International Accounting is the study of an entity reported as either a multinational company or an entity whose reporting obligations to stakeholders are located in a country other than that of the reporting entity. A detailed investigation on the convergence of US Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) serves as a foundation for this course.
Also discussed are the effects of financial reporting, international taxation, and international financial statement analysis on a multinational reporting entity. Employing and critiquing the use of global accounting and auditing standards will integrate the student’s existing skills with domestic accounting standards.
Learning Outcomes:
- Explain how international accounting differs from US accounting
- Appreciate the historical development of international accounting
- Identify several internal and external reporting issues that arise when business operations navigate national borders
- Explain the difference between “fair presentation” and “legal compliance” under the discipline of accounting and relate said concepts to corresponding countries
- Compare and contrast financial accounting systems for five of the highly developed economies of the European Union
- Relate International Reporting Standards (IFRS) to US Generally Accepted Accounting Principles (GAAP)
- Calculate international financial statement analysis for a multinational reporting entity
- Discriminate global accounting and auditing standards with that of domestic standards
