国际会计(缩印)(Q).doc

第一章1.Ten environment factors(1)the type of capital market(2) the type of reporting regimes(3) the type of business entity(4) the type of legal system(5)the level of enforcement(6)the level of inflation(7)political and economic ties with other countries(8)status of the accounting profession(9)existence of a conceptual framework(10)quality of accounting education2. Roles of accounting(1)macro-user oriented accounting system(2)micro-user oriented accounting system (3)classification groups. 区别：In macro-user oriented systems，government agencies，particularly tax and economic planning agencies，are the principal users of accounting reports while in micro-user oriented systems a diverse set of capital providers to be the most important user group of accounting reports.3.Major challenges facing accounting globally (1)global harmonization(2)financial reporting in emerging economies(3)social and environmental reporting(4)financial reporting in the high technology era.4.What are the two types of capital markets? Define and compare themEquity-oriented market or debt-oriented market.Equity-oriented market: the capital of companies most comes from stock market .Debt-oriented market: companies depend on bank financing as their primary source of capital5. Effects of diversityon capital markets(1)Effects of differences in disclosure levels on listing decisions(2)Effects of regulatory differences on user groups(3)Effects of differences in goodwill treatments on mergers and acquisitions.6.Benefits of Classification IFR (1) Learn from same group(2) help developing countries to find a model suitable from developed countries(3)Patterns help Harmonization(4)Improve Communication across Groups第二章1. Whats the arguments for and against harmonization?FOR:Major differences in accounting practices act as a barrier to capital flowing, harmonization will enhance comparability of financial statements, thus making them easier to use across countries.Against:(1)full harmonization of international accounting standards is probably not practical nor truly valuable, because they predict that global GAAP will not likely be achieved given the institutional impediments in the standard setting process.(2)Investors are rational enough to spend the necessary time and money to correctly analyze investment opportunities and focus on real economic results, they can make investment decisions without the presence of international accounting standards.(3)differences in the economic, political, legal, and cultural environment in countries as a justification for financial reporting differences.(4)critics have portrayed harmonization as a form of accounting colonialism with the accounting standards of the developed countries becoming the defacto international standards of whether they are suitable for developing countries.2. Whats the pressure for harmonization?(1)Investor groups who use financial statements(2)multinational companies which prepare financial statements(3)regulators who monitor capital markets(4)the securities industry which views itself as being significantly impacted by the global diversity in financial reporting requirements(5)and developing countries.3. Whats the obstacles to harmonization?(1)The basic obstacle is the extent that economic consequences of accounting practices vary by country and the extent they are considered in the standard-setting process.(2)Other obstacles are nationalism, the absence of strong professional accounting bodies in a number of countries, the divergence between the needs of large multinationals and smaller business entities ,difficulties in coordinating change among the large number of IASB members, and emotional resistance to change proposed.4. What are the five main organizations involved in harmonization? (1)International Accounting Standards Committee(IASC):The International Accounting Standards Committee is an independent private sector organization that was established in 1973 by professional accounting organizations from ten countries.ObjectivesDevelopment over the past 30years.(2)International Federation of Accountants(IFAC):A body of national professional accounting organizations that represent accountants employed in public practice, business and industry, the public sector, and education, as well as some specialized groups that interface frequently with the profession.150 Member organizations，103 countries，2million accountants. 作用：(a)Aimed at harmonizing auditing practices globally(b)Reducing differences in the requirements to qualify as a professional accountant(c)Code of Ethics for Professional Accountants(d)Sought the backing of its standards from IOSCO ( like IASC)(3)International Organization of Securities Commission (IOSCO):It was formed in 1983 and is comprised of securities regulators from more than 115 securities regulatory agencies from around the world. Objectives of IOSCO:1.To promote high standards of regulation in order to maintain just, efficient, and sound markets.2.To establish standards and an effective surveillance Of international securities transaction.3.To promote the integrity of the markets by a rigorous application and enforcement of the standards.(4)United Nations(UN):The United Nations involvement in international accounting harmonization can be considered to have two distinct phases.In the 1970s,its Group of Experts on International Standards of Accounting and Reporting produced a list of financial and non-financial disclosures to be provided by multinational corporations.(5)Organization for Economic Cooperation and Development(OECD):It comprises 29 member countries which produce two thirds of the worlds goods and services.in the area of accounting, the OECDs efforts include formation of an Ad Hoc working group on Accounting Standards which:Supports current efforts by international, regional,and national bodies to promote accounting harmonization and functions as a forum for the exchange of views on UN efforts on accounting and reporting standards.5. What are the four harmonization scenarios?(1)Bilateral or mutual agreements:this approach consists of two or more countries negotiating agreements which involve mutual recognition of each others standards with certain additional disclosures or reconciliations as part of the arrangement. (2)World-class issuer (NYSE):Criticism(批评)(a)SEC: a dilution of the quality and extent of disclosure requirements; potential legal problems；agreement on the quantitative criteria. (b)company: create an uneven playing field(3)The IASC/IOSCO Initiative:GAAP issued by the IASC and endorsed by IOSCO. (4)The G4+1 Alternative:Forum to exchange ideas among Australia，Canada，the United Kingdom, and the United States; invited the IASC in 1993+New Zealand in19966.Whats definition for Accounting Harmonization?It is the process by which differences in financial reporting practices among countries are reduced with a view to making financial statements more comparable and decision-useful across countries.第三章1.(1)Foreign Exchange: the money of another country. (paper money and coins, bank drafts, and other commercial paper)(2)Foreign Exchange Market: the mechanism through which the money of one country is exchanged for that of another, the exchange rate between currencies is set, and foreign exchange transactions are completed. (3)Foreign Exchange Transaction:Two parties agree to exchange one currency for another at a specified rate of exchange.(a)spot transaction: immediate purchase or sale of foreign currency(b)forward contract:a commitment to exchange currencies in the future at a rate set today(c)currency option:a contract that provides the right but not the obligation to trade a foreign currency at a set exchange rate on or before a given date in the future.(d)currency futures:a transaction that involves a simultaneous purchase and sale of two different currencies, with the purchase being effective at one and the sale back to the same party at a price agreed upon today but to be completed at a specified future date.(4)spot rate and forward rate(区别):(1)premium(2)discount(3)currency option(4)currency swap2.Bid rate(buy rate):the price at which a financial institution is willing to buy a currency.Ask rate(sell rate, offer rate):the price at which financial institution is willing to sell a currency.The spread: difference between the bid and ask ratesPremium and Discount:(forward rate and spot rate)Direct Quote: the price of one unit of the foreign currency priced in the domestic currency. Indirect Quote (US/UK/Australia)3.Foreign translation: financial transactions between other countriesForeign currency transaction: one that requires settlement in a currency other than the entitys functional currency. Foreign currency translation：Process of expressing financial statements denominated in one currency in terms of a second currency for special purposes. Notice(区别): Transaction Gain/Loss: are realized and affect the cash flows of the company； Translation Gain/Loss: not Foreign operation: A subsidiary, associate, joint venture, or branch whose activities are based in a country other than that of the reporting enterprise. Foreign Exchange Exposure:A measure of the potential for a firms profitability, cash flow, and market value to change because of a change in exchange rates.Translation exposure(accounting exposure):The potential for an increase or decrease in the parents net worth, and reported net income, caused by a fluctuation in the exchange rates since the date of the previous periods consolidated financial statements.Transaction exposure:The potential fluctuation of exchange rates between the initiation of the transaction and the settlement of the invoice amount. Consists of:(1)quotation exposure(2) backlog exposure (3) billing exposure 四种情况:(1)buying or selling on credit goods or services whose prices are contractually denominated in foreign currencies(2)borrowing or lending funds in a foreign currency(3)engaging in contracts to buy or sell foreign currency at a future date(4)other economic transactions to acquire assets or incur liabilities denominated in foreign currenciesEconomic exposure: the extent to which the value of the firm would be affected by unexpected changes in currency exchange rates. Economic exposure is future-oriented and examines the impact of exchange rate changes on the future performance and cash flows of the firm.Comparison(比较): (a)Foreign Transaction vs Translation:not every foreign transaction is denominated in a foreign currency.(b) Transaction vs Translation gain/loss:Transaction Gain/Loss: are realized and affect the cash flows of the company(c)Conversion VS Translation:actually exchangingConversion；VS process of restating numbers in FS4.Single-Transaction approach:a companys foreign currency receivable or payable is considered an essential part of the economic transaction to sell or buy goods or services. the amount initially recorded is considered an estimate until the final settlement.The original cost or revenue is adjusted for any difference between the amount recorded at the transaction date and the amount at the settlement date.Two-Transaction approach:a companys foreign currency receivable or payable is considered a second transaction which is distinct from the original transaction to buy or sell goods or services.The original cost or revenue isnt adjusted, any difference is treated as a foreign currency transaction gain or loss.Monetary items:should be adjusted to reflect the exchange rate at that date. (the closing rate) obligations to pay or rights to receive a fixed number of currency units in the future.5.Translation methods:(1)current rate method:all assets and liabilities face currency risk.(2)temporal method:adjust balance sheet items according to the valuation basis used in financial statements.(3)current/non-current method:only the current items face currency risk.(4) Monetary /non- Monetary method:only the monetary items face currency risk.Single Rate Method：（1） Multiple Rate Method：（2）（3）（4）6.Exchange Rates:(1)Current Exchange Rate:the exchange rate prevailing at the balance sheet date.(2)Historical Exchange Rate:the exchange rate prevailed at the date on which a specific transaction occurred.(3)Average Exchange Rate:a weighted average of the exchange rates prevailed during the period for which financial statements are being prepared.7.What is Functional Currency? 3 situations? Translation method used in each situation?Functional Currency:The currency of the primary economic environment in which the foreign subsidiary operates and generates cash flows.3 situations: (1)local:current rate method (2)parent/Dollar:temporal method (3)Third/neither:local temporalFunctionalcurrent rate Dollar第四章 计算题第五章1. How corporate responses to non-domestic investors of financial reports.Six approaches:(1)Do nothing(2)Convenience translations(3)Convenience statement(4)Limited restatements(5)Reconciliation to a foreign countrys GAAP(6)Secondary statementsOther responses include translating the financial statements in the users language ,in the users currency ,and partly in the users accounting priciples.2.Main troublesome measurement items:(1)depreciation and revaluation of l