International Accounting System

1. Explain the international market in relation to accounting services.
2. Discuss external finance as a factor influencing accounting development.
3. List and describe the three accounting models.
4. Explain the purposes of accounting and auditing standards and how they are related.
5. State the objectives of IASC.

13 weeks, about 45 hours in total. Yours will differ.

1. Week 1Module 1: International Accounting

   • Unit 1: Financial Accounting with International Perspective · 3 hours

     Understand the role of environment in shaping accounting practices.. Discuss the impact of globalization on financial services.. Examine the integration of international aspects into financial management..

   • Unit 2: Factors Influencing Accounting Development · 3 hours

     Identify and discuss the factors influencing accounting development.. Analyze the impact of external finance on accounting practices.. Examine the role of legal systems in shaping accounting standards..

2. Week 2Module 1: International Accounting

   • Unit 3: Diversity in Financial Accounting Practices · 3 hours

     Compare and contrast the three major accounting models.. Analyze existing practice differences in financial accounting.. Evaluate the consequences of international accounting diversity..

3. Week 3Module 2: Accounting Harmonization

   • Unit 1: Promotion of International Accounting Harmonization · 3 hours

     Explain the purposes of accounting and auditing standards.. Discuss the benefits of accounting harmonization.. Identify and analyze the barriers to accounting harmonization..

4. Week 4Module 2: Accounting Harmonization

   • Unit 2: International Accounting Standard Committee · 3 hours

     State the objectives of IASC.. Describe the operating structure of IASC.. Explain the operating procedures of IASC for setting up accounting standards..

5. Week 5Module 2: Accounting Harmonization

   • Unit 3: Financial Reporting in the International Environment · 3 hours

     Define transnational financial reporting and its causes.. Discuss the problems confronting users of foreign financial statements.. Explain how multinational corporations accommodate foreign readers..

6. Week 6Module 2: Accounting Harmonization

   • Unit 4: Global Assessment of Disclosure Practices · 3 hours

     Distinguish between financial and nonfinancial disclosure.. Explain the bases used for ensuring disclosure.. Discuss segment disclosure, financial forecast disclosures, and information about shares and shareholders..

7. Week 7Module 3: Issues with Multinational Corporations

   • Unit 1: The Multinational Corporations · 3 hours

     Define multinational corporations and distinguish from transnational corporations.. Explain the motives for direct foreign investment.. Discuss the international perspective on consolidated financial statements..

8. Week 8Module 3: Issues with Multinational Corporations

   • Unit 2: International Financial Statement Analysis · 3 hours

     Explain how financial accounting reflects the environment it serves.. Discuss the framework for financial statement analysis.. Analyze the impact of cultural and accounting values on financial reporting..

9. Week 9Module 3: Issues with Multinational Corporations

   • Unit 3: Information Systems for Multinational Planning and Control · 3 hours

     Analyze how MNC affects the information system.. Identify communication problems in MNCs.. Examine the role of information systems in multinational planning and control..

10. Week 10Module 3: Issues with Multinational Corporations

    • Unit 4: Multinational Budgeting Systems · 3 hours

      Explain the fundamental and technical approaches to forecasting exchange rates.. Discuss basic approaches to capital budgeting and profit planning.. Outline the steps involved in building the capital budget..

11. Week 11Module 4: Evaluation and Translation

    • Unit 1: Performance Evaluation in Multinational Corporations · 3 hours

      Define performance evaluation.. Explain profitability measures, sales growth, and cost reduction.. Discuss the use of budgets as a success indicator..

12. Week 12Module 4: Evaluation and Translation

    • Unit 2: Issues to Consider when Developing MNC Evaluation Systems · 3 hours

      Discuss separating manager performance from subsidiary performance.. Analyze treating foreign subsidiaries as profit centers.. Examine the impact of currency choice on performance evaluation..

13. Week 13Module 4: Evaluation and Translation

    • Unit 3: Foreign Currency Translation · 3 hours

      Define exchange rates and explain the reasons for exchange rate changes.. Outline the steps taken in the translation of financial statements.. Familiarize yourself with the impact of foreign exchange rates changes..

    • Unit 4: Translation Methods · 3 hours

      Discuss what it means to translate a financial statement item at the historical exchange rate.. Discuss what it means to translate items in the financial statement at the current exchange rate..