Comparative international accounting pptx

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COMPARATIVE INTERNATIONAL ACCOUNTINGChristopher Nobes and Robert ParkerTENTH EDITIONChristopher Nobes is Professor of Accounting at Royal Holloway, University of London. From 1993 to 2001 he was a representative on the board of the International Accounting Standards Committee. Robert Parker is Emeritus Professor of Accounting at the University of Exeter, UK. He was formerly editor of the journal, Accounting and Business Research.Both authors have received the American Accounting Association’s award of ‘outstanding international accounting educator’.Revised resources for lecturers are available to download at www.pearsoned.co.uk/nobes. an imprint ofwww.pearson-books.comFront cover image: © Getty Images/IconicaNow in its tenth edition, Comparative International Accounting by Nobes and Parker is renowned for its depth of discussion and comprehensive coverage of the international dimensions of nancial accounting and reporting. It uncovers the conceptual and contextual foundations of the increasingly used International Financial Reporting Standards (IFRS) and contrasts them with US generally accepted accounting principles (GAAP). Nobes and Parker examine the key issues inherent in the subject, such as transition, harmonization and political lobbying, and the international dierences that remain. They also look at the special accounting problems of multinational companies.Comparative International Accounting has been extensively revised for the many changes in international accounting since the last edition. New to this edition are:An additional chapter on how the practice of IFRS can vary within a country and between countries Updated case studies and an increased number of real-world examples New information on pension accounting, auditing standards and IFRS 8 Increased coverage of China and of small and medium enterprises (SMEs) Contributions from a diverse group of international practitioners and academics, which are updated every two years to incorporate the latest developments in the eld •••••COMPARATIVE INTERNATIONAL ACCOUNTINGTENTH EDITIONNobes ParkerCVR_NOBE4767_10_SE_CVR.indd 1 25/3/08 14:50:00 COMPARATIVE INTERNATIONAL ACCOUNTINGCIA_A01.qxd 12/14/08 11:15 AM Page i We work with leading authors to develop the strongest educational materials in business and finance, bringing cutting-edge thinking and best learning practice to a global marketUnder a range of well-known imprints, including Financial Times Prentice Hall, we craft high quality print and electronic publications which help readers to understand and apply their content, whether studying or at workTo find out more about the complete range of our publishing, please visit us on the World Wide Web at: www.pearsoned.co.ukCIA_A01.qxd 12/14/08 11:15 AM Page ii Tenth EditionCOMPARATIVEINTERNATIONAL ACCOUNTINGChristopher NobesandRobert Parker CIA_A01.qxd 12/14/08 11:15 AM Page iii Pearson Education LimitedEdinburgh GateHarlowEssex CM20 2JEEnglandand Associated Companies throughout the worldVisit us on the World Wide Web at:www.pearsoned.co.ukFirst edition published in Great Britain under the Philip Allan imprint 1981Second edition published 1985Third edition published under the Prentice Hall imprint 1991Fourth edition published 1995Fifth edition published under the Prentice Hall imprint 1998Sixth edition published 2000Seventh edition published 2002Eighth edition published 2004Ninth edition published 2006Tenth edition published 2008© Prentice Hall Europe 1991, 1995, 1998© Pearson Education Limited 2000, 2002, 2004, 2006, 2008Chapter 18 © John Flower 2002, 2004, 2006, 2008The rights of Christopher Nobes and Robert Parker to be identified as authors of this work have been asserted by them in accordance with the Copyright,Designs and Patents Act 1988.All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without either the prior written permission of the publisher or a licence permitting restricted copying in the United Kingdom issued by the Copyright Licensing Agency Ltd, 6–10 Kirby Street, London EC1N 8TS.ISBN: 978-0-273-71476-7British Library Cataloguing-in-Publication DataA catalogue record for this book is available from the British LibraryLibrary of Congress Cataloging-in-Publication DataComparative international accounting / [edited by] Christopher Nobes and Robert Parker. – 10th ed.p. cm.Includes bibliographical references and index.ISBN-13: 978-0-273-71476-7 (alk. paper) 1. Comparative accounting.I. Nobes, Christopher. II. Parker, R. H. (Robert Henry)HF5625.C74 2008657—dc222008007524109876543212 11 10 09Typeset in 9.5/12.5pt Stone Serif by 35 Printed by Ashford Colour Press Ltd., GosportThe publisher’s policy is to use paper manufactured from sustainable forests.CIA_A01.qxd 12/14/08 11:15 AM Page iv v Contributors xviPreface xviiiPart I SETTING THE SCENE1 Introduction 32 Causes and examples of international differences 243 International classification of financial reporting 514 International harmonization 74Part II FINANCIAL REPORTING BY LISTED GROUPS5 The context of financial reporting by listed groups 1016 The requirements of International Financial Reporting Standards 1177 Different versions of IFRS practice 1458 Financial reporting in the United States 1579 Enforcement of Financial Reporting Standards 18910 Political lobbying on Accounting Standards – US, UK and international experience 206Part III HARMONIZATION AND TRANSITION IN EUROPE AND EAST ASIA11 Harmonization and transition in Europe 23712 Harmonization and transition in East Asia 257Part IV FINANCIAL REPORTING BY INDIVIDUAL COMPANIES13 The context of financial reporting by individual companies 28514 Making accounting rules for non-listed business enterprises in Europe 29315 Accounting rules and practices of individual companies in Europe 314Part V MAJOR ISSUES IN FINANCIAL REPORTING BY MNEs16 Key financial reporting topics 343Brief contentsCIA_A01.qxd 12/14/08 11:15 AM Page v Brief contentsvi 17 Consolidation 36818 Foreign currency translation 38419 Segment reporting 427Part VI ANALYSIS AND MANAGEMENT ISSUES20 International financial analysis 45721 International auditing 48122 International aspects of corporate income taxes 51023 Managerial accounting 531Glossary of abbreviations 558Suggested answers to some of the end-of-chapter questions 563Author index 583Subject index 587Supporting resourcesVisit www.pearsoned.co.uk/nobes to find valuableonline resourcesFor instructors■Complete, downloadable Instructor’s Manual,including answers to the end of chapter questionsin the text, additional questions for further study and multiple choice questions(with answers).■PowerPoint slides of the figures and tables in the book that can be downloadedand used as OHTsFor more information please contact your local Pearson Education sales representativeor visit www.pearsoned.co.uk/nobes.Convenience. Simplicity. Success.CIA_A01.qxd 12/14/08 11:15 AM Page vi vii Contributors xviPreface xviiiPart I SETTING THE SCENE1 Introduction 3Contents 3Objectives 31.1 Differences in financial reporting 41.2 The global environment of accounting 51.3 The nature and growth of MNEs 121.4 Comparative and international aspects of accounting 151.5 Structure of this book 18Summary 21References 21Useful websites 22Questions 222 Causes and examples of international differences 24Contents 24Objectives 242.1 Introduction 252.2 Culture 252.3 Legal systems 282.4 Providers of finance 292.5 Taxation 332.6 Other external influences 352.7 The profession 362.8 Conclusion on the causes of international differences 372.9 Some examples of differences 38Summary 46References 47Questions 50ContentsCIA_A01.qxd 12/14/08 11:15 AM Page vii Contentsviii 3 International classification of financial reporting 51Contents 51Objectives 523.1 Introduction 523.2 The nature of classification 533.3 Classifications by social scientists 533.4 Classifications in accounting 553.5 Extrinsic classifications 563.6 Intrinsic classifications: 1970s and 1980s 603.7 Developments related to the Nobes classification 663.8 Further intrinsic classification 673.9 Is there an Anglo-Saxon group? 693.10 A taxonomy of accounting classifications 69Summary 70References 71Questions 734 International harmonization 74Contents 74Objectives 744.1 Introduction 754.2 Reasons for, obstacles to and measurement of harmonization 764.3 The International Accounting Standards Committee 784.4 Other international bodies 874.5 The International Accounting Standards Board 91Summary 94References 95Useful websites 97Questions 98Part II FINANCIAL REPORTING BY LISTED GROUPS5 The context of financial reporting by listed groups 101Contents 101Objectives 1015.1 Introduction 1015.2 IFRS in the EU 1025.3 Adoption of, and convergence with, IFRS 1055.4 Foreign listing and foreign investing 1065.5 Reconciliations from national rules to US GAAP and IFRS 1085.6 High-level IFRS/US differences 110CIA_A01.qxd 12/14/08 11:15 AM Page viii Contentsix 5.7 Reconciliations from IFRS to US GAAP 1115.8 Convergence of IFRS and US GAAP 113Summary 114References 115Useful websites 116Questions 1166 The requirements of International Financial Reporting Standards117Contents 117Objectives 1186.1 Introduction 1186.2 The conceptual framework and some basic standards 1186.3 Assets 1256.4 Liabilities 1286.5 Group accounting 1306.6 Disclosures 131Summary 132References 132Further reading 133Useful websites 133Questions 133Appendix 6.1 An outline of the content of International Financial Reporting Standards 1347 Different versions of IFRS practice 145Contents 145Objectives 1457.1 Introduction 1457.2 Motivations for different IFRS practice 1467.3 Scope for different IFRS practice 1487.4 Conclusion 154Summary 155References 155Questions 1568 Financial reporting in the United States 157Contents 157Objectives 1588.1 Introduction 1588.2 Regulatory framework 159CIA_A01.qxd 12/14/08 11:15 AM Page ix[...]... University (Chapter 10) xvii CIA_A01.qxd 12/14/08 11:15 AM Page xviii Preface Purpose Comparative International Accounting is intended to be a comprehensive and coherent text on international financial reporting It is primarily designed for undergraduate and postgraduate courses in comparative and international aspects of accounting We believe that a proper understanding requires broad overviews (as in... in financial reporting The global environment of accounting 1.2.1 Accounting and world politics 1.2.2 Economic globalization, international trade and foreign direct investment 1.2.3 Globalization of stock markets 1.2.4 Patterns of share ownership 1.2.5 International monetary system The nature and growth of MNEs Comparative and international aspects of accounting Structure of this book 1.5.1 An outline... disappear in the future, is one of the main themes of comparative international accounting In the next two sections of this chapter we look at the global environment of accounting and financial reporting, and in particular at the nature and growth of multinational enterprises We then explore in more depth the reasons for studying comparative international accounting In the last section we explain the structure... the internationalization of auditing Promulgating international standards The international audit process Summary References Further reading Useful websites Questions 507 508 508 508 509 xiv CIA_A01.qxd 12/14/08 11:15 AM Page xv Contents 22 International aspects of corporate income taxes 510 Contents Objectives 510 510 22.1 22.2 22.3 22.4 22.5 22.6 511 513 517 518 519 525 Introduction Tax bases International. .. companies, where large international differences remain There are three chapters: context, regulatory styles, and accounting differences Part V examines, broadly and comparatively, particular major financial reporting topics: key non-consolidation issues, consolidation, foreign currency translation and segment reporting Part VI considers four issues of international analysis and management: international financial... reporting Part VI considers four issues of international analysis and management: international financial analysis, international auditing, international aspects of corporate income taxes, and managerial accounting At the end of the book, there is a glossary of abbreviations relevant to international accounting, suggested answers to some chapter questions, and two indexes (by author and by subject) Publisher’s... Nobes Professor of Accounting at Royal Holloway College, University of London He has also taught in Australia, Italy, the Netherlands, New Zealand, Scotland, Spain and the United States He is currently a visiting professor at the Norwegian School of Management He was the 2002 ‘Outstanding International Accounting Educator’ of the American Accounting Association He was a member of the Accounting Standards... direct investment, the globalization of stock markets, varying patterns of share ownership, and the international monetary system; l outline the nature and growth of multinational enterprises (MNEs); l explain the historical, comparative and harmonization reasons for studying comparative international accounting 3 CIA_C01.qxd Part I 10/03/2008 16:30 Page 4 Setting the scene 1.1 Differences in financial... impressive attempts to reduce them, in particular, by the International Accounting Standards Board (IASB), which issues International Financial Reporting Standards (IFRS), and by the European Union (EU), which has issued Directives and Regulations on accounting and financial reporting The importance of American stock markets has meant that US generally accepted accounting principles (GAAP), the most detailed... practised or taught in Nigeria, Australia, France and Scotland and was editor or joint editor of Accounting and Business Research from 1975 to 1993 He was the British Accounting Association’s ‘Distinguished Academic of the Year’ in 1997, and the 2003 ‘Outstanding International Accounting Educator’ of the American Accounting Association Authors of other chapters Jan Buisman IFRS Senior Technical Partner for . the international dierences that remain. They also look at the special accounting problems of multinational companies. Comparative International Accounting. ••••• COMPARATIVE INTERNATIONAL ACCOUNTING TENTH EDITIONNobes ParkerCVR_NOBE4767_10_SE_CVR.indd 1 25/3/08 14:50:00 COMPARATIVE INTERNATIONAL ACCOUNTING CIA_A01.qxd
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