International Accounting Chapter 2: Worldwide Accounting Diversity 1. What are the two most common methods used internationally for the order in which assets are listed on the balance sheet? Which of those two methods is most common in North America? In E
T Anderson International Accounting Chapter 6: Foreign Currency Transactions & Hedging Foreign Exchange Risk
What is the concept underlying the two-transaction perspective to accounting for foreign currency transactions? Treats sale & collection as t
International Accounting Chapter 5: Comparative Accounting 1. How might the liberalization of accounting and auditing result in an improved level of investor protection?
Gradual capital market liberalization will open up inter
International Accounting Chapter 3: International convergence of Financial Reporting 1. How does harmonization differ from convergence? Harmonization refers to the reduction of alternatives while retaining a high degree of flexibility in accounting practi
International Accounting Chapter 7: Translation of Foreign Currency Financial Statements 1.
What are the two major conceptual issues that must be resolved in translating foreign currency financial statements? The two major issues related to the
International Accounting Chapter 8: Additional Financial Reporting Issues 1. Why is it important that, in countries statements be adjusted for inflation? with high
Historical cost accounting causes assets to be significantl
International Accounting Chapter 4: International Financial Reporting Standards 1. What are the types of differences that exist between IFRS & US GAAP? 2. Definitions Recognitions Measurements Alternatives Lack of requirements or guidance Presentation Dis
International Accounting Chapter 1: Homework 1. 2. 3. Exchange rate No, or only on 200,000 Assets & Liabilities are converted @ year end Income & Expenses are converted @ time of transactions AR & AP converted @ year end, then loss/ gain included in incom