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International Accounting and multinational enterprises

International Accounting and multinational enterprises

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The global challenges of doing business in the twenty-first century require accountants and managers who are more aware of the international financial complexities involved and who have knowledge and understanding relevant to solving problems arising from the ever-increasing pace of international business, finance, and investment. This is especially true in light of the trend toward convergence of accounting standards for publicly listed companies worldwide.

Our aim in writing this book is to contribute to the development of internationally competent people in accounting and business. The target audience for the book at the senior undergraduate level includes both accounting and business students. At the Master’s level those students looking to broaden their horizons. In addition, this book should be helpful to practicing accountants, managers, and consultants who wish to become more involved in the international aspects of accounting.

This book presents international accounting within the context of managing multinational enterprises (MNEs). We focus on the business strategies of MNEs and how accounting applies to these strategies. This unique approach gives students the opportunity to learn about international accounting from a perspective similar to what they will experience in the business world. The book also discusses accounting issues in the context of different countries. We discuss the key factors that influence accounting standards and practices in different countries, and how those factors impact the harmonization of standards worldwide. In particular, we have tried to concentrate on culture and its unique contribution to accounting standards and practices. Our emphasis is on the needs of users of financial and accoun ting information across borders with the aim of enhancing their understanding of how to use information and therefore make more informed decisions in an increasingly complex and dynamic international business environment.

This book emphasizes the international business context of international accounting and financial decision-making. In this latest edition of the book we have restruc-


tured the text to provide a better flow of material and also to present it more succinctly. At the same time, an in-depth and balanced coverage is provided of key issues relevant to users at both the internal and external levels of international business activity.
Chapter 1 examines international accounting issues in the context of international business.
Chapter 2 looks at international patterns of accounting development and the impact of culture on accounting.
Chapters 3 and 4 provide a comparative international analysis of financial accounting especially from a cultural perspective. Chapter 3 deals more with developed countries, whereas Chapter 4 deals more with developing countries.
Chapter 5 focuses on the use of financial statements across borders by managers and investors and the problems of understanding the meaning of financial information in different national contexts.
Chapter 6 examines issues associated with corporate transparency and disclosure in an international context and the pressures for both traditional as well as more market-oriented approaches to disclosure.
Chapter 7 focuses on the participants and factors involved in the global convergence of accounting and reporting including the emergence of the International Accounting Standards Board as a major player in the development of International Financial Reporting Standards that can be used by publicly listed companies worldwide.
Chapter 8 analyzes the concepts, issues, and practices involved with the often controversial areas of international business combinations, goodwill, and intangibles.
Chapter 9 provides an analysis and review of issues and developments relating to international segment reporting.
Chapter 10 deals in some detail with the problems and impact of foreign currency transactions and the translation of foreign currency financial statements.
Chapter 11 analyzes the problems of accounting for price changes internationally and provides a comparative analysis of practices around the world.
Chapter 12 deals with corporate governance issues and techniques that companies use in the area of accounting and managerial control.
Chapter 13 examines the area of foreign exchange risk management and the role that accountants play in helping to minimize foreign exchange risk.


Chapter 14 examines some of the special problems of budgeting and performance evaluation in the multinational enterprise with particular reference to the complexities of foreign exchange and transfer pricing.
Chapter 15 provides an examination of auditing issues relevant to the multinational enterprise, a review of audit standards internationally, and an update on efforts to harmonize auditing internationally.
Chapter 16 concludes the book with a discussion of the challenges of coping with the complexities of taxation across borders and the need for effective tax planning.
Each chapter provides objectives and concludes with a summary of the main points of the chapter. A major change in the book is the addition of more discussion questions, exercises, and cases. Each chapter has 15 discussion questions, 15 exercises, and 2 cases. The cases can be found on the book companion website: www.wiley.com/college/radebaugh. This will be a big help to faculty members who like to assign written assignments and encourage class discussion. Throughout the book, reference is made in the text to relevant research, and items of special interest are highlighted either in tables or exhibits.
Another major addition to the text is a Practice Set prepared by Professor Teresa Conover of the University of North Texas. The Practice Set is designed to provide scenarios for business transactions and then give students a chance to provide financial information according to U.S. GAAP and IFRS to compare the impact of different accounting standards on financial reporting. The student portion of the book companion website contains the materials that make up the Practice Set. Each new copy of the textbook contains a registration code that allows a student to access these materials, which are password protected. . The Practice Set is for Global Corp., a new U.S.-based company, which is interested in financial reporting under international accounting standards (IFRS). They have decided to account for their transactions under both U.S. GAAP and IFRS for a one-year period. At the end of the one-year period, they will prepare their financial statements and notes under each of the methods. Students are responsible for journalizing the transactions and preparing any necessary adjusting entries, ledgers, trial balances, financial statements, footnotes, etc.
This book is accompanied by an Instructor Manual that includes chapter outlines, a chapter overview, teaching suggestions, lecture notes, and solutions for the discussion questions, exercises, and cases. Also available is a Test Bank containing multiple-choice and true/false questions and PowerPoint Presentations for each chapter. These are all accessible at the book companion web site.