TAILIEUCHUNG - Lecture International business: Competing in the global marketplace (9e): Chapter 20 - Charles W. L. Hill

Chapter 20 - Accounting and finance in the international business. After reading this chapter you will be able to: Discuss the national differences in accounting standards, explain the implications of the rise of international accounting standards, explain how accounting systems affect control systems within the multinational enterprise,. | International Business 9e By Charles . Hill McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 20 Accounting and Finance in the International Business What Is Accounting? Accounting is the language of business it is the way firms communicate their financial positions Accounting is more complex for international firms because of differences in accounting standards from country to country differences make it difficult for investors, creditors, and governments to evaluate firms It is difficult to compare financial reports from country to country because of national differences in accounting and auditing standards LO1: Discuss the national differences in accounting standards. What Determines National Accounting Standards? Accounting standards are rules for preparing financial statements variables influencing accounting systems include the relationship between business and the providers of capital political and economic ties the level of inflation the level of economic development the prevailing culture in a country Auditing standards specify the rules for performing an audit LO1: Discuss the national differences in accounting standards. Why Are International Accounting Standards Important? The growth of transnational financing and transnational investment has created a need for transnational financial reporting many companies obtain capital from foreign providers who are demanding greater consistency Standardization of accounting practices across national borders is probably in the best interests of the world economy The International Accounting Standards Board (IASB) is a major proponent of standardization of accounting standards LO2: Explain the implications of the rise of international accounting standards. How Does Accounting Influence Control Systems? The control process in most firms is usually conducted annually and involves three steps Subunit goals are jointly determined by the head office and subunit .

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