International_Accounting_and_Taxation - Course Business...

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Course Business - International Taxation Worksheet due this week in discussion section. (Should take no more than 15 minutes to complete). - Keep in mind upcoming deadline for group case projects (right after Thanksgiving). International Accounting and Taxation Overview - Goal of an accounting system is to identify, measure, and communicate economic information to allow informed judgments and decisions by constituents - Who are the users of accounting information for a MNE? - Internal company users - External: investors and creditors, and competitors - Government - Securities oversight, protection of investors and creditors - Taxation - International accounting involves accounting and taxation issues for companies that have international economic activities across borders, and the standards and practices vary internationally - These differences inFuence reported income and pro±ts, valuation of assets and inventories, tax liabilities, country attractiveness, etc.
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- Relationship between business and providers of capital - Do businesses primarily get funding from government, banks or the public (individual investors)? - If banks, are the banks private, state owned or state inFuenced? - Differing levels of access to information and day-to-day involvement - Political and economic ties with other countries - Example: Regional economic integration - Political economy in the nation and region - Infation - Historic cost accounting - Current cost accounting The level oF a country’s economic development - Legal system - Common law - Standards oFten set by independent boards - Room For interpretation and/or proFessional discretion - Monitoring and enForcement oFten by private litigation, though government involvement also takes place - Code law - Standards set by government bodies - Adherence to laws as stated expected - Monitoring and enForcement oFten between government and companies - Sophistication oF law, regulations, regulators and enForcement - Maturity oF markets and institutions, and accounting proFessionals - Level oF corruption - DiFFerent sets oF “books” - Does bureaucracy help or hinder? Some differences in practice
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International_Accounting_and_Taxation - Course Business...

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