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CHAPTER 1 Introduction1

Historical Perspective2

Contemporary Perspective3

Growth and Spread of Multinational Operations3

Global Competition5

Cross-Border Mergers and Acquisitions6

Financial Innovation7

Internationalization of Capital Markets7

North America8

Asia8

Western Europe9

European Equity Markets—A Closer Look10

Continental Europe's New Equity Culture10

Cross-Border Equity Listing and Issuance11

Where Are We?12

Learning Objectives13

Appendix 1-1 Stock Exchange Web Sites17

Selected References18

Discussion Questions19

Exercises20

Case 1-1 E-centives,Inc.—Raising Capital in Switzerland22

CHAPTER 2 Development and Classification24

Development25

Classification31

Four Approaches to Accounting Development31

Legal Systems:Common Law versus Code Law Accounting32

Practice Systems:Fair Presentation versus Legal Compliance Accounting33

Selected References35

Discussion Questions36

Exercises37

Case 2-1 Are Classifications of Accounting Outmoded?40

Case 2-2 Volkswagen Group41

CHAPTER 3 Comparative Accounting Ⅰ44

Six National Financial Accounting Systems46

France46

Germany51

Japan56

The Netherlands61

United Kingdom65

United States70

Selected References76

Discussion Questions76

Exercises77

Case 3-1 Standing on Principles81

CHAPTER 4 Comparative Accounting Ⅱ83

Reasons for Choosing These Four Countries and areas83

Some Observations About the Four Countries and areas and Their Accounting84

Four National Financial Accounting Systems86

Czech Republic86

China90

Taiwan94

Mexico98

Selected References102

Discussion Questions103

Exercises104

Case 4-1 Does Secrecy Pay?107

CHAPTER 5 Reporting and Disclosure109

Development of Disclosure110

Voluntary Disclosure110

Regulatory Disclosure Requirements111

The U.S.SEC Financial Reporting Debate113

Reporting and Disclosure Practices114

Disclosures of Forward-Looking Information114

Segment Disclosures116

Cash Flow and Funds Flow Statements119

Social Responsibility Disclosures119

Special Disclosures for Nondomestic Financial Statement Users and Accounting Principles Used125

Corporate Governance Disclosures126

Internet Business Reporting and Disclosure126

Annual Report Disclosures in Emerging Market Countries133

Implications for Financial Statement Users and Managers135

Selected References136

Discussion Questions136

Exercises137

Case 5-1 Information Access in Mexico140

Case 5-2 Tele2 AB141

CHAPTER 6 Foreign Currency Translation142

Reasons for Translation145

Background and Terminology145

The Problem147

Financial Statement Effects of Alternative Translation Rates149

Foreign Currency Transactions151

Single-Transaction Perspective153

Two-Transaction Perspective153

Foreign Currency Translation155

Single Rate Method155

Multiple Rate Methods156

Financial Statement Effects158

Which Is Best?160

Appropriate Current Rate162

Translation Gains and Losses162

Deferral163

Deferral and Amortization163

Partial Deferral164

No Deferral164

Where Are We?164

Translation Accounting Development165

Pre-1965165

1965-1975165

1975-1981165

1981-Present166

Features of Standard No.52166

Translation When Local Currency Is the Functional Currency167

Translation When the U.S.Dollar Is the Functional Currency167

Translation When Foreign Currency Is the Functional Currency167

The Debate170

Reporting Perspective170

What Happened to Historical Cost?171

Concept of Income171

Managed Earnings171

Foreign Currency Translation and Inflation172

Foreign Currency Translation Elsewhere173

Current Trends174

Appendix:Translation and Remeasurement Under FAS No.52174

Current Rate Method175

Temporal Method177

Selected References179

Discussion Questions180

Exercises181

CHAPTER 7 Financial Reporting and Changing Prices185

Changing Prices Defined188

Why Are Financial Statements Potentially Misleading During Periods of Changing Prices?190

Types of Inflation Adjustments191

General Price-Level Adjustments191

Price Indexes191

Object of General Price-Level Adjustments193

Current Cost Adjustments195

Which Method Is Best?196

International Perspective on Inflation Accounting198

United States198

United Kingdom200

Brazil201

International Accounting Standards Board205

Inflation Issues205

Inflation Gains and Losses205

Holding Gains and Losses206

Accounting for Foreign Inflation207

Avoiding the Double-Dip209

Appendix 7-1 Accounting for Foreign Inflation:A Case Analysis211

Selected References214

Discussion Questions215

Exercises216

Case 7-1 Kashmir Enterprises220

CHAPTER 8 International Accounting Harmonization221

Introduction221

A Survey of International Harmonization222

Advantages of International Harmonization222

Criticisms of International Standards223

Reconciliation and Mutual Recognition224

Evaluation225

Applicability of International Standards225

Some Significant Events in the History of International Accounting Standard Setting226

Overview of Major International Organizations Promoting Accounting Harmonization227

International Accounting Standards Board228

IASC's Core Standards and the IOSCO Agreement232

The New IASB Structure234

Recognition and Support for the IASB235

U.S.Securities and Exchange Commission Response to IFRS236

Comparisons between IFRS and Other Comprehensive Bodies of Accounting Principles236

European Union(EU)237

Fourth,Seventh,and Eighth Directives238

Have EU Harmonization Efforts Been Successful?239

The EU's New Approach and the Integration of European Financial Markets240

International Organization of Securities Commissions(IOSCO)241

International Federation of Accountants(IFAC)243

United Nations Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting(ISAR)245

Organization for Economic Cooperation and Development(OECD)245

Conclusion246

Selected References247

Discussion Questions248

Exercises248

Case 8-1 Accounting Quality in East Asia253

CHAPTER 9 International Financial Statement Analysis255

Introduction255

Challenges and Opportunities in Cross-Border Analysis255

Business Analysis Framework256

International Business Strategy Analysis257

Information Availability257

Recommendations for Analysis258

Accounting Analysis259

Suggestions for the Analyst261

International Financial Analysis262

Ratio Analysis262

Cash Flow Analysis265

Coping Mechanisms265

International Prospective Analysis266

Further Issues269

Information Access269

Timeliness of Information272

Foreign Currency Considerations273

Differences in Statement Format276

Language and Terminology Barriers278

Appendix 9-1 Illustration of Restatement of Japanese GAAP Financial Statements to a U.S.GAAP Basis279

Selected References284

Discussion Questions285

Exercises286

CHAPTER 10 Managerial Planning and Control291

Business Modeling292

Planning Tools292

Capital Budgeting294

Financial Return Perspectives295

Measuring Expected Returns296

Multinational Cost of Capital299

Management Information Systems301

Systems Issues301

Information Issues303

Management Information and Hyperinflation304

Sales Revenue305

Issues in Financial Control308

Domestic Versus Multinational Control System309

Operational Budgeting311

Analysis of Exchange Rate Changes315

Strategic Costing318

Performance Evaluation of Foreign Operations320

Consistency320

Unit Versus Managerial Performance321

Performance Criteria322

Measurement Issues and Changing Prices in Evaluation325

Performance Evaluation Practices:ICI325

Foreign Currency Effects327

Performance Standards328

Selected References330

Discussion Questions331

Exercises332

Case 10-1 Foreign Investment Analysis:A Tangled Affair336

CHAPTER 11 International Taxation and Transfer Pricing338

Initial Concepts339

Diversity of National Tax Systems339

Types of Taxes339

Tax Burdens340

Tax Administration Systems343

Foreign Tax Incentives344

Harmful Tax Competition345

International Harmonization345

Taxation of Foreign Source Income and Double Taxation345

Foreign Tax Credit346

Limits to Tax Credits348

Tax Treaties349

Foreign Exchange Considerations349

Tax Planning Dimensions350

Organizational Considerations350

Controlled Foreign Corporations and Subpart F Income350

Offshore Holding Companies351

Foreign Sales Corporations351

Financing Decisions352

Pooling of Tax Credits353

Cost Accounting Allocations354

Location and Transfer Pricing354

International Transfer Pricing:Complicating Variables354

Tax Considerations355

Tariff Considerations357

Competitive Factors358

Environmental Risks359

Performance Evaluation Considerations359

Accounting Contributions359

Transfer Pricing Methodology360

Market versus Cost versus...?360

Arm's-Length Principle361

Comparable Uncontrolled Price Method361

Comparable Uncontrolled Transaction Method361

Resale Price Method361

Cost-Plus Pricing Method363

Comparable Profits Method364

Profit Split Methods365

Other Pricing Methods365

Advance Pricing Agreements366

Transfer Pricing Practices366

The Future368

Selected References368

Discussion Questions369

Exercises370

Case 11-1 Muscle Max:Your Very Own Personal Trainer374

Case 11-2 Double Double:Tax Is Trouble375