplaceinthesecountries(insomemorethaninothers).Forexample,entrybarrierstoforeignbusinesses,governmentregulationofbankingoperations,andcreditcontrolshavebeeneasedinmanyofthecountriesonceclassifiedas“emerging.”
21.Privatizationsofstate-ownedcorporationshavehaddramaticeffectsonglobalcapitalmarkets.Often,theprivatizedentitiesarelarge,well-knowncompaniesinwhichthenationalgovernmentretainsalargeownershipinterest,andretail(individual,n
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