Course Description
Issues commonly faced by the international accountant and a comparison of international and U.S. accounting standards. Topics include reconciling differences between international and U.S. financial statements, international accounting diversity, auditing, taxation, transfer pricing, and foreign currency issues.
Athena Title
International Accounting
Prerequisite
ACCT 2102 or ACCT 2102H or ACCT 2102E
Semester Course Offered
Not offered on a regular basis.
Grading System
A - F (Traditional)
Course Objectives
By the end of this course, students should have learned: 1. the major differences between U.S. and international accounting standards and how to reconcile differences between the two when comparing financial statements; 2. the economic, historical, and cultural reasons behind the diversity in global accounting practice; 3. how to translate and compare financial statements for entities transacting in multiple currencies; 4. issues faced in auditing and regulating a multinational firm; 5. basic principles about taxation and tax-avoidance strategies for the multinational firm or U.S. individuals working abroad.
Topical Outline
1. Course introduction 2. Evolution of the multinational corporation 3. Global accounting diversity 4. The influence of culture on accounting 5. Comparison of international and U.S. accounting standards 6. Analysis of foreign financial statements 7. Foreign currency transactions 8. Translation of foreign currency financial statements 9. Auditing the multinational firm 10. Foreign Corrupt Practices Act 11. Taxation for the multination firm (or individual) 12. Transfer pricing