高级财务会计总论.ppt

Choi/Meek, 6/e,1,International Accounting, 6/e,Frederick D.S. Choi Gary K. Meek,Tutor Name: 王宇峰 Tutor Telephone:EMAIL:,Chapter 1: Introduction,Choi/Meek, 6/e,2,Choi/Meek, 6/e,3,Learning Objectives,Explain how international accounting is different from domestic accounting. Define the term accounting diversity . Identify the factors that are contributing to the internationalization of accounting. Understand how foreign direct-investment activities differ from international trade and the implications of this difference for accounting. Identify several external and internal reporting issues that arise when business and investments transcend national borders. Explain what is meant by the term, global capital markets, and what this development means for capital market participants?,Choi/Meek, 6/e,4,What is International Accounting?,Domestic accounting: as a branch of economics, it provides information about a firm and its transactions to facilitate resource allocation decisions by users of that information. International accounting (defined): same as above except that the firm being reported on is a multinational company with operations and transactions that cross national boundaries or an entity with reporting obligations to non-domestic readers.,Choi/Meek, 6/e,5,What Does International Accounting Diversity Entail?,Measurement principles Financial disclosure (corporate transparency) Auditing practices,Choi/Meek, 6/e,6,Measurement is the process of identifying, categorizing, and quantifying economic activities or transactions.,Choi/Meek, 6/e,7,Disclosure is the process by which accounting measurements are communicated to their intended users. This area focuses on such issues an what is to be reported, when, by what means, and to whom.,Choi/Meek, 6/e,8,Auditing is the process by which specialized accounting professionals (auditors) attest to the reliability of the measurement and communication process.,Choi/Meek, 6/e,9,Contributing Factors,Accountings international heritage Double-entry originates in the Italian city states. Bookkeeping spreads to Germany and assists the spread of capitalism. Dutch enhance income measurement. French use accounting for governmental planning and control. Double entry assists the British in managing and controlling commercial interests in the colonies. Accounting plays a major role in the U.S. industrial revolution.,Choi/Meek, 6/e,10,Contributing Factors (contin),Paradox of international accounting In many countries, accounting remains a nationalistic affair. Accounting serves people and institutions whose decisions are international in scope. Accounting diversity creates a demand for harmonization.,Choi/Meek, 6/e,11,Contributing Factors (contin),Growth and spread of multinational operations,Choi/Meek, 6/e,12,How foreign direct investment activities differ from international trade and the implications of this difference for accounting? What international accounting issues are triggered by the exhibit 1-5?,Choi/Meek, 6/e,13,Choi/Meek, 6/e,14,Contributing Factors (contin),Reporting issues when business transcends national boundaries Consolidation of foreign accounts Accounting for foreign currency fluctuations Accounting for changing prices International planning and control Performance evaluation of foreign operations Financial risk management International taxation and transfer pricing Financial innovation Identifying potential market risks Quantifying trade-offs associated with alternative risk reduction strategies Measuring risk exposures Accounting for specific hedge products Evaluating the effectiveness of hedging programs,Choi/Meek, 6/e,15,Contributing Factors (contin),Global competition Competitive benchmarking necessitates international comparisons.,Choi/Meek, 6/e,16,Contributing Factors (contin),Cross-border mergers and acquisitions Corporate valuation is a function of accounting measurements that vary from country to country. E.g., the e in p/e valuation multiples. Internationalization of capital markets Raising external finance abroad means that financial reports must increasingly travel internationally.,Choi/Meek, 6/e,17,18,美国三大证券交易所之NYSE,1653年，一群荷兰移民忙忙碌碌地在纽约市曼哈顿岛接近南端的地方竖起了一排高12英尺的原木墙，目的是保护自己免于遭受印第安人和英国人的袭击和骚扰。32年后，一群测量人员沿着这排木墙画下了建设街道的白线，并给这条还不存在的街道起了一个名字：WallStreet。 在此之后的100多年里，华尔街一直默默无闻，直到1792年5月17日。这一天，24个在街头买卖股票的经纪人聚集在华尔街68号前的一棵梧桐树下，开始讨论起有价证券交易的条件和规则。讨论的结果就是举世闻名的梧桐树协议，英语称之为Buttonwood Agreement。 这一天就是纽约交易所的诞生日。如今，NYSE是世界上规模最大的有价证券交易市场。 2006年6月1日，纽约证券交易所宣布与泛欧证券交易所合并组成纽约泛欧证券交易所。2007年4月4日，纽约泛欧证券交易所于正式成立，总部设在纽约，由来自5个国家的6家货币股权交易所以及6家衍生产品交易所共同组成，其上市公司总数约4000家，总市值达28.5万亿美元（21.5万亿欧元），日平均交易量接近1020亿美元（769亿欧元）。,NYSE,Choi/Meek, 6/e,19,20,美国三大证券交易所之NYSE,21,美国三大证券交易所之AMEX,过去曾是全美国第二大证券交易所 ，现在是第三股票大交易所。 1921年以前，美国证券交易所一直叫场外交易所，至今还有人叫它场外交易所。 在美国交易所交易的大多是中小企业的股票和债券，与此形成对照的是，大公司的股票在纽约证券交易所交易。 美国证券交易所是唯一一家能同时进行股票、期权和衍生产品交易的交易所，也是唯一一家关注于易被人忽略的中小市值公司并为其提供一系列服务来增加其关注度的交易所。 2008年01月22日，纽约-泛欧交易所集团将以价值2.6亿美元的纽交所普通股票，收购美国三大证交所之一的美国证券交易所。2009年1月16日，纽约证券交易所集团并购了美国证券交易所。,22,美国三大证券交易所之NASDAQ,National Association of Securities Dealers Automated Quotations (全美证券商协会自动报价系统) 1971年在华盛顿建立的全球第一个电子交易市场。 纳斯达克在成立之初的目标定位在中小企业，到了今天，纳斯达克将自己分成了一块“主板市场”和一块“中小企业市场”。 部分在纳斯达克上市的中国公司 新浪、搜狐、网易、金融界、百度、第九城市、UT斯达康、携程,23,资本市场全球化：我国企业的海外上市,Choi/Meek, 6/e,24,Contributing Factors (contin),Reporting issues associated with internationalization of capital markets How to analyze and interpret foreign accounts? How to report to foreign readers? How to harmonize reporting standards internationally?,1. Introduction 2. Development and classification 3. Comparative accounting: Europe 4. Comparative accounting: the Americas and Asia 5. Reporting and disclosure 6. Foreign currency translation 7. Financial reporting and changing prices 8. Global accounting and auditing standards,Choi/Meek, 6/e,25,9. International financial statement analysis 10. Managerial planning and control 11. Financial risk management 12. International taxation and transfer pricing,Choi/Meek, 6/e,26,Comparative international accounting Christopher Nobes, Robert Parker,Part 1 1. Introduction 2. Causes of international difference 3. Some major international differences in financial reporting 4. International classification of financial reporting 5. International harmonization of accounting 6. The requirements of internaitonal accounting standards,Choi/Meek, 6/e,27,Part 2 Country studies 7. Financial reporting in the United Kingdom 8. Financial reporting in the United States 9. Financial reporting in the Netherlands 10 . Financial reporting in France 11 . Financial reporting in