International Accounting 6th Edition by Timothy Doupnik 1266386275 9781266386275

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ISBN-10 :  1266386275 

ISBN-13 : 9781266386275

Author : Timothy Doupnik 

The 6th edition provides an overview of the broadly defined area of international accounting. It focuses on the accounting issues related to international business activities and foreign operations and provides substantial coverage of the IASB and IFRS. Its unique benefits include up-to-date coverage of relevant material; extensive numerical examples; two chapters devoted to the application of IFRS; and coverage of nontraditional but important topics such as management accounting issues in multinational companies, international corporate governance, and corporate social reporting. Distinguishing features include excerpts from recent annual reports to demonstrate differences in financial reporting practices across countries and financial reporting issues especially relevant for multinational corporations.

International Accounting 6th Table of contents:

Chapter 1: Introduction to International Accounting
Learning Objectives
Introduction
Evolution of a Multinational Corporation
Sales to Customers
Hedges of Foreign Exchange Risk
Foreign Direct Investment
Financial Reporting for Foreign Operations
International Income Taxation
International Transfer Pricing
Performance Evaluation of Foreign Operations
International Auditing
Cross-Listing on Foreign Stock Exchanges
Sustainability Reporting
Global Financial Reporting Standards
The Global Economy
International Trade
Foreign Direct Investment
Multinational Corporations
International Capital Markets
Outline of the Book
Summary
Questions
Exercises and Problems
Case 1-1
Besserbrau AG
Case 1-2
Vanguard International Growth Fund
Chapter 2: Worldwide Accounting Diversity
Learning Objectives
Introduction
Evidence of Accounting Diversity
Reasons for Accounting Diversity
Legal System
Taxation
Providers of Financing
Inflation
Political and Economic Ties
National Culture
Problems Caused by Accounting Diversity
Preparation of Consolidated Financial Statements
Access to Foreign Capital Markets
Comparability of Financial Statements
Lack of High-Quality Accounting Information
Classification of Accounting Systems
A Judgmental Classification of Financial Reporting Systems
A Simplified Model of the Reasons for International Differences in Financial Reporting
Examples of Countries with Class A Accounting
Accounting Change in Europe
Further Evidence of Accounting Diversity
Financial Statements
Format of Financial Statements
Level of Detail
Terminology
Disclosure
Recognition and Measurement
Parent Company-Only Financial Statements and Private Company Financial Reporting
Summary
Appendix to Chapter 2
Questions
Exercises and Problems
Case 2-1
The Impact of Culture on Conservatism
Case 2-2
SKD Limited
Chapter 3: International Convergence of Financial Reporting
Learning Objectives
Introduction
International Harmonization of Accounting Standards
Harmonization Efforts Through The International Accounting Standards Committee (IASC)
The “Lowest-Common-Denominator” Approach
The Comparability Project
The IOSCO Agreement
Other Harmonization Efforts
International Organization of Securities Commissions
International Federation of Accountants
European Union
The International Forum on Accountancy Development (IFAD)
Creation of the IASB
The Structure of the IASB
From Harmonization to Convergence of Financial Reporting Standards
Presentation of Financial Statements (IAS 1/IFRS 1)
A Principles-Based Approach to International Financial Reporting Standards
Arguments For and Against International Convergence of Financial Reporting Standards
Arguments for Convergence
Arguments against Convergence
The IASB Conceptual Framework
The Need for a Framework
Objective of Financial Statements and Underlying Assumptions
Qualitative Characteristics of Financial Statements
Elements of Financial Statements: Definition, Recognition, and Measurement
Concepts of Capital Maintenance
International Financial Reporting Standards (IFRS)
Adoption of IFRS
IFRS in the European Union
IFRS in China and India
IFRS in Japan
IFRS in the United States
IFRS for SMEs
Summary
Appendix to Chapter 3
Questions
Exercises and Problems
Case 3-1
Chapter 4: International Financial Reporting Standards: Part I
Learning Objectives
Introduction
Types of Differences between IFRS and U.S. GAAP
Inventories
Lower of Cost or Net Realizable Value
Property, Plant, and Equipment
Recognition of Initial and Subsequent Costs
Measurement Subsequent to Initial Recognition
Depreciation
Derecognition
Investment Property
Biological Assets
Fair Value Appraisals and the Relevance-Reliability Trade-Off
Impairment of Assets
Definition of Impairment
Measurement of Impairment Loss
Reversal of Impairment Losses
Intangible Assets
Purchased Intangibles
Intangibles Acquired in a Business Combination
Internally Generated Intangibles
Revaluation Model
Impairment of Intangible Assets
Business Combinations and Consolidated Financial Statements
The Acquisition Method
Impairment of Goodwill
The Convergence of Goodwill Impairment Testing Rules
Borrowing Costs
Summary
Questions
Exercises and Problems
Case 4-1
Jaguar Land Rover PLC
Case 4-2
Telco Ltd.
Chapter 5: International Financial Reporting Standards: Part II
Learning Objectives
Introduction
Current Liabilities
Provisions, Contingent Liabilities, and Contingent Assets
Contingent Liabilities and Provisions
Onerous Contract
Restructuring
Contingent Assets
Additional Guidance
Employee Benefits
Short-Term Benefits
Post-Employment Benefits
Other Long-Term Employee Benefits
Share-Based Payment
Equity-Settled Share-Based Payment Transactions
Cash-Settled Share-Based Payment Transactions
Choice-of-Settlement Share-Based Payment Transactions
Income Taxes
Tax Laws and Rates
Recognition of Deferred Tax Asset
Disclosures
IFRS versus U.S. GAAP
Financial Statement Presentation
Revenue Recognition
Customer Loyalty Programs
Financial Instruments
Definitions
Liability or Equity
Compound Financial Instruments
Classification and Measurement of Financial Assets and Financial Liabilities
Impairment
Derivatives
Sales of Receivables
Leases
Disclosure and Presentation Standards
Statement of Cash Flows
Events after the Reporting Period
Accounting Policies, Changes in Accounting Estimates, and Errors
Related Party Disclosures
Earnings per Share
Interim Financial Reporting
Noncurrent Assets Held for Sale and Discontinued Operations
Operating Segments
Summary
Questions
Exercises and Problems
Case 5-1
Chapter 6: Foreign Currency Transactions and Hedging Foreign Exchange Risk
Learning Objectives
Introduction
Foreign Exchange Markets
Exchange Rate Mechanisms
Foreign Exchange Rates
Spot and Forward Rates
Option Contracts
Foreign Currency Transactions
Accounting Issue
Accounting Alternatives
Hedging Foreign Exchange Risk
Accounting for Derivatives
Fundamental Requirement of Derivatives Accounting
Determining the Fair Value of Derivatives
Accounting for Changes in the Fair Value of Derivatives
Hedge Accounting
Nature of the Hedged Risk
Hedge Effectiveness
Hedge Documentation
Statement of Cash Flows
Hedging Combinations
Hedges of Foreign-Currency-Denominated Assets and Liabilities
Forward Contract Used to Hedge a Recognized Foreign-Currency-Denominated Asset
Forward Contract Designated as Cash Flow Hedge
Forward Contract Designated as Fair Value Hedge
Foreign Currency Option Used to Hedge a Recognized Foreign-Currency-Denominated Asset
Option Designated as Cash Flow Hedge
Spot Rate Exceeds Strike Price
Option Designated as Fair Value Hedge
Hedges of Unrecognized Foreign Currency Firm Commitments
Forward Contract Used as Fair Value Hedge of a Firm Commitment
Option Used as Fair Value Hedge of Firm Commitment
Hedge of Forecasted Foreign-Currency-Denominated Transaction
Option Designated as a Cash Flow Hedge of a Forecasted Transaction
Use of Hedging Instruments
Summary
Appendix A
Appendix B
Questions
Exercises and Problems
Case 6-1
Case 6-2
Case 6-3
Case 6-4
Chapter 7: Translation of Foreign Currency Financial Statements
Learning Objectives
Introduction
Two Conceptual Issues
Example
Balance Sheet Exposure
Translation Methods
Temporal Method
Current Rate Method
Translation of Retained Earnings
Complicating Aspects of the Temporal Method
Disposition of Translation Adjustment
U.S. GAAP
FASB ASC 830
Functional Currency
Highly Inflationary Economies
International Financial Reporting Standards
The Translation Process Illustrated
Translation of Financial Statements: Current Rate Method
Translation of the Balance Sheet
Computation of Translation Adjustment
Remeasurement of Financial Statements: Temporal Method
Remeasurement of Income Statement
Computation of Remeasurement Gain
Nonlocal Currency Balances
Comparison of the Results from Applying the Two Different Translation Methods
Underlying Valuation Method
Underlying Relationships
Hedging Balance Sheet Exposure
Disclosures Related to Translation
Summary
Appendix to Chapter 7
Questions
Exercises and Problems
Case 7-1
Case 7-2
Chapter 8: International Taxation
Learning Objectives
Introduction
Investment Location Decision
Legal Form of Operation
Method of Financing
Types of Taxes and Tax Rates
Income Taxes
Tax Havens
Withholding Taxes
Value-Added Tax
Tax Jurisdiction
Worldwide versus Territorial Approach
Source, Citizenship, and Residence
Double Taxation
Tax Treaties
Model Tax Treaties
U.S. Tax Treaties
Treaty Shopping
OECD Base Erosion and Profit Shifting Action Plan
Controlled Foreign Corporations
Subpart F Income
Determination of the Amount of CFC Income Currently Taxable
Safe Harbor Rule
Foreign Tax Credits
Calculation of Foreign Tax Credit
Excess Foreign Tax Credits
FTC Baskets
U.S. Tax Treatment of Foreign Operation Income
Example: U.S. Taxation of Foreign Income
U.S. Tax Reform 2017: Other International Tax Provisions
Deemed Repatriation of Accumulated Foreign Earnings
Global Intangible Low-Taxed Income
Base Erosion Anti-Abuse Tax
Translation of Foreign Operation Income
Translation of Foreign Currency Income
Foreign Currency Transactions
Summary
Appendix to Chapter 8
Questions
Exercises and Problems
Case 8-1
Chapter 9: International Transfer Pricing
Learning Objectives
Introduction
Decentralization and Goal Congruence
Transfer Pricing Methods
Objectives of International Transfer Pricing
Performance Evaluation
Cost Minimization
Other Cost-Minimization Objectives
Interaction of Transfer Pricing Method and Objectives
Government Reactions
OECD Guidelines
U.S. Transfer Pricing Rules
Sale of Tangible Property
Licenses of Intangible Property
Intercompany Loans
Intercompany Services
Arm’s-Length Range
Correlative Relief
Penalties
Contemporaneous Documentation
Reporting Requirements
Advance Pricing Agreements
Enforcement of Transfer Pricing Regulations
Worldwide Enforcement
Summary
Questions
Exercises and Problems
Case 9-1
Case 9-2
Chapter 10: Management Accounting Issues in Multinational Corporations
Learning Objectives
Introduction
Capital Budgeting
Capital Budgeting Techniques
Multinational Capital Budgeting
Illustration: International Wire Company
Management Control Systems
Management Control Issues in MNCs
Performance Evaluation
Evaluating the Performance of Foreign Operations
Performance Measures
Responsibility Centers
Separating Managerial and Unit Performance
Choice of Currency in Measuring Profit
Foreign Currency Translation
Operational Budgeting
Choice of Currency in Operational Budgeting
Incorporating Economic Exposure into the Budget Process
Culture and Management Control
Summary
Questions
Exercises and Problems
Case 10-1
Chapter 11: Auditing and Corporate Governance: An International Perspective
Learning Objectives
Introduction
Corporate Governance Principles
Auditing and Corporate Governance
Rules vs Principles in Auditing
Professional Accountants’ Role
The International Response to Sarbanes-Oxley
International Diversity in External Auditing
Purpose of Auditing
Audit Environments
Regulation of Auditors and Audit Firms
Audit Reports
International Standards on Auditing (ISA) and Generally Accepted Auditing Standards (GAAS) in the United States
Audit Expectation Gap
International Harmonization of Auditing Standards
Ethics and International Auditing
A More Communitarian View of Professional Ethics
Additional International Auditing Issues
Auditors’ Liability
Limiting Auditors’ Liability
Auditor Independence
Audit Committees
Internal Auditing
The Demand for Internal Auditing in MNCs
U.S. Legislation against Foreign Corrupt Practices
Future Directions
Consumer Demand
Increased Competition in the Audit Market
Continued High Interest in the Audit Market
Increased Exposure of the International Auditing Firms
Summary
Questions
Exercises and Problems
Case 11-1
Case 11-2
Chapter 12: International Sustainability Reporting
Learning Objectives
Introduction
Theories to Explain the Emergence of Sustainability Reporting
Investors’ Demand for Sustainability Information
The Structure of the Sustainability Reporting System
The Global Reporting Initiative
Other Sustainability Reporting Frameworks
Toward Mandatory Sustainability Reporting
Mandatory Sustainability Reporting in the European Union
Sustainability Reporting Required by the Hong Kong Stock Exchange
Mandatory Sustainability Reporting in the United States
Carbon Emissions Reporting
Measuring Carbon Emissions
Sustainability Reporting Practices of MNCs
Mazda’s 2020 Sustainability Report
IKEA Group’s 2021 Sustainability Report
Baxter International’s 2020 Sustainability Report
Climate Change Disclosures in ExxonMobil’s 2021 Form 10-K
Summary
Questions
Exercises and Problems
Case 12-1
Company Profile
Company Conflicts

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