国际会计学第六版chapter2
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国际会计学第六版chapter_4
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Mexico
Overview
Accounting is oriented toward fair presentation despite code law legal system General price-level accounting (inflation-adjusted financial statements) are a
Mexican Institute of Public Accounting Issues auditing standards through its Auditing Standards and Procedures Commission
Unusual features of Mexican financial reporting
Explain the difference between principles-based and rules-based accountiates
Overview
Financial Accounting Standards Board (FASB)
Forecasts of cash flows, capital investments, and production in statutory filings
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China
Overview
Embracing IFRS as part of structural market reforms Ministry of Finance responsible for all aspects of
Financial Accounting Standards Board
Conceptual Framework is a significant feature of accounting standard setting Standard setting in the U.S. is both political and technical Generally accepted accounting principles (GAAP) are voluminous and detailed Committed to converging U.S. GAAP with IFRS
Mexico
Overview
Accounting is oriented toward fair presentation despite code law legal system General price-level accounting (inflation-adjusted financial statements) are a
Mexican Institute of Public Accounting Issues auditing standards through its Auditing Standards and Procedures Commission
Unusual features of Mexican financial reporting
Explain the difference between principles-based and rules-based accountiates
Overview
Financial Accounting Standards Board (FASB)
Forecasts of cash flows, capital investments, and production in statutory filings
10
China
Overview
Embracing IFRS as part of structural market reforms Ministry of Finance responsible for all aspects of
Financial Accounting Standards Board
Conceptual Framework is a significant feature of accounting standard setting Standard setting in the U.S. is both political and technical Generally accepted accounting principles (GAAP) are voluminous and detailed Committed to converging U.S. GAAP with IFRS
国际会计学第六版chapter2共26页
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Development (contin)
Taxation
Must companies record revenues and expenses in their accounts to claim them for tax purposes?
Are financial accounting and taxation the same? Or are they different?
Code law
Laws are all-embracing. Accounting tends to be prescriptive and
procedural. Accounting focuses on legal form. Accounting standards and procedures are
incorporated into national laws.
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Common law
Laws develop on a case-by-case basis. Accounting develops from experience and
judgment. Accounting tends to be flexible, adaptive,
Extensive disclosures.
Banks
Conservative earnings for creditor protection. Less extensive disclosures.
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Development (contin)
Legal system
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国际会计学第六版cha(1)
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Have a basic working knowledge of accounting classifications and how they compare with one another.
Explain the difference between the “fair presentation” and “legal compliance” orientations of accounting and identify nations in which each is prevalent.
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Development
Sources of finance – who, how many, how close? Equity markets
Profits measure how well managers have run the company.
Accounting is used to assess cash flows, risks, and to value the firm.
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Political and economic ties
Accounting ideas and technologies are transferred through conquest, commerce, and other forces.
Inflation
Extensive disclosures.
Banks
Conservative earnings for creditor protection. Less extensive disclosures.
国际会计学第六版chapter_6-42页文档资料
Is similar to a translation gain or loss as it results from a restatement process.
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Types of Translation Methods
Single rate method: applies a single exchange rate, the current rate, to all foreign currency assets and liabilities.
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How does a translation gain or loss differ from a transactions gain or loss?
Is there more than one way of translating financial statements from one currency to another? If so, what are they?
Preserves the original cost equivalent of a foreign currency item in the reporting currency.
Use of historical rates do not give rise to
translation gains or losses, which are
At the transaction date, each asset, liability, revenue, and expense denominated in a foreign currency is measured and recorded in the functional currency of the reporting entity at the spot exchange rate in effect on that date.
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Types of Translation Methods
Single rate method: applies a single exchange rate, the current rate, to all foreign currency assets and liabilities.
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How does a translation gain or loss differ from a transactions gain or loss?
Is there more than one way of translating financial statements from one currency to another? If so, what are they?
Preserves the original cost equivalent of a foreign currency item in the reporting currency.
Use of historical rates do not give rise to
translation gains or losses, which are
At the transaction date, each asset, liability, revenue, and expense denominated in a foreign currency is measured and recorded in the functional currency of the reporting entity at the spot exchange rate in effect on that date.
国际会计学第六版chapter_6
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Why do Firms Translate?
Facilitates the preparation of consolidated financial statements that allow readers to see the performance of a multinational company’s total operations both domestic and foreign.
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Types of Translation Rates and their Statement Effects
Historical rate: the exchange rate prevailing when a foreign currency asset was first acquired or a foreign currency liability first incurred.
How does the temporal method of currency translation differ from the current rate method?
What is the relationship between currency translation and inflation?
Spot transaction: occurs when an enterprise purchases or sells goods for which payment is made in a foreign currency, or when it borrows or lends foreign currency.
国际会计学第六版chapter(3)PPT课件
Rules-based
▪ More specific requirements ▪ More detailed implementation guidance ▪ May result in more comparability ▪ May foster “check-the-box” mentality
Private-sector organization that determines accounting standards The Securities and Exchange Commission (SEC) – a governmental
agency – underpins FASB’s authority
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United States (contin)
Accounting regulation and enforcement
Securities and Exchange Commission
Has jurisdiction over listed companies Relies on private sector (FASB) to set accounting standards Pressures FASB on the direction of accounting standards
from the American Institute of Certified Public Accountants (AICPA)
Financial statements “present fairly”
Compliance with GAAP is the test for fair presentation
Describe the key similarities and differences among the accounting systems of these five countries.
▪ More specific requirements ▪ More detailed implementation guidance ▪ May result in more comparability ▪ May foster “check-the-box” mentality
Private-sector organization that determines accounting standards The Securities and Exchange Commission (SEC) – a governmental
agency – underpins FASB’s authority
4
United States (contin)
Accounting regulation and enforcement
Securities and Exchange Commission
Has jurisdiction over listed companies Relies on private sector (FASB) to set accounting standards Pressures FASB on the direction of accounting standards
from the American Institute of Certified Public Accountants (AICPA)
Financial statements “present fairly”
Compliance with GAAP is the test for fair presentation
Describe the key similarities and differences among the accounting systems of these five countries.
国际会计学第六版chapter_1-24页精品文档
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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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Chapter Exhibits (contin)
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Chapter Exhibits (contin)
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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?
国际会计学第六版chapter2
International Accounting, 6/e Frederick D.S. Choi Gary K. Meek
Chapter 2: Development and Classification
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Learning Objectives
Identify and understand the importance of the eight factors that have a significant influence on accounting development.
Example: France
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Classification (contin)
Legal systems: common law vs. code law accounting
Common law accounting
Oriented toward fair presentation, transparency, and full disclosure
and innovative. Accounting focuses on economic substance. Accounting rules are established by private
sector professional organizations.
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Inflation distorts historical cost measurements.
Countries with high inflation often require that companies incorporate price changes into the accounts.
Chapter 2: Development and Classification
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Learning Objectives
Identify and understand the importance of the eight factors that have a significant influence on accounting development.
Example: France
Choi/Meek, 6/e
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Classification (contin)
Legal systems: common law vs. code law accounting
Common law accounting
Oriented toward fair presentation, transparency, and full disclosure
and innovative. Accounting focuses on economic substance. Accounting rules are established by private
sector professional organizations.
Choi/Meek, 6/e
Inflation distorts historical cost measurements.
Countries with high inflation often require that companies incorporate price changes into the accounts.
国际会计学第六版_chapter_3.ppt
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France
Overview
“The Plan” – national uniform chart of accounts (national accounting code)
Objectives and principles of financial reporting Definitions of elements Recognition and valuation rules Standardized chart of accounts Model financial statements
Other influences on French accounting rules
Commercial legislation (Code de Commerce)
Tax laws
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France (contin)
Accounting regulation and enforcement CNC – National Accounting Board
Generally, IFRS consolidated statements are permitted for non-listed companies.
Requirements for individual company financial statements vary – IFRS may be required, allowed, or prohibited.
Describe the audit-oversight mechanisms in these five cpean Union
Starting in 2005, all EU-listed companies must follow IFRS in their consolidated financial statements.
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France
Overview
“The Plan” – national uniform chart of accounts (national accounting code)
Objectives and principles of financial reporting Definitions of elements Recognition and valuation rules Standardized chart of accounts Model financial statements
Other influences on French accounting rules
Commercial legislation (Code de Commerce)
Tax laws
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France (contin)
Accounting regulation and enforcement CNC – National Accounting Board
Generally, IFRS consolidated statements are permitted for non-listed companies.
Requirements for individual company financial statements vary – IFRS may be required, allowed, or prohibited.
Describe the audit-oversight mechanisms in these five cpean Union
Starting in 2005, all EU-listed companies must follow IFRS in their consolidated financial statements.
国际会计学第六版chapter(2)幻灯片PPT
Must reconcile net income and stockholders’ equity to U.S. GAAP if the registrant uses another GAAP.
Do SEC requirements deter foreign companies from listing their securities in the U.S.?
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of capital markets.
Development of Disclosure (contin)
Regulatory disclosure requirements
Stock exchanges want to be sure that investors have enough information to evaluate a company’s performance and prospects.
Or do the requirements protect investors and ensure the quality of U.S. capital markets?
Sarbanes-Oxley requirements are also believed to deter foreign companies from 7
Identify the broad objectives for accounting disclosure systems in investor-oriented equity markets.
2
Discuss “triple-bottom line〞 reporting and why it is a growing tendency among large multinational corporations.
Do SEC requirements deter foreign companies from listing their securities in the U.S.?
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of capital markets.
Development of Disclosure (contin)
Regulatory disclosure requirements
Stock exchanges want to be sure that investors have enough information to evaluate a company’s performance and prospects.
Or do the requirements protect investors and ensure the quality of U.S. capital markets?
Sarbanes-Oxley requirements are also believed to deter foreign companies from 7
Identify the broad objectives for accounting disclosure systems in investor-oriented equity markets.
2
Discuss “triple-bottom line〞 reporting and why it is a growing tendency among large multinational corporations.
国际会计学第六版chapter_1
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
International Accounting, 6/e Frederick D.S. Choi Gary K. Meek
Chapter 1: Introduction
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Learning Objectives
How is international accounting distinct from domestic accounting?
Accounting serves people and institutions whose decisions are international in scope.
Accounting diversity creates a demand for harmonization.
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Contributing Factors (contin)
Growth and spread of multinational operations
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International Accounting, 6/e Frederick D.S. Choi Gary K. Meek
Chapter 1: Introduction
Choi/Meek, 6/e
1
Learning Objectives
How is international accounting distinct from domestic accounting?
Accounting serves people and institutions whose decisions are international in scope.
Accounting diversity creates a demand for harmonization.
Choi/Meek, 6/e
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Contributing Factors (contin)
Growth and spread of multinational operations
Choi/Meek, 6/e
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国际会计学第六版chapter_5
Must reconcile net income and stockholders’ equity to U.S. GAAP if the registrant uses another GAAP.
Do SEC requirements deter foreign companies from listing their securities in the U.S.?
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The measurement and communication of information about a company’s effects on employee welfare, the local community, and the environment
A way to demonstrate corporate citizenship “Sustainability” reports integrate economic,
▪ Management development ▪ Compensation ▪ Diversity ▪ Human rights
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Environmental reporting ▪ Impact of production processes, products, and services on
▪ Forecasts are inherently unreliable. ▪ Legal repercussions if forecasts aren’t met.
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Reporting and Disclosure Practices (contin)
Segment disclosures
Corporate governance disclosures Governance means the responsibilities, accountability, and relationships among shareholders, board members, and managers to meet corporate objectives.
Do SEC requirements deter foreign companies from listing their securities in the U.S.?
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The measurement and communication of information about a company’s effects on employee welfare, the local community, and the environment
A way to demonstrate corporate citizenship “Sustainability” reports integrate economic,
▪ Management development ▪ Compensation ▪ Diversity ▪ Human rights
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Environmental reporting ▪ Impact of production processes, products, and services on
▪ Forecasts are inherently unreliable. ▪ Legal repercussions if forecasts aren’t met.
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Reporting and Disclosure Practices (contin)
Segment disclosures
Corporate governance disclosures Governance means the responsibilities, accountability, and relationships among shareholders, board members, and managers to meet corporate objectives.
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Political and economic ties
Accounting ideas and technologies are transferred through conquest, commerce, and other forces.
Inflation
Explain why distinctions of accounting at the national level are becoming blurred.
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Why Study Development and Classification?
Development
Inflation distorts historical cost measurements.
and innovative. Accounting focuses on economic substance. Accounting rules are established by private
sector professional organizations.
Choi/Meek, 6/e
Code law
Laws are all-embracing. Accounting tends to be prescriptive and
procedural. Accounting focuses on legal form. Accounting standards and procedures are
Helps understand a nation’s accounting. Explains the differences and similarities
in accounting around the world.
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Classification
Helps understand why and how national accounting systems differ.
Helps analyze whether these systems are converging or diverging.
Are a way of viewing the world.
Reveals what group members have in common, and
What distinguishes groups from each other
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Development (contin)
Taxation
Must companies record revenues and expenses in their accounts to claim them for tax purposes?
Are financial accounting and taxation the same? Or are they different?
Choi/Meek, 6/e
5
Development
Sources of finance – who, how many, how close?
Equity markets
Profits measure how well managers have run the company.
Accounting is used to assess cash flows, risks, and to value the firm.
Choi/Meek, 6/e
2
Have a basic working knowledge of accounting classifications and how they compare with one another.
Explain the difference between the “fair presentation” and “legal compliance” orientations of accounting and identify nations in which each is prevalent.
Understand the four approaches to accounting development found in marketoriented Western economies and identify countries in which each approach is prevalent.
incorporated into national laws.
Choi/Meek, 6/e
op on a case-by-case basis. Accounting develops from experience and
judgment. Accounting tends to be flexible, adaptive,
International Accounting, 6/e Frederick D.S. Choi Gary K. Meek
Chapter 2: Development and Classification
Choi/Meek, 6/e
1
Learning Objectives
Identify and understand the importance of the eight factors that have a significant influence on accounting development.
Extensive disclosures.
Banks
Conservative earnings for creditor protection. Less extensive disclosures.
Choi/Meek, 6/e
6
Development (contin)
Legal system