ACCT 324 International Accounting Assignment answer UAEU, UAE

This assignment example is the solution of the international accounting assignment in the course acct 324 of UAE University.

The primary objective of this course is to provide students with an appreciation of the variety of accounting systems prevalent worldwide and the extent, causes, and possible effects of the international diversity of financial accounting and reporting. Students get an overview of the main topics in international accounting and an introduction to the international dimensions of financial statement analysis.

Moreover, They will learn about differences in financial measurement and reporting practices that exist internationally, the reasons for these differences, their resultant financial statement effects, and methods that they can employ to cope with such differences.

Also, Students will learn about the international financial reporting standards (IFRS) movement and the implications of reading financial statements based on IFRS. However, the prerequisite of this course is to get a certificate with a minimum D-grade in course acct 245.

 

 

ACCT 324 International Accounting course learning outcomes

International accounting is a speciality within the entire discipline focused on using specific accounting standards that are as relevant in the United States as to when you are balancing the books of a company overseas.

If you are interested in working as an accounting professional and trying to choose a speciality or subset. Also, It is essential to learn how one differs from the other. After pursuing this course, students will be able to gain the knowledge of following aspects:

Analyze A Variety Of Foreign Financial Statements

For any financial professional, it is crucial to know how to effectively analyze the financial statements of a firm. Now, there are generally six steps to developing an effective analysis of foreign financial statements.

1. Identify the industry’s economic characteristics.
2. Identify company strategies.
3. Assess the quality of the firm’s financial statements.
4. Analyze current profitability and risk.
5. Prepare forecasted financial statements.
6. Value the firm.

Appreciate The Diversity Of Accounting Practices Worldwide

Diversity in accounting refers to differences in recording and using financial information.

Generally Accepted Accounting Principles and Standards

While accountants and bookkeepers train using various textbooks and educational philosophies, two agencies set the accounting standards used by these groups of financial professionals under the generally accepted accounting principles, also known as the GAAP.

Diversity Hierarchy

Accounting principles have a general hierarchy for bookkeepers and accountants. When the principles issued by the Federal Accounting Standards Advisory Board conflict with the printed standards of the American Institute of Certified Public Accountants, the FASAB standards take precedence for professional financial workers

International Diversity

Various national standards dominate accounting principles, and this makes reporting uniform financial statements impossible. Also, the main differences for American firms dealing with companies in the United Kingdom, Japan, and Canada include book-value earnings and accounting summaries.

 

 

Compare Financial Statements Prepared Under U.S. Gaap To Those Prepared Under Ifrs.

While GAAP and IFRS share many similarities, there are several contrasts beyond the regions in which they are being applied. Here are four key differences between GAAP and IFRS:

• The Balance Sheet- A Balance sheet is formatted vary in the US than in other countries. Under GAAP, current assets are listed first, while a sheet prepared under IFRS begins with non-current assets.
• Cash Flow Statement- GAAP prescribes that interest paid and interest received should be classified as operating activities, while international standards are a bit more flexible. Under IFRS, a firm can choose its policy to classify interest based on what it considers appropriate. Interest paid can be placed in either the operating or financing section of the cash flow statement, and interest received in the operating or investing sections.
• Asset Revaluation- GAAP and IFRS handle this ensuing rise in value differently. The rules of GAAP do not allow for an asset’s value to be written back up after it’s been impaired. However, IFRS standards permit that certain assets be evaluated up to their original cost and adjusted for depreciation.
• Inventory Valuation Methods- Under GAAP, in the US, all of these approaches to inventory valuation are permitted. While IFRS allows for the FIFO and weighted average methods to be used, but not LIFO.

Compare International Auditing And Corporate Governance.

An international audit is an autonomous, objective assurance and advising activity created to feature value and enhance an organization’s operations. While corporate governance is a method of guidance and control proposed to assure that the company’s management acts as per the interest of stakeholders.

Identify Differences In Financial Reporting Around The World.

1. Differences in the financial statements included in an annual report.
2. Format differences are used to present individual financial statements.
3. The difference in the level of detail provided in the financial statements.
4. Terminology differences.
5.  Disclosure differences.
6.  Recognition and measurement differences.
7.  Sources of finances
8.  The existing legal systems
9.  Link between accounting and taxation
10.  Cultural differences between societies.

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