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Chapter1: Introduction1

A Brief History of International Accounting2

Role of Accounting in Business and Global Capital Markets6

The Global Environment of Business6

Capital Markets7

An Introduction to Global Equity Markets7

The Three Major Equity Market Regions11

European Equity Markets-A Closer Look15

Continental Europe s New Equity Culture15

Convergence and Integration of Equity Markets16

Stock Exchange Alliances and Mergers17

Preface17

Cross-Border Equity Listing and Issuance18

An Example-Nikken Chemicals Co., Limited19

Appendix 1-1 Stock Exchange Alliances and Mergers21

Appendix 1-2 Financial Statement and Auditor s Report from Nikken Chemical Co.Ltd. s 2000 Annual Report23

Appendix 1-3 Stock Exchange Web Sites34

Selected References36

Discussion Questions36

Exercises37

Case 1-1 e-centives, Inc-Raising Capital in Switzerland39

Chapter2: Development and Classification41

Development42

Comparative Development Patterns47

Macroeconomic Pattern48

The Microeconomic Pattern48

The Independent Discipline Approach49

The Uniform Accounting Approach49

Classification49

Judgmental Classifications50

Empirically Derived Classifications53

Conclusion55

Selected References58

Discussion Questions59

Exercises59

Case 2-1 Are Classifications of Accounting Outmoded？62

Case 2-2 MAN AG63

Chapter3: Comparative AccountingⅠ65

Basic Concepts67

Six National Financial Accounting Systems68

France68

Germany73

Japan77

The Netherlands81

United Kingdom86

United States91

Selected References95

Discussion Questions97

Exercises98

Case 3-1 A Rose by Any Other Name100

Case 3-2 Kiwis Cannot Fly,But at Least When Troubles Loom,They Keep Their Heads Out of the Sand114

Chapter 4: Comparative Accounting Ⅱ118

Some Observations About the Four Countries and Their Accounting119

Reasons for Choosing These Four Countries119

Four National Financial Accounting Systems121

Czech Republic121

China125

Taiwan130

Mexico134

Selected References138

Discussion Questions139

Exercises140

Case 4-1 Does Secrecy Pay？142

Case 4-2 After NAFTA143

Chapter5: Reporting and Disclosure145

Development of Disclosure146

Voluntary Disclosure146

Regulatory Disclosure Requirements147

The U.S.SEC Financial Reporting Debate149

Reporting Requirements for Listed Companies in Ten Equity Markets150

Prospectuses150

China151

Czech Republic152

France153

Germany154

Japan155

Mexico157

The Netherlands158

Taiwan159

United Kingdom160

United States161

Reporting and Disclosure Practices162

Disclosures of Forward-Looking Information163

Segment Disclosures167

Cash Flow and Funds Flow Statements170

Social Responsibility Disclosures172

Special Disclosures for Non-Domestic Financial Statement Users and Accounting Principles Used178

Corporate Governance Disclosures180

Internet Business Reporting and Disclosure180

Annual Report Disclosures in Emerging Market Countries194

Implications for Financial Statement Users and Managers198

Selected References199

Discussion Questions201

Exercises202

Case 5-1 Information Access in Mexico204

Case 5-2 Netcom AB205

Reasons for Translation207

Chapter 6:Foreign Currency Translation207

Background and Terminology208

The Problem209

Financial Statement Effects of Alternative Translation Rates211

Foreign Currency Translation216

Single Rate Method216

Multiple Rate Method217

Financial Statement Effects219

Which Is Best?222

Appropriate Current Rate224

Translation Gains and Losses224

1975-1981227

1965-1975227

Translation Accounting Debates227

Pre-1965227

1981-Present228

Features of Standard NO.52228

The Debate Continues232

Reporting Perspective232

What Happened to Historical Cost?233

Concept of Income233

Managed Earnings?233

Foreign Currency Translation and Inflation234

Foreign Currency Translation Elsewhere235

Current Trends236

Appendix:Translation and Remeasurement Under FAS No.52236

Current Rate Method237

Temporal Method239

Selected References241

Discussion Questions242

Exercises243

Case 6-1 Regents Corporation247

Care 6-2 Managing Offshore Investments:Whose Currency?248

Chapter7:Accounting for Changing Prices252

Why Are Financial Statements Potentially Misleading During Periods of Changing Prices?254

Types of Inflation Adjustments255

General Price Level Adjustments255

Price Indexes255

Object of General Price Level Adjustments256

Current Cost Adjustments258

Which Method Is Best?261

International Perspective on Inflation Accounting261

International Accounting Standards Committee267

Inflation Issues268

Holding Gains and Losses270

Accounting for Foreign Inflation271

Avoiding the Double-Dip272

Appendix 7-1 Supplementary Current Cost Disclosure275

Appendix 7-2 Accounting for Foreign Inflation:A Case for Analysis280

Selected References283

Discussion Questions283

Exercises284

Case Study 7-1 Kashmir Enterprises288

Case Study 7-2 Icelandic Enterprises,Inc.289

Introduction291

Chaper 8:International Accounting Harmonization291

A Survey of International Harmoniztion292

Advantages of Interntional Harmonization292

Criticisms of International Standards293

Reconciliation and Mutual Recognition294

Evaluation295

Applicability of International Standards295

Some Significant Events in the History of International Accounting Standard Setting296

Overview　of　Major International Organizations Promoting Accounting Harmonization297

International Accounting Standards Board298

The New IASB Structure303

IASC s Core Standards and the IOSCO Agreement303

Recognition and Support for the IASB306

U.S.Securities and Exchange Commission Response to IAS306

Comparisons Between IAS and Other Comprehensive Bodies of Accounting Principles307

European Union(EU)308

Fourth Directive309

Seventh Directive311

Eighth Directive312

Have EU Harmonization Efforts Been Successful?312

The EU s Approach and the Integration of European Financial Markets313

Investment Services Directive314

Public Offers Directive314

International Organization of Securities Commissions(IOSCO)315

EU Admission and Disclosure Directive315

International Federation of Accountants(IFAC)316

United Nations Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting(ISAR)318

Organization for Economic Cooperation and Development(OECD)318

Conclusion319

Appendix 8-1 Comparison of IASB,U.S.and U.K.Standards320

Appendix 8-2 Shanghai Tyre Rubber CO.,Ltd.and Subsidiaries Notes to Consolidated Financial Statements329

Selected References337

Exercises338

Discussion Questions338

Case 8-1 Shanghai Tyre Rubber Co.,Ltd.341

Case 8-2 Accounting Quality in East Asia342

Chapter 9:International Financial Statement Analysis344

Introduction344

Challenges and Opportunities in Cross-Border Analysis345

Business Analysis Framework346

International Business Strategy Analysis346

Information Availability347

Recommendations for Analysis347

Accounting Analysis348

Suggestions for the Analyst351

International Financial Analysis351

Ratio Analysis352

Cash Flow Analysis357

Coping Mechanisms358

International Prospective Analysis360

Further Issues362

Information Access362

Timeliness of Information366

Foreign Currency Considerations368

Differences in Statement Format372

Language and Terminology Barriers372

Appendix 9-1 Illustration of Restatement of Japanese GAAP Financial Statements to a U.S.GAAP Basis374

Appendix 9-2 International Ratio Analysis376

Selected References378

Discussion Questions379

Exercises380

Case 9-1 Accounting Quality Analysis383

Case 9-2 Restatement of International Accounting Standards to U.S.GAAP384

Chapter 10:Managerial Planning and Control385

Planning Tools386

Business Modeling386

Strategic Costing388

Capital Budgeting389

Financial Return Perspectives390

Measuring Expected Returns391

Multinational Cost of Capital394

Management Information Systems and Control396

Information and Information Systems396

Information Issues398

System Issues399

Domestic Versus Multinational Control System400

Issues in Financial Control400

Operational Budgeting402

Analysis of Exchange Rate Changes405

Performance Evaluation of Foreign Operations409

Consistency409

Unit Versus Managerial Performance410

Performance Criteria411

Measurement Issues and Changing Prices in Evaluation413

Inflation and Performance Measurement415

Sales Revenue417

Foreign Currency Translation420

Performance Standards421

A Multinational Comparsion423

System Objectives423

Performance Criteria423

Currency Volatility424

Inflation and Performance Evaluation424

Other Environmental Problems425

Performance Standards425

Satisfaction with Existing Systems425

Selected References425

Discussion Questions426

Exercises427

Case 10-1 Foreign Operations Disclosures: A Tangled Affair431

Case 10-2 Assessing Foreign Subsidiary Performance in a World of Floating Exchange Rates432

Chapter 11:Financial Risk Management435

Essentials435

Why Manage Financial Risk?436

Role of Accounting437

Identifying Market Risk437

Quantify Trade-Offs438

Accounting for Hedge Products438

Foreign Exchange Risk Management439

Accounting and Conceptual Issues440

Transactions Gains and Losses440

Translation Gains and Losses442

Economic Gains and Losses442

Risk Management in a World of Floating Exchang Rates443

Forecasting Exchange Rate Changes443

Exposure Management444

Translation Exposure444

Transaction Exposure448

Accounting Versus Economic Exposure450

Protection Strategies452

Balance Sheet Hedges452

Operational Hedges452

Contractual Hedges453

Accounting and Control for Financial Derivatives455

Foreign Exchange Forward Contracts455

Currency Swaps456

Financial Futures457

Accounting Treatments458

Hedge of a Recognized Asset or Liability or an Unrecognized Firm Commitment459

Speculating in Foreign Currency461

Hedge of a Net Investment in a Foreign Operation461

Recent Reporting Developments462

Fair Value Hedges463

Cash Flow Hedges463

Foreign Currency Net Investment Hedges463

Comprehensive Income463

Financial Control464

Financial Control Points464

Appropriate Benchmarks465

Reporting Systems465

Selected References466

Dixcussion Questions467

Exercises467

Case 11-1 Value an Risk: What Are Our Options?470

Case 11-2 Exposure Identification471

Chapter 12:International Taxation and Transfer Pricing472

Initial Concepts473

Diversity of National Tax Systems473

Types of Taxes473

Tax Burdens477

Tax Administration Systems478

Harmful Tax Competition480

Foreign Tax Incentives480

International Harmonization481

Taxation of Foreign Source Income and Double Taxation481

Foreign Tax Credit481

Limits to Tax Credits484

Tax Treaties485

Foreign Exchange Consideration485

Tax Planning Dimensions486

Organizational Considerations486

Controlled Foreign Corportions and Subpart F Income486

Foreign Sales Corporations487

Offshore Holding Companies487

Possession Corporation488

Financing Decisions489

Pooling of Tax Credits489

Cost Accounting Allocations490

Logistics and Transfer Pricing490

International Transfer Pricing:Complicating Variables491

Tax Considerations491

Tariff Considerations493

Competitive Factors494

Performance Evaluation Considerations495

Environmental Risks495

Accounting Contributions496

Transfer Pricing Methodology496

Market Versus Cost Versus...?496

Arm s-Length Principle497

Comparable Uncontrolled Price Method497

Resale Price Method497

Cost-Plus Pricing Method499

Other Pricing Methods501

Comparable Uncontrolled Transaction Method501

Profits Splits Method501

Comparable Profits Method501

Advance Princing Agreements502

Transfer Pricing Practices503

The Future505

Selected References506

Discussion Questions506

Exercises507

Case 12-1 Muscle Max:Your Very Own Personal Trainer510

Case 12-2 Congress Giveth and Congress Taketh511

Index512