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GLOBALBUSINESSANDACCOUNTINGChapter
15GLOBALBUSINESSANDACCOUNTINGLearningObjectiveLO1Todefinefourmechanisms
companiesusetoglobalize
theirbusinessactivities.LearningObjectiveLO1TodefineGlobalizationOccursasmanagersbecomeawareofandengageincross-bordertradeandoperations.Ahighlevelofglobalizationisamultinationalenterprisethatbeginswithrawmaterialextractionandendswithfinalproductassemblyandsalesinmultipleforeignlocations.GlobalizationOccursasmanagerGlobalizationGlobalizationtypicallyprogressesthroughaseriesofstagesthatinclude:ExportingLicensingJointventuresWhollyownedsubsidiariesGlobalsourcing.GlobalizationGlobalizationtypLearningObjectiveLO2Toidentifyhowglobal
environmentalforces—
(a)politicalandlegalsystems,
(b)economicsystems,
(c)culture,and(d)technology
andinfrastructure—affect
accountingpractices.LearningObjectiveLO2ToidentiEnvironmentalForces
ShapingGlobalizationGlobalizationPoliticalandlegal
systemEconomic
systemCultureTechnologyand
infrastructureEnvironmentalForces
ShapingGEnvironmentalForces
ShapingGlobalizationPlannedEconomy
GovernmentownsfactorsofproductionMarketEconomy
PeopleownsfactorsofproductionEnvironmentalForces
ShapingGEnvironmentalForces
ShapingGlobalizationEnvironmentalForces
ShapingGLearningObjectiveLO3Toexplainwhythereis
demandforharmonization
ofglobalfinancial
reportingstandards.LearningObjectiveLO3ToexplaiHarmonizationofFinancialReportingStandardsTheInternationalAccountingStandardsBoard(IASB)hasasoneofitsstatedgoalstheharmonizationofaccountingstandards.Harmonizationisusedtodescribethestandardizationofaccountingmethodsandprinciplesusedindifferentcountriesthroughouttheworld.HarmonizationofFinancialRepHarmonizationofFinancialReportingStandardsHarmonizationofFinancialRepLearningObjectiveLO4Todemonstratehowto
convertanamount
ofmoneyfromone
currencytoanother.LearningObjectiveLO4TodemonsForeignCurrencies
andExchangeRatesAnexchangerateistheamountitcoststopurchaseoneunitofcurrencywithanothercurrency.¥1,000,000×$0.00764=$7,640ForeignCurrencies
andExchangLearningObjectiveLO5Tocomputegainsorlosses
onreceivablesorpayables
thatarestatedina
foreigncurrencywhen
exchangeratesfluctuate.LearningObjectiveLO5TocomputAccountingforTransactions
withForeignCompaniesOnJanuary1,2007,aU.S.companypurchasesequipmentfromanItaliancompanyfor€100,000.Theamountispayableinfullonthatdate.OnJanuary1,2007,theexchangerateis$0.97perEuro.U.S.companypurchases€100,000fromfinancialinstitution.AccountingforTransactions
wiAccountingforTransactions
withForeignCompaniesOnJanuary1,2007,aU.S.companypurchasesequipmentfromanItaliancompanyfor€100,000.TheamountispayableinfullonFebruary15,2007.OnJanuary1,2007,theexchangerateis$0.97perEuro.At1/31/07thespotexchangerateis€1=$0.96.On2/15/07,theexchangerateis€1=$0.98.AccountingforTransactions
wiAccountingforTransactions
withForeignCompaniesOnJanuary1,2007,aU.S.companypurchasesequipmentfromanItaliancompanyfor€100,000.TheamountispayableinfullonFebruary15,2007.OnJanuary1,2007,theexchangerateis$0.97perEuro.At1/31/07thespotexchangerateis€1=$0.96.On2/15/07,theexchangerateis€1=$0.98.AccountingforTransactions
wiAccountingforTransactions
withForeignCompaniesOnJanuary1,2007,aU.S.companypurchasesequipmentfromanItaliancompanyfor€100,000.TheamountispayableinfullonFebruary15,2007.OnJanuary1,2007,theexchangerateis$0.97perEuro.At1/31/07thespotexchangerateis€1=$0.96.On2/15/07,theexchangerateis€1=$0.98.AccountingforTransactions
wiLearningObjectiveLO6Todescribeseveral
techniquesfor
“hedging”againstlosses
fromfluctuations
inexchangerates.LearningObjectiveLO6TodescriHedgingFairValueHedge
Anygainorlossisrecognizedcurrentlyinearnings.Ifthehedgeisonavailable-for-salesecurities,anygainorlossisreportedinothercomprehensiveincomeontheequitysectionofthebalancesheet.Futurecontractsaretherightto
receiveaspecifiedquantityof
foreigncurrencyatafuturedate.HedgingFairValueHedge
AnygaTranslationofForeignCurrencyFinancialStatementsThisisthefirstyearofoperationsfora100%ownedMexicansubsidiaryoftheU.S.enterprise,Matrix,Inc.TranslationofForeignCurrencTranslationofForeignCurrencyFinancialStatementsTranslationofForeignCurrencTranslationofForeignCurrencyFinancialStatementsIfdividendsarepaid,thetranslationisbasedonthehistoricalratewhenthedividendispaid.Thetranslatedendingretainedearningscarriesforwardtothenextaccountingperiod.TranslationofForeignCurrencTranslationofForeignCurrencyFinancialStatementsThetranslationadjustmentisreportedinothercomprehensiveincomeintheequitysectionofthebalancesheetTranslationofForeignCurrencLearningObjectiveLO7Todiscusshowglobal
sourcingincreases
productcostcomplexity.LearningObjectiveLO7TodiscusGlobalSourcingDifferencesinexchangeratesinmanydifferentcountriescancreatesignificantcomplexitiesforfirmspracticingglobalsourcing.Manycompaniesunderestimatethecostofglobalizingtheirbusinessoperationsbecausetheyarenotfamiliarwiththeenvironmentalcharacteristicspreviouslydiscussed.€¥£₣₧Customs
dutiesImport
feesMulticountry
taxlawsTax
treatiesGlobalSourcingDifferencesinLearningObjectiveLO8Toexplaintheimportance
oftheForeignCorrupt
PracticesAct.LearningObjectiveLO8Toexplai
Inmanycountriesaroundtheworld,briberyispartofdoingbusiness.Inmanycountries,thisofficiallysanctionedcorruptionisnotviewedaswrongorunethical.However,U.S.-basedbusinessesareprohibitedfrominfluencepeddling.TheIMFandWorldBankinstitutedpoliciestocutofffundingtocountriesignoringcorruptpractices.ForeignCorruptPracticesActInmanycountriesaroundtheEthics,Fraud,and
CorporateGovernanceTheForeignCorrupt
PracticesAct(FCPA)applies
toU.S.companiesandforeigncompaniesoperatinginthe
UnitedStates,theiraffiliates,
andtheiragents.ViolationsoftheFCPA
exposecompaniesandindividuals
tobothcivilandcriminalliability.Ethics,Fraud,and
CorporateGEndofChapter15EndofChapter15GLOBALBUSINESSANDACCOUNTINGChapter
15GLOBALBUSINESSANDACCOUNTINGLearningObjectiveLO1Todefinefourmechanisms
companiesusetoglobalize
theirbusinessactivities.LearningObjectiveLO1TodefineGlobalizationOccursasmanagersbecomeawareofandengageincross-bordertradeandoperations.Ahighlevelofglobalizationisamultinationalenterprisethatbeginswithrawmaterialextractionandendswithfinalproductassemblyandsalesinmultipleforeignlocations.GlobalizationOccursasmanagerGlobalizationGlobalizationtypicallyprogressesthroughaseriesofstagesthatinclude:ExportingLicensingJointventuresWhollyownedsubsidiariesGlobalsourcing.GlobalizationGlobalizationtypLearningObjectiveLO2Toidentifyhowglobal
environmentalforces—
(a)politicalandlegalsystems,
(b)economicsystems,
(c)culture,and(d)technology
andinfrastructure—affect
accountingpractices.LearningObjectiveLO2ToidentiEnvironmentalForces
ShapingGlobalizationGlobalizationPoliticalandlegal
systemEconomic
systemCultureTechnologyand
infrastructureEnvironmentalForces
ShapingGEnvironmentalForces
ShapingGlobalizationPlannedEconomy
GovernmentownsfactorsofproductionMarketEconomy
PeopleownsfactorsofproductionEnvironmentalForces
ShapingGEnvironmentalForces
ShapingGlobalizationEnvironmentalForces
ShapingGLearningObjectiveLO3Toexplainwhythereis
demandforharmonization
ofglobalfinancial
reportingstandards.LearningObjectiveLO3ToexplaiHarmonizationofFinancialReportingStandardsTheInternationalAccountingStandardsBoard(IASB)hasasoneofitsstatedgoalstheharmonizationofaccountingstandards.Harmonizationisusedtodescribethestandardizationofaccountingmethodsandprinciplesusedindifferentcountriesthroughouttheworld.HarmonizationofFinancialRepHarmonizationofFinancialReportingStandardsHarmonizationofFinancialRepLearningObjectiveLO4Todemonstratehowto
convertanamount
ofmoneyfromone
currencytoanother.LearningObjectiveLO4TodemonsForeignCurrencies
andExchangeRatesAnexchangerateistheamountitcoststopurchaseoneunitofcurrencywithanothercurrency.¥1,000,000×$0.00764=$7,640ForeignCurrencies
andExchangLearningObjectiveLO5Tocomputegainsorlosses
onreceivablesorpayables
thatarestatedina
foreigncurrencywhen
exchangeratesfluctuate.LearningObjectiveLO5TocomputAccountingforTransactions
withForeignCompaniesOnJanuary1,2007,aU.S.companypurchasesequipmentfromanItaliancompanyfor€100,000.Theamountispayableinfullonthatdate.OnJanuary1,2007,theexchangerateis$0.97perEuro.U.S.companypurchases€100,000fromfinancialinstitution.AccountingforTransactions
wiAccountingforTransactions
withForeignCompaniesOnJanuary1,2007,aU.S.companypurchasesequipmentfromanItaliancompanyfor€100,000.TheamountispayableinfullonFebruary15,2007.OnJanuary1,2007,theexchangerateis$0.97perEuro.At1/31/07thespotexchangerateis€1=$0.96.On2/15/07,theexchangerateis€1=$0.98.AccountingforTransactions
wiAccountingforTransactions
withForeignCompaniesOnJanuary1,2007,aU.S.companypurchasesequipmentfromanItaliancompanyfor€100,000.TheamountispayableinfullonFebruary15,2007.OnJanuary1,2007,theexchangerateis$0.97perEuro.At1/31/07thespotexchangerateis€1=$0.96.On2/15/07,theexchangerateis€1=$0.98.AccountingforTransactions
wiAccountingforTransactions
withForeignCompaniesOnJanuary1,2007,aU.S.companypurchasesequipmentfromanItaliancompanyfor€100,000.TheamountispayableinfullonFebruary15,2007.OnJanuary1,2007,theexchangerateis$0.97perEuro.At1/31/07thespotexchangerateis€1=$0.96.On2/15/07,theexchangerateis€1=$0.98.AccountingforTransactions
wiLearningObjectiveLO6Todescribeseveral
techniquesfor
“hedging”againstlosses
fromfluctuations
inexchangerates.LearningObjectiveLO6TodescriHedgingFairValueHedge
Anygainorlossisrecognizedcurrentlyinearnings.Ifthehedgeisonavailable-for-salesecurities,anygainorlossisreportedinothercomprehensiveincomeontheequitysectionofthebalancesheet.Futurecontractsaretherightto
receiveaspecifiedquantityof
foreigncurrencyatafuturedate.HedgingFairValueHedge
AnygaTranslationofForeignCurrencyFinancialStatementsThisisthefirstyearofoperationsfora100%ownedMexicansubsidiaryoftheU.S.enterprise,Matrix,Inc.TranslationofForeignCurrencTranslationofForeignCurrencyFinancialStatementsTranslationofForeignCurrencTranslationofForeignCurrencyFinancialStatementsIfdividendsarepaid,thetranslationisbasedonthehistoricalratewhenthedividendispaid.Thetranslatedendingretainedearningscarriesforwardtothenextaccountingperiod.TranslationofForeignCurrencTranslationofForeignCurrencyFinancialStatementsThetranslationadjustmentisreportedinothercomprehensiveincomeintheequitysectionofthebalancesheetTranslationofForeignCurrencLearningObjectiveLO7Todiscusshowglobal
sourcingincreases
productcostcomplexity.LearningObje
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