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Comparative International Accounting

Comparative International Accounting

9th Edition

Christopher Nobes, Robert Parker

May 2006, Paperback, 600 pages
ISBN13: 9780273703570
ISBN10: 0273703579
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Firmly established as the leading text in the field, this new edition of Comparative International Accounting has been fundamentally updated to reflect the changes that are occurring in financial accounting and reporting as a result of the introduction of IFRS.

Comparative International Accounting takes a comprehensive look at the international dimensions of financial accounting and reporting. Whilst the majority of chapters have been written by the book’s two main authors, the text includes several contributions from a diverse group of international experts, all of whom are leading practitioners or academics.

Contents

Contributors

Preface

Part I setting the scene

1 Introduction

Contents

Objectives

1.1 Differences in financial reporting

1.2 The global environment of accounting

1.3 The nature and growth of MNEs

1.4 Comparative and international aspects of accounting

1.5 Structure of this book

Summary

References

Useful websites

Questions

2 Causes and examples of international differences

Contents

Objectives

2.1 Introduction

2.2 Culture

2.3 Legal systems

2.4 Providers of finance

2.5 Taxation

2.6 Other external influences

2.7 The profession

2.8 Conclusion on the causes of international differences

2.9 Some examples of differences

Summary

References

Questions

3 International classification of financial reporting

Contents

Objectives

3.1 Introduction

3.2 The nature of classification

3.3 Classifications by social scientists

3.4 Classifications in accounting

3.5 Extrinsic classifications

3.6 Intrinsic classifications: 1970s and 1980s

3.7 Developments related to the Nobes classification

3.8 Further intrinsic classification

3.9 Is there an Anglo-Saxon group?

3.10 A taxonomy of accounting classifications

Summary

References

Questions

4 International harmonization of accounting

Contents

Objectives

4.1 Introduction

4.2 Reasons for, obstacles to and measurement of harmonization

4.3 The International Accounting Standards Committee

4.4 Other international bodies

4.5 The International Accounting Standards Board

Summary

References

Useful websites

Questions

Part II financial reporting by listed groups

5 The context of financial reporting by listed groups

Contents

Objectives

5.1 Introduction

5.2 IFRS in the EU

5.3 Adoption of, and convergence with, IFRS

5.4 Foreign listing and foreign investing

5.5 Reconciliations from national rules to US GAAP and IFRS

5.6 High-level IFRS/US differences

5.7 Reconciliations from IFRS to US GAAP

5.8 Convergence of IFRS and US GAAP

Summary

References

Websites

Questions

6 The requirements of International Financial Reporting Standards

Contents

Objectives

6.1 Introduction

6.2 The conceptual framework and some basic standards

6.3 Assets

6.4 Liabilities

6.5 Group accounting

6.6 Disclosures

Summary

References

Further reading

Questions

Appendix 6: An outline of the content of International Financial Reporting Standards

7 Financial reporting in the United States

Contents

Objectives

7.1 Introduction

7.2 Regulatory framework

7.3 Accounting standard-setters

7.4 The conceptual framework

7.5 Contents of annual reports

7.6 Accounting principles

7.7 Consolidation

7.8 Audit

7.9 Differences from IFRS

Summary

References and further reading

Useful websites

Questions

8 Regulation

Contents

Objectives

8.1 Introduction

8.2 Modes and models of enforcement

8.3 United States

8.4 European Union

8.5 Australia

Summary

References

Useful websites

Questions

9 Political lobbying on Accounting Standards – national and international experience

Contents

Objectives

9.1 Introduction

9.2 Motivations for political lobbying

9.3 Political lobbying up to 1990

9.4 US political lobbying in the 1990s

9.5 Political lobbying of the IASC/IASB

9.6 Political lobbying of the FASB’s convergence with the IASB

Summary

References

Useful websites

Questions

Part III HARMONIZATION AND TRANSITION IN EUROPE AND EAST ASIA

10 Harmonization and transition in Europe

Contents

Objectives

10.1 Introduction

10.2 Harmonization within the European Union

10.3 Transition in Central and Eastern Europe

10.4 Poland

Summary

References

Useful websites

Questions

11 Harmonization and transition in East Asia

Contents

Objectives

11.1 Introduction

11.2 Japan

11.3 China

Summary

References

Further reading

Useful websites

Questions

Part IV financial reporting by individual companies

12 The context of financial reporting by individual companies

Contents

Objectives

12.1 Introduction

12.2 Outline of differences between national rules and IFRS or US GAAP

12.3 The survival of national rules

12.4 Financial reporting, tax and distribution

12.5 Special rules for small or unlisted companies

Summary

References

Useful websites

Questions

13 Making accounting rules for non-listed business enterprises in Europe

Contents

Objectives

13.1 Introduction

13.2 Who makes accounting rules?

13.3 Which business enterprises are subject to accounting rules?

Summary

References

Further reading

Useful websites

Questions

Appendix 13.1 Contents of the plan comptable général

Appendix 13.2 Financial accounting chart of accounts

14 Accounting rules and practices of individual companies in Europe

Contents

Objectives

14.1 Introduction

14.2 France

14.3 Germany

14.4 United Kingdom

Summary

References

Useful websites

Questions

Appendix 14.1 Formats for French financial statements

Appendix 14.2 Formats for German financial statements

Appendix 14.3 Formats for British financial statements

Part V MAJOR ISSUES IN THE FINANCIAL REPORTING OF MNEs

15 Key financial reporting topics

Contents

Objectives

15.1 Introduction

15.2 Recognition of intangible assets

15.3 Asset measurement

15.4 Financial instruments

15.5 Provisions

15.6 Employee benefits

15.7 Deferred tax

15.8 Revenue recognition

Summary

References

Questions

16 Consolidation

Contents

Objectives

16.1 Introduction

16.2 Rate of adoption

16.3 The concept of a ‘group’

16.4 Harmonization

16.5 Definitions of group companies

16.6 Publication requirements and practices

16.7 Techniques of consolidation

Summary

References

Further reading

Questions

17 Foreign currency translation

Contents

Objectives

17.1 Introduction

17.2 Translation of transactions

17.3 Introduction to the translation of financial statements

17.4 The US initiative

17.5 The temporal method versus the closing rate method

17.6 FAS 52

17.7 IAS 21

17.8 Translation of the income statement

17.9 Accounting for translation gains and losses

17.10 Research findings

17.11 An alternative to exchange rates?

Summary

References

Further reading

Questions

18 Segment reporting

Contents

Objectives

18.1 What is segment reporting?

18.2 The need for segment information

18.3 Disclosure regulations

18.4 Problems of segment identification

18.5 Evidence on the benefits of segment reporting

Summary

References

Questions

Part VI ANALYSIS AND MANAGEMENT ISSUES

19 International financial analysis

Contents

Objectives

19.1 Introduction

19.2 Understanding differences in accounting

19.3 Disclosure practices in international financial reporting

19.4 Interpreting financial statements

19.5 Financial analysis and the capital market

Summary

References

Questions

20 International auditing

Contents

Objectives

20.1 Introduction

20.2 Reasons for the internationalization of auditing

20.3 Promulgating international standards

20.4 The international audit process

Summary

References

Further reading

Useful websites

Questions

21 International aspects of corporate income taxes

Contents

Objectives

21.1 Introduction

21.2 Tax bases

21.3 International tax planning

21.4 Transfer pricing

21.5 Tax systems

21.6 Harmonization

Summary

References

Further reading

Useful websites

Questions

22 Managerial accounting

Contents

Objectives

22.1 Introduction

22.2 The balanced scorecard

22.3 Currency and control

22.4 Variances and foreign exchange

22.5 Culture and management accounting

22.6 Control and performance

22.7 Looking forward

Summary

References

Questions

Glossary of abbreviations

Suggested answers to some of the end of chapter questions

Author index

Subject index

· Broad overviews supported by detailed information on real countries and companies.

· Examination of the requirements of International Financial Reporting Standards.

· Studies of the UK, the US, the Netherlands, France, Germany, Japan, Australia, Canada, Singapore, Scandinavia, Italy, Spain, South Korea, Central and Eastern Europe and China.