Principles governing international accounting in usa

Assignment Help Auditing
Reference no: EM13114073

1. International accounting is impacted by a wide range of factors, including accounting diversity, global accounting standards, multinational companies, and the global economy. Think about the meaning of international accounting. As you do so, consider the variety of factors that impact it. Consider how accounting diversity can potentially create problems internationally, the implications of global (international) accounting standards, and how international accounting impacts multinational companies, as well as local and global economies. Also think about factors that you believe have the greatest and least impact on international accounting.

With these thoughts in mind write an analysis of factors that have the greatest and least impact on international accounting.

2. A substantial portion of the global economy can be attributed to international business and trade of imports and exports. In recent years, there has been tremendous growth with international business and trade, as well as growth in the number of companies involved with trade. The sheer scope of international business and trade of importers and exporters inevitably lends itself to accounting issues. Consider the impact of undervalued Chinese currency and the penalties Congress is considering imposing on Chinese trade on the company. Write a brief evaluation of the impact of one of the above current issues on companies. Provide your opinion of ways in which countries and lawmakers can resolve the current issue you selected.

3. Users of financial statements depend on companies to report fair and accurate financial data. Accounting standards and principles not only support this fair and accurate reporting, but they also help create consistency that allows for reliable financial comparisons between different companies. In the United States, the Securities and Exchange Commission (SEC) requires publicly-traded companies to follow the U.S. Generally Accepted Accounting Principles (U.S. GAAP). Although these authoritative accounting principles are primarily established by the FASB, there are many boards and organizations that contribute to the standard setting process. These principles have a direct impact on the way data is organized and presented, which in turn can have an impact on how companies make decisions and operate. Consider the impact of the authoritative accounting principles that govern international accounting in the United States on Wal-Mart's financial statements.

Reference no: EM13114073

Questions Cloud

What is the best point estimate of mean weight of babies : What is the best point estimate of the mean weight of babies born to mothers who did not use cocaine during their pregnancies?
Describe how fossils can be used as a line of evidence : describe how fossils can be used as a line of evidence for evolution. In your answer, please include a basic definition for fossil, strata, describe how radiometric dating is done,and specifically how this can be used as a line of evidence for evo..
Calculate the inner diameter of the tube in centimeters : A cylindrical glass tube 15.0 cm in liength is filled with ethanol. The mass of ethanol needed to fill the tube is found to be 9.64g.
Predict that the organism would have negatively supercoiled : You have discovered a new species of microorganism in a sample from a hydrothermal vent. You determine that it has a small, circular genome. Would you predict that the organism would have negatively supercoiled, positively supercoiled, or relaxed ..
Principles governing international accounting in usa : International accounting is impacted by a wide range of factors, including accounting diversity, global accounting standards, multinational companies, and the global economy.
Find is there interaction between operator and machine : The quality control director for a clothing manufacturer wants to study the effect of operators and machines on the breaking strength (in pounds) of wool serge material. Is there an interaction between operator and machine?
What would be the phenotype expected of lac i-d mutants : What would be the phenotype expected of lac I-d mutants? (effect on gene regulation, whether it would be cis or trans acting or dominant/recessive to the wild type repressor)
Calculate his likely cash balance or deficit for the end : Calculate his likely cash balance or deficit for the end of the year. Start with beginning cash and subtract the asset buildup (equal to 50 percent of the sales increase) and add in profit.
Describe common-size financial statement : Describe a common-size financial statement. Explain how one is prepared. Explain what a common-size financial statement report communicates about a company.

Reviews

Write a Review

 

Auditing Questions & Answers

  Relationship between risk and materiality

What is the relationship of risk and materiality? How are risk and materiality related? How are risk and materiality integrated into the audit process? What is an example of a statement that includes both risk tolerance and materiality?

  What kind of audit report auditors usually issue

What kind of audit report (unqualified opinion, adverse opinion, qualified opinion, disclaimer of opinion) should the auditors usually issue in each of the situations.

  Prepare an end-of-year audit

trade between a buyer and a seller are free on board (FOB) destination. What document gives evidence that a liability exists and can be unrecorded?

  To prepare a report on a criteria audit

To prepare a report on a criteria audit conducted at Curtin Hospital.

  Journal entries for howe office supply

On September 1, Howe Office Supply had an inventory of 30 calculators at a cost of $18 each.The company uses a perpetual inventory system. During September, the following transactions occurred.

  Prepare journal entries for pure company

Prepare journal entries for Pure Company for 2013 and 2014 assuming Pure uses the cost method to record its investment

  Discussion of test controls

Contrast the circumstances in which the auditor would choose not to test controls with those in which he or she would perform tests of controls.

  Importance of second materiality assessment

Why is it important that an auditor make a second assessment of materiality at the conclusion of the audit? Who in the audit firm is generally responsible for making these assessments?

  Reasons for integrated audit

Discuss the reason for an integrated audit. Present a recent failure of a corporate governance in the US. What action did the public think was necessary to improve the quality of corporate governance in this example?

  What is becky''s bad debt deduction for 2012

the bankruptcy proceedings are closed, and creditors receive 10 percent of the amount due on the debt. What is Becky's bad debt deduction for 2012? For 2013?

  Stages of audit

There are three stages of the audit in which analytical procedures are performed. Identify one of these three stages and discuss the purpose of performing analytical procedures in that stage.

  Risk in the audit plan

Classify the main account or group of accounts affected by this risk in the audit plan.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd