day 24 international accounting 2009 spring v1

day 24 international accounting 2009 spring v1 -...

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Unformatted text preview: International Accounting Dr. James Gong Agenda n Introduction of International accounting n Difference between US GAAP and IFRS n IFRS in USA Learning Objectives of International Accounting n Describe how the changing world environment is leading to an increased focus on international accounting standards n Explain some differences in accounting standards and accounting methods across countries n International Accounting Standards in USA n Non-U.S. company listed on the U.S. stock markets n U.S companies Background n Beginning in 2005, the European Union (EU) mandated that companies listed in its securities markets conform to International Financial Reporting Standards. n In 2006, the total value of cross-border transactions in bonds and equities was $90 trillion U.S. dollars annually. Growth in cross-border securities transactions Growth in international investment Share of Global Equity Markets Share of Global Debt Markets n Accounting based on U.K. traditions n Securities markets have a dominant influence n SEC recognizes the authority of FASB n FASB uses an open approach to standard setting n U.S. accounting system is probably the most comprehensive in the world Comparative Accounting Systems: USA n Government has the major accounting influence; n Commercial code, securities and exchange law, and corporation tax law are also influential; n Government institutions are directly involved in standard setting: n Ministries of Finance and Justice have joint jurisdiction, n Accounting profession is small and lacks influence; n Secretive approach is common Comparative Accounting Systems: Japan n Company law and tax laws predominate, n Accounting practice must follow tax laws, n Accounting profession is small and lacks influence,...
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day 24 international accounting 2009 spring v1 -...

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