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国际商务——希尔英文PPT19
IntroductionAccountingisthelanguageofbusiness–itisthewayfirmscommunicatetheirfinancialpositionsAccountingstandardsdifferfromcountrytocountryThesedifferencesmakeitdifficultforinvestors,creditors,andgovernmentstoevaluatefirmsTheInternationalAccountingStandardsBoard(IASB)hasmadesomeattemptstoestablishcommonaccountingandauditingstandardsacrosscountries
IntroductionFigure19.1
CountryDifferencesInAccountingStandardsAcountry’saccountingsystemevolvesinresponsetolocaldemandsforaccountinginformationWhiletherehavebeeneffortstoharmonizeaccountingpracticesacrosscountries,significantdifferencesremainOnestudyfoundthatamong22countries,therewere76waystoassessthecostofgoodssold,65differencesinthecalculationofreturnonassets,and20waystocalculatenetprofitsThedifferencesmakeitchallengestocomparefinancialperformanceoffirmsfromdifferentcountries
CountryDifferencesInAccountingStandardsFivemainvariablesinfluencethedevelopmentofacountry’saccountingsystem:1.therelationshipbetweenbusinessandtheprovidersofcapital2.politicalandeconomictieswithothercountries3.thelevelofinflation4.thelevelofacountry’seconomicdevelopment5.theprevailingcultureinacountry
CountryDifferencesInAccountingStandardsFigure19.2
RelationshipBetweenBusinessAndProvidersOfCapitalThethreemainexternalsourcesofcapitalforfirmsare:IndividualinvestorsBanksGovernmentAcountry’saccountingsystemreflectstherelativeimportanceofeachconstituencyasaproviderofcapitalSo,accountingsystemsintheU.S.andGreatBritainareorientedtowardindividualinvestors;Switzerland,Germany,andJapanfocusonprovidinginformationtobanks;andFranceandSwedenpreparefinancialdocumentswiththegovernmentinmind
ClassroomPerformanceSystem_______hasanaccountingsystemthatwasdevelopedwiththegovernmentinmind.a)Franceb)Japanc)GreatBritaind)Germany
PoliticalAndEconomicTiesWithOtherNationsSimilaritiesinaccountingsystemsacrosscountriescanreflectpoliticaloreconomictiesTheU.S.accountingsysteminfluencesthesystemsinCanadaandMexicoIntheEuropeanUnion,countriesaremovingtowardcommonstandards
InflationAccountingThehistoriccostprincipalassumesthecurrencyunitusedtoreportfinancialresultsisnotlosingitsvalueduetoinflationThisprincipleaffectsassetvaluationIfinflationishigh,assetswillbeundervalued
LevelOfDevelopmentDevelopednationstendtohavemoresophisticatedaccountingsystemsthandevelopingcountriesManydevelopingnationshaveaccountingsystemsthatwereinheritedfromformercolonialpowers
CultureTheextenttowhichacultureischaracterizedbyuncertaintyavoidance(theextenttowhichculturessocializetheirmemberstoacceptambiguoussituationsandtolerateuncertainty)impactsthecountry’saccountingsystemCountrieswithlowuncertaintyavoidancecultureshavestrongindependentauditingprofessions
NationalAndInternationalStandardsAccountingstandardsarerulesforpreparingfinancialstatements—theydefineusefulaccountinginformationAuditingstandardsspecifytherulesforperforminganaudit—thetechnicalprocessbywhichanindependentpersongathersevidencefordeterminingiffinancialaccountsconformtorequiredaccountingstandardsandiftheyarealsoreliable
LackOfComparabilityBecauseofnationaldifferencesinaccountingandauditingstandards,comparabilityoffinancialreportsfromonecountrytoanotherisdifficultThegrowthoftransnationalfinancingandtransnationalinvestmentispromotingthegrowthoftransnationalfinancialreporting
InternationalStandardsTherehasbeenasubstantialeffortrecentlytoharmonizeaccountingstandardsacrosscountriesManycompaniesobtaincapitalfromforeignproviderswhoaredemandinggreaterconsistencyCommonaccountingstandardswillfacilitatethedevelopmentofglobalcapitalmarketsTheInternationalAccountingStandardsBoard(IASB)isamajorproponentofstandardizationTheIASBcurrentlyhas45standards,butcomplianceisvoluntaryAbout100nationshaveadoptedIASBstandardsorpermittedtheiruseinreportingfinancialresults
ClassroomPerformanceSystemWhichorganizationisresponsibleforformulatinginternationalaccountingstandards?theGlobalFederationofAccountantstheWorldBanktheInternationalAccountingStandardsBoardtheInternationalPanelofAccountingStandardsandEthics
ClassroomPerformanceSystemTheIASBcurrentlyhasabout____standards.a)10b)25c)45d)95
InternationalStandardsMostIASBstandardsareconsistentwithstandardsalreadyinplaceintheUnitedStatesTheEuropeanUnionhasmandatedharmonizationofaccountingprinciplesinitsmembercountriesBy2010,therecouldbeonlytwomajoraccountingbodieswithsubstantialinfluenceonglobalreporting–FASBintheUnitedStatesandIASBelsewhere
ClassroomPerformanceSystemBy2010,whichtwoaccountingbodiesareexpectedtodominateaccountingpractices?a)ThehistoriccostprincipleandFSABb)FSABandtheIASBc)TheIASBandthehistoriccostprincipled)Thecurrentratemethodandthehistoriccostprinciple
MultinationalConsolidationAndCurrencyTranslationAconsolidatedfinancialstatementcombinestheseparatefinancialstatementsoftwoormorecompaniestoyieldasinglesetoffinancialstatementsasiftheindividualcompanieswerereallyoneMultinationalfirmstypicallyissueconsolidatedfinancialstatements
ConsolidatedFinancialStatementsThetypicalmultinationalcompanyismadeupofaparentcompanyandanumberofsubsidiarycompaniesEconomically,allthecompaniesareinterdependentTheconsolidatedfinancialstatementprovidesaccountinginformationaboutthegroupofcompaniesTransactionsamongmembersofacorporatefamilyarenotincludedinconsolidatedfinancialstatements,however,becauseseparatelegalentitiesarerequiredtokeeptheirownaccountingrecordstheyrecordtransactionswithothermembersofthecorporatefamilyinseparatestatementsTheIASBrequiresfirmstoprepareconsolidatedfinancialstatements,asdomostindustrializednations
CurrencyTranslationForeignsubsidiariesusuallykeepaccountingrecordsandpreparefinancialstatementsinthelocalcurrencyToprepareconsolidatedfinancialstatements,alllocalfinancialstatementsmustbeconvertedtothehomecurrencyTherearetwomethodstodeterminewhatexchangerateshouldbeusedwhentranslatingfinancialstatementcurrencies:1.thecurrentratemethod2.thetemporalmethod
TheCurrentRateMethodUnderthecurrentratemethod,theexchangerateatthebalancesheetdateisusedtotranslatethefinancialstatementsofaforeignsubsidiaryintothehomecurrencyofthemultinationalfirmThecurrentratemethodisincompatiblewiththehistoriccostprinciple
TheTemporalMethodThetemporalmethodtranslatesassetsvaluedinaforeigncurrencyintothehomecurrencyusingtheexchangeratethatexistswhenassetsarepurchasedSo,whilethetemporalmethodavoidstheproblemsassociatedwiththecurrentratemethod,itisstillproblematicbecausedifferentexchangeratesareusedtotranslateforeignassets
CurrentU.S.PracticeU.S.multinationalsarerequiredtofollowFASB52whichstates:thefunctionalcurrencyisthelocalcurrencyofeachself-sustainingforeignsubsidiarybalancesheetsshouldbetranslatedintothehomecurrencyusingtheexchangerateineffectattheendofthefirm’sfinancialyearincomestatementsaretranslatedusingtheaverageexchangerateforthefirm’sfinancialyear
ClassroomPerformanceSystemWhenafirmusestheexchangerateatthebalancesheetdatetotranslatefinancialstatementsofaforeignsubsidiaryintothehomecurrency,thefirmisusinga)thetemporalmethodb)thecurrentratemethodc)FASB52d)thehistoriccostprinciple
ClassroomPerformanceSystemFinancialstatementsofU.S.firmsmustbepreparedaccordingtoa)FASBb)IASBc)IFACd)EUAC
AccountingAspectsOfControlSystemsThecontrolprocessinmostfirmsisusuallyconductedannuallyandinvolvesthreesteps:1.subunitgoalsarejointlydeterminedbytheheadofficeandsubunitmanagement2.theheadofficemonitorssubunitperformancethroughouttheyear3.theheadofficeintervenesifthesubsidiaryfailstoachieveitsgoal,andtakescorrectiveactionsifnecessaryTwofactorsthatcancomplicatethecontrolprocessareexchangeratechangesandtransferpricingpractices
ExchangeRateChangesAndControlSystemsMostinternationalfirmsrequirebudgetsandperformancedatatobeexpressedinthecorporatecurrency-normallythehomecurrencyWhilethisfacilitatescomparisonsbetweensubsidiaries,itcanalsocreatedistortionsinfinancialstatements
TheLessard-LorangeModelDonaldLessardandPeterLorangesuggestthatfirmscandealwiththeproblemsofexchangeratesandcontrolinthreeways:1.theinitialrate-thespotexchangeratewhenthebudgetisadopted2.theprojectedrate-thespotexchangerateforecastfortheendsofthebudgetpicture3.theendingrate-thespotexchangeratewhenthebudgetandperformancearebeingcompared
TheLessard-LorangeModelFigure19.3
TheLessard-LorangeModelLorangeandLessardsuggestthatfirmsusetheprojectedspotexchangerate(usuallytheforwardexchangerate)totranslatebudgetandperformancefiguresintothecorporatecurrencyFirmscanalsousetheinternalforwardrate(company-generatedforecastoffuturespotrates)
TransferPricingAndControlSystemsThepriceatwhichgoodsandservicestransferredwithinthefirmisthetransferpriceThechoiceoftransferpricecansignificantlyinfluencetheperformanceofsubsidiariesTransferpricesshouldbeconsideredwhenevaluatingasubsidiary’sperformanceCompaniescanmanipulatetransferpricestominimizetaxliability,minimizeimportduties,andavoidgovernmentrestrictionsoncapitalflows
SeparationOfSubsidiaryAndManagerPerformanceTheevaluationofasubsidiaryshouldbekeptseparatefromtheevaluationofitsmanagerAmanager’sevaluationshouldconsiderthecountry’senvironmentforbusiness,andshouldtakeplaceaftermakingallowancesforthoseitemsoverwhichmanagershavenocontrol
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