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Questions and Answers of Accounting

Refer to Exhibit 3-6.Required: Which country’s GAAP appears to be the most oriented toward equity investors? Which country’s GAAP appears to be the least oriented toward equity investors? Why do
The role of government in developing accounting and auditing standards differs in the five countries discussed in this chapter. Required: Compare the role of government in developing accounting and
Countries of the European Union are establishing oversight bodies to regulate the activities of statutory auditors. These national bodies are also coordinated at the EU level.Required: Find
In most countries, accounting standard setting involves a combination of private- and public-sector groups. The private sector includes the accounting profession and other groups affected by the
Listed below are certain financial ratios used by analysts:• Liquidity: current ratio; cash flow from operations to current liabilities• Solvency: debt to equity; debt to assets•
1. Describe the problems characterized in this case.2. What are the likely causes of these problems?3. What are consequences of these problems for investors, Czech companies, and the Prague Stock
1. Document the effects of the GAAP differences in the 20F by doing the following:a. For the current year, calculate the percentage change for net income and for total shareholders’ equity
1. Document the effects of the GAAP differences in the 20F by doing the following:a. For the current year, calculate the percentage change for net income and for total shareholders’ equity
Compare and contrast the mechanisms for regulating and enforcing financial reporting in the five countries discussed in this chapter. Discuss.
Compare and contrast the main features of financial reporting in the five countries discussed in this chapter. Discuss.
Auditor oversight bodies have recently been established in several countries discussed in this chapter. Identify the auditor oversight bodies discussed in the chapter. What is the reason for this
What is the difference between principles-based and rules-based accounting standards? What evidence indicates that U.S. GAAP is rules-based?
U.S. financial statements “present fairly,” while U.K. financial statements are “true and fair.” What is the difference between these two concepts?
Mexican companies traditionally guarded their information and were secretive in their financial reporting. What evidence is there that Mexican-companies are becoming less secretive?
What was the reason for Japan’s Big Bang, and what changes in accounting practice have resulted from it?
What important features of accounting and reporting are necessary to develop an efficient stock market with fair trading? How likely is it that China will develop such a stock market? Why do you say
China’s aim is to develop accounting standards that are harmonized with international practices. Cite some examples indicating that Chinese accounting standards are consistent with
What evidence is there of British influence on accounting in India?
This chapter provides synopses of national accounting practice systems in five countries.Required:For each country, list:a. The name of the national financial accounting standard-setting board or
The International Federation of Accountants (IFAC) is a worldwide organization of professional accounting bodies. IFAC’s Web site (www.ifac.org) has links to accounting bodies around the
Reread Chapter 4 and its discussion questions.Required:a. As you go through this material, prepare a list of five expressions, terms, or short phrases unfamiliar or unusual in your home country.b.
Analyze the five national accounting practice systems summarized in the chapter.Required:a. For each of the five countries treated in the chapter, select the most important financial accounting
Refer to Exhibit 4-5.Required: Which country’s GAAP appears to be the most oriented toward equity investors? Which country’s GAAP appears to be the least oriented toward equity investors? Why do
The United Kingdom and the United States have a common accounting heritage and are linked by history and language. The term Anglo-American accounting is sometimes used to denote their accounting
The following describes Japanese accounting before the Big Bang: The preparation of consolidated financial statements is based on the Securities and Exchange Law. Individual-company accounts are the
The following describes Chinese accounting in the late 1990s:Financial statements consist of the balance sheet, income statement, statement of changes in financial position (or cash flow statement),
Accounting standard setting in most countries involves a combination of private- and public-sector groups. The private sector includes the accounting profession and other groups affected by the
The following are financial ratios used by analysts:• Liquidity: current ratio; cash flow from operations to current liabilities• Solvency: debt to equity; debt to assets • Profitability:
1. What is the difference between rules-based and principles-based accounting standards, and what are the advantages and disadvantages of each?2. Why has U.S. GAAP evolved into a rules-based
1. Describe the conditions necessary to develop a stock market in an emerging economy.2. How do these conditions compare to the situation in China?3. How likely is China to develop a stock market
The chapter discusses the objectives of investor-oriented markets: investor protection and market quality. Transparent financial reporting is important for achieving these objectives. What is
Why are multinational corporations increasingly being held accountable to constituencies other than traditional investor groups?
Should foreign companies seeking to issue securities in the United States be required to disclose as much as U.S. companies issuing securities in the United States? Critically evaluate the arguments
What is the difference between voluntary disclosure and mandatory disclosure? Provide at least two explanations for the differences in managers’ voluntary disclosure practices. Provide at least two
What is triple-bottom-line reporting, and why is it a growing trend among large multinational corporations? There are now few requirements for this type of reporting. Is more regulation necessary?
Do you expect to observe more or less voluntary disclosure by companies in emerging-market countries than in developed countries? Why? Do you expect to observe more or less regulatory disclosure
What are the two broad objectives for investor-oriented markets? Which of these do you think is more important? Present reasons for your response.
From the perspective of a securities market regulator, is more required disclosure always better than less? Why or why not?
Why are forecasts of revenues and income relatively uncommon?
What is corporate governance? Listed companies in some countries are required to disclose information about their corporate governance practices. Why might investors and analysts find such
The Outlook section in Daimler’s 2008 annual report may be found at ar2008.daimler.com/daimler/annual/2008/gb/English/pdf/04_DAI_AR2008_Management-Report.pdf (pp. 82–87).Required: Provide (1) A
Exhibit 5-1 presents the business-segment and geographic-segment information of Lafarge, a French company that uses International Financial Reporting Standards (IFRS) in its consolidated financial
Exhibit 5-2 presents the employment disclosure of Roche.Required:a. How do the employment levels compare between the periods presented? Where are Roche’s employees located?b. Which regions of the
Exhibit 5-3 presents the safety and environmental disclosure of Roche.Required: Comparing the three years: (1) Which measures show an improved record of safety and environmental protection? (2) Which
Exhibit 5-4 presents the independent assurance report on Roche’s sustainability reporting. The auditor’s engagement was carried out “in accordance with International Standards on Assurance
Corporate social responsibility (CSR), as practiced by business, means many different things. Consider the following: “At one end of the broad span of CSR lie corporate policies that any well-run
The Global Reporting Initiative (GRI) has developed a set of guidelines for social responsibility reporting.Required:Go to the GRI Web site (www.globalreporting. org) and find its guidelines. The
Exhibit 5-8 is the corporate governance disclosure of the Volvo Group. Some of the disclosures relate to independence requirements for the board of directors and audit committee.Required:a. What is
The Organisation for Economic Cooperation and Development (OECD) published its revised Principles of Corporate Governance in 2004. Required: Obtain the document from the OECD Web site
Exhibit 5-9 ranks 34 countries on earnings opacity. Which five countries have the most surprising placement? Why do you sayso?
1. Discuss why financial statement users find environmental disclosures informative.2. Obtain the G3 sustainability reporting guidelines of the Global Reporting Initiative (GRI,
1. Discuss at least five characteristics that predict relatively low disclosure levels in Mexico. Your response should be based on a review of the material presented in Chapters 2 and 4 and this
From a user’s perspective, what is the inherent problem in attempting to analyze historical cost-based financial statements of a company domiciled in an inflationary, devaluation-prone country?
Examine the income statements of Modello, Vestel, and Infosys, referenced earlier in this chapter. Which earnings number do you feel provides the better earnings metric for an investment analyst, and
Consider the statement: “The object of accounting for changing prices is to ensure that a company is able to maintain its operating capability.” How accurate is it?
Following are the remarks of a prominent member of the U.S. Congress. Explain why you agree or disagree. The plain fact of the matter is that inflation accounting is a premature, imprecise, and
As more and more companies span the globe in terms of their operating, financing, and investing activities, they will increasingly turn to international financial reporting standards when
Briefly describe the historical-cost-constant purchasing power and current-cost models. How are they similar? How do they differ?
As a potential investor in the shares of multinational enterprises, which inflation method, restate-translate or translate-restate, would give you consolidated information most relevant to your
What is a gearing adjustment, and on what ideas is it based?
How does accounting for foreign inflation differ from accounting for domestic inflation?
What does double-dipping mean in accounting for foreign inflation?
Sobrero Corporation, a Mexican affiliate of a major U.S.-based hotel chain, starts the calendar year with 1 billion pesos (P) cash equity investment. It immediately acquires a refurbished hotel in
The comparative historical-cost balance sheets of Majikstan Enterprises for 2010 and 2011 are reproduced below. The accounts are expressed in 000’s of renges (MJR’s).Required:What was the change
Using the information provided in Exercise 2. Calculate Majikstan Enterprises’ net monetary gain or loss in local currency for 2011 based on the following general price-level information.12/31/10
Revisit Sobrero Corporation in Exercise 1. In addition to the information provided there, assume that Mexico’s construction cost index increased by 80 percent during the year, while the price of
Majikstan Enterprises has equipment on its books that it acquired at the start of 2009. The equipment is being depreciated in straight-line fashion over a 10-year period and has no salvage value. The
Now assume that Majikstan Enterprises is a foreign subsidiary of a U.S.-based multinational corporation and that its financial statements are consolidated with those of its U.S. parent. Relevant
The balance sheet of Rackett & Ball plc., a U.K.-based sporting goods manufacturer, is presented here. Figures are stated in millions of pounds (￡m). During the year, the producers’ price index
Ninsuvaan Corporation, a U.S. subsidiary in Bangkok, Thailand, begins and ends its calendar year with an inventory balance of BHT500 million. The dollar/baht exchange rate on January 1 was $0.02 =
Doosan Enterprises, a U.S. subsidiary domiciled in South Korea, accounts for its inventories on a FIFO basis. The company translates its inventories to dollars at the current rate. Year-end
The year-end balance sheet of Helsinki Corporation, a wholly owned British affiliate in Finland, is reproduced here. Relevant exchange rate and inflation information is also provided.Required:Using
1. Assuming beginning inventories were acquired when the general price index level was 128, prepare Kashmir Enterprises’ financial statements (i.e., income statement and balance sheet) under
1. Comment on International Cosmetics’ policies on the basis of “as reported” earnings.2. Is management correct in stating that by translating their financial reports into dollars they
Distinguish between the terms “harmonization” and “convergence” as they apply to accounting standards.
Compare and contrast the following proposed approaches for dealing with international differences in accounting, disclosure, and auditing standards:(1) Reciprocity,(2) Reconciliation,(3)
What are the key rationales that support the development and widespread application of International Financial Reporting Standards?
What are the key rationales against the development and widespread application of International Financial Reporting Standards?
What evidence is there that International Financial Reporting Standards are becoming widely accepted around the world? Do you believe that worldwide convergence of accounting standards will end
Describe the structure of the International Accounting Standards Board and how it sets International Financial Reporting Standards.
What is the purpose of accounting harmonization in the European Union (EU)? Why did the EU abandon its approach to harmonization via directives to one favoring the IASB?
Why is the concept of auditing convergence important? Will international harmonization of auditing standards be more or less difficult to achieve than international harmonization of accounting
Describe IOSCO’s work on harmonizing disclosure standards for cross-border offerings and initial listings by foreign issuers. Why is this work important to securities regulators around the world?
What role do the United Nations and the Organization for Economic Cooperation and Development play in harmonizing accounting and auditing standards?
Three solutions have been proposed for resolving the problems associated with filing financial statements across national borders: (1) Reciprocity (also known as mutual recognition)(2)
Exhibit 8-1 presents the Web site addresses of many major international organizations involved in international accounting harmonization. Consider the following three: the International Federation of
Exhibit 8-2 presents the Web site addresses of national accountancy organizations, many of which are involved in international accounting standard-setting and convergence activities. Required: Select
The text discusses the many organizations involved with international convergence activities, including the IASB, EU, and IFAC.Required:a. Compare and contrast these three organizations in terms of
The chapter contains a chronology of some significant events in the history of international accounting standard setting.Required: Consider the 1995 European Commission adoption of a new approach to
The biographies of current IASB board members are on the IASB Web site (www.iasb.org).Required: Identify the current board members (including the chair and vice-chair). Note each member’s home
Chapter 3 discusses financial reporting and accounting measurements under International Financial Reporting Standards (IFRS). Chapter 4 discusses the same issues for U.S. GAAP and Exhibit 4-2
The U.S. Securities and Exchange Commission (SEC) roadmap issued in 2008 may eventually move U.S. issuers to report under International Financial Reporting Standards (IFRS). Consider the following
The IASB Web site (www.iasb.org) summarizes each of the current International Financial Reporting Standards.Required: Answer each of the following questions.a. In measuring inventories at the lower
1. As much as possible, assess the extent to which PetroChina’s accounting principles conform to IASB standards.2. How reliable is your assessment?3. What further information would help your
1. Go to the Web sites of the International Accounting Standards Board (www.iasb.org) and the U.S. Financial Accounting Standards Board (www.fasb.org). Compare and contrast the two boards in terms of
What is tax neutrality? Are taxes neutral with regard to business decisions? Is this good or bad?
What philosophies and types of taxes exist worldwide?
Consider the statement “National differences in statutory tax rates are the most obvious and yet least significant determinants of a company’s effective tax burden.” Do you agree? Explain.
Carried to its logical extreme, tax planning implies a conscientious policy of tax minimization. This mode of thinking raises an ethical question for international tax executives. Deliberate tax
Compare and contrast the role of transfer pricing in national versus international operations.

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