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Aspects of International Accounting and Its Challenges A multinational corporate world in which national borders are losing their importance is emerging. Partnerships are forming between companies of different nationalities that are willing to forget their rivalries in order to share in the profit opportunities of a world market. Multinational businesses, which now are a vitally important fact of economic life, have special accounting problems and special versions of domestic accounting problems. Business today operates in an international arena. If any company wants to grow, it needs to become an international player. This role involves addressing and understanding the challenges and differences of doing business in a foreign country. Typical differences are found in religion, language, family values, education, law, politics, economies and competitive spirit. Being an international player involves not only understanding the international accounting standards and foreign cultures but also understanding accounting problems of multi-nationals which include currency translations, performance evaluations, reporting requirements and taxation issues, just to mention a few. As the commercial world shrinks, the need to understand the foreign business rules and the issues and challenges that face multinational companies has become ever important. The purpose of this paper is to present an overview of international accounting, its brief history and evolution, some differences between International Accounting Standards (IAS) and Generally Accepted Accounting Principles (GAAP) and accounting problems that face multinational and global companies. |
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of a limited bibliography, indicating that sources have been consulted
and sufficient material is available.
Does not represent the complete bibliography; additions will be made as you work on the paper. A good bibliography will contain a multitude of sources, including journal articles, web sites, books, and professional publications. There should be few if any citations from textbooks. -------------> |
Arpan, Jeffrey S. and Radebaugh, Lee H. International Accounting and Multinational Enterprises. John Wiley & Sons, Inc., 1985. Belkaoui, Ahmed. Multinational Financial Accounting. Quorum Books, 1991. Belkaoui, Ahmed. The New Environment in International Accounting, Issues and Practices, Quoram Books. 1998 Miller Elwood L. Accounting Problems of Multinational Enterprises. Lexington Books, 1979. Samuels, J. M. and Piper, A. G. International Accounting: A Survey. New York, 1985. |