international accounting

international accounting

  1. The importance of international accounting is growing.  Within financial innovations, risk management is a key area.  List three concerns that are critical for effective risk management.


  1. What country in the Americas has the world’s largest emerging equity market?


  1. Eight factors that have had an influence on accounting have been presented in both Week 1 and again in Week 3.  Select one factor and in 50 words or less present your understanding of the factor and give one example of its effect on accounting.


  1. List the two major types of legal systems in the world.


  1. What organization replaced the International Accounting Standards Committee?


  1. What is the Norwalk Agreement?


  1. TRUE or FALSE:US GAAP reconciliation is required in foreign issuer’s filings with the SEC.


  1. List the types of differences between IFRS and US GAAP.


  1. Although US public companies are not currently required to adopt IFRS, the IFRS affects US businesses in multiple ways.  Companies will be affected at different times and to a different degree, depending on size, industry… geographic makeup, M&A activity and global expansion.  There are four main challenges or impacts that merit companies’ attention.  List two of those challenges/impacts.


  1. TRUE or FALSE:   IFRS does not allow the use of LIFO. 


  1. The US tops the Foreign Direct Investment Confidence Index for the fourth year in a row.  What country claimed the second place in the Index for the fourth consecutive year? And what continues to be a prime investment destination?


      12. The new lease standard will go into effect when for public companies? Private entities? And      

capitalized leases, as defined by this new standard will now be referred to as _________ leases.


13.  Brexit has been a topic of discussion and after US Secretary Jack Lew has also been   involved.  What plea has he made to not only the UK but also to the EU regarding Brexit?


14.  The quality and comparability of financial reporting has improved in the decade since local adoption of IFRS according to a research paper from FRC and AASB.  What country is this referring to?


15.  What country can now access a huge bailout from the IMF? Why? And what are the expected results?


16.  In an AICPA Accounting Education article, there was article regarding what large firms  expect of accounting grads.  There were six specific tips.  List three of the six.


        17.  If you were a voter in the UK, would you have voted for or against Brexit and why.


        18.  Report on any activity you have been involved in with the Rogers CPA Review.   




1 Paragraph


1.) Presentation of financial statements 


2.) Inventories and two international accounting standards.  


Discuss how GOOGLE hands the two standards. 

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