国际会计第七版英文版课后答案第八章.docx

国际会计第七版英文版课后答案第八章.docx

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国际会计第七版英文版课后答案第八章

Chapter8

GlobalAccountingandAuditingStandards

DiscussionQuestions

1.Argumentformeasurement:

∙Discrepanciesininternationalmeasurementmayproduceaccountingamountsthatarevastlydifferent（evenwherefinancialtransactionsandpositionareidentical）,leadingtoincorrectcomparisons.Hereitdoesn’tmatterwhatisdisclosed;noreliablecomparisonsarepossibleanyway.

Argumentsfordisclosure:

∙Ifcompaniesdonotdisclosecompleteinformation,theycanhidelossesorfutureproblemsfromfinancialstatementusers.Forexample,lossescanbehiddenbyoffsettingthemagainstgains.Expectedfutureproblemsrelatedtolosscontingenciescanbehiddensimplybynotdisclosingthem.Thus,ifdisclosureisincomplete,eventheapplicationofsimilarmeasurementprincipleswillleadtoincorrectcomparisons.

Clearly,internationalaccountingconvergencerequiresthatbothmeasurementanddisclosurebemadecomparable.

2.ThetermconvergenceisassociatedwiththeInternationalAccountingStandardsBoard.BeforetheIASB,harmonizationwasthecommonlyusedterm.Harmonizationmeansthatstandardsarecompatible;theydonotcontainconflicts.Harmonizationwasgenerallytakentomeantheeliminationofdifferencesinexistingaccountingstandards,inotherwords,findingacommongroundamongexistingstandards.Convergencemeansthegradualeliminationofdifferencesinnationalandinternationalaccountingstandards.Thus,thetermsharmonizationandconvergencearecloselyaligned.However,convergencemightalsoinvolvecomingupwithanewaccountingtreatmentnotinanycurrentstandards.

3.a.Reciprocity,ormutualrecognition,existswhenregulatorsoutsideofthehomecountryacceptaforeignfirm’sfinancialstatementsbasedonthehomecountry’sprinciples,orperhapsIFRS.Forexample,theLondonStockExchangeacceptsU.S.GAAP-basedfinancialstatementsinfilingsmadebynon-U.K.foreigncompanies.Reciprocitydoesnotincreasecross-countrycomparabilityoffinancialstatements,anditcancreateanunlevelplayingfieldinthatforeigncompaniesmaybeallowedtoapplystandardsthatarelessrigorousthanthoseusedbydomesticcompanies.

b.Withreconciliation,foreignfirmscanpreparefinancialstatementsusingtheaccountingstandardsoftheirhomecountryorIFRS,butalsomustprovideareconciliationbetweenaccountingmeasures（suchasnetincomeandshareholders’equity）ofthehomecountryandthecountrywherethefinancialstatementsarebeingfiled.Reconciliationsarelesscostlythanpreparingafullsetoffinancialstatementsunderadifferentsetofaccountingprinciples,butprovideonlyasummary,notthefullpictureoftheenterprise.

c.Internationalstandardsarearesultofeitherinternationalorpoliticalagreement,orvoluntary（orprofessionallyencouraged）compliance.Whenaccountingstandardsareappliedthroughpolitical,legal,orregulatoryprocedures,statutoryrulestypicallygoverntheprocess.Allotherinternationalstandardseffortsinaccountingarevoluntaryinnature.

4.KeyrationalessupportingthedevelopmentandwidespreadapplicationofIFRSinclude:

a.Agrowingbodyofevidenceindicatesthatthegoalofinternationalconvergenceofaccounting,disclosureandauditinghasbeenwidelyaccepted.

b.Alldimensionsofaccountingarebecomingconvergedworldwide.

c.IncreasingnumbersofhighlycredibleorganizationsstronglysupportthegoalsoftheIASB.

d.Nationaldifferencesintheunderlyingfactorsthatleadtovariationinaccounting,disclosure,andauditingpracticesarenarrowingascapitalandproductmarketsbecomemoreinternational.

e.Internationalstandardswillimprovethecomparabilityofinternationalfinancialinformation.

f.Timeandmoneywillbesavedoninternationalconsolidations,thecomponentsofwhichnowaresubjecttodifferentnationallawsandpractices.

g.Theremaybeatendencyforaccountingstandardsthroughouttheworldtoberaisedtothehighestpossiblelevel.

h.WidespreadapplicationofIFRSmightalsoresultin:

∙Improvedmanagerialdecisionmakingwithinmultinationalenterprises.

∙Improvedallocationsofcorporateinvestmentmoneyworldwide.

∙Betterinternationalunderstandabilityoffinancialstatements.

∙Costreductionsinaccountinginformationprocessingandfinancialdisclosurecostsformultinationalenterprises.

∙Greaterinternationalcredibilityforpublishedfinancialstatements.

5.KeyrationalesagainstthedevelopmentandwidespreadapplicationofIFRSinclude:

a.Accountinghasbuilt-inflexibility.Itsabilitytoadapttowidelydifferentsituationsisoneofitsmostimportantfeatures.Criticsdoubtthatinternationalstandardscanbeflexibleenoughtohandledifferencesinnationalbackgrounds,traditions,andeconomicenvironments,andmaybeapoliticallyunacceptablechallengetosovereignty.

b.Itisclaimedthatinternationalaccountingstandardsettingisatacticofthelargeinternationalaccountingservicefirmstoexpandtheirmarketshare.

c.Internationalstandardsmaycreatestandardsoverloadforcompaniesthatdobusinessinternationally.

d.Nationalpoliticalconcernsfrequentlyintrudeonaccountingstandards.Internationalpoliticalinfluenceswouldcompromiseinternationalaccountingstandards.

e.Internationalstandardsarenotsuitableforsmallandmedium-sizedcompanies,particularlyunlistedoneswithnopublicaccountability.

f.Risksofmisinformation—uniformstandardsmaygivetheappearanceofsimilaritieswheninfactcountriesandcompaniesmaybehighlydissimilar.

g.PoliticalcostsofthenecessaryinternationaltreatiesonfinancialaccountingandreportingwhichwouldhavetobenegotiatedtoenforcetheuseofIFRS.

6.EvidenceindicatingwideacceptanceofIFRSaroundtheworld:

a.GrowingnumbersofcompaniesareadoptingIFRSvoluntarilyandrefertotheiruseofIFRSintheirannualreports.

b.DozensofcountriesbasetheirnationalaccountingstandardsonIFRS.

c.Some7,000EUlistedcompaniesnowuseIFRSintheirconsolidatedfinancialstatements.

d.Manyinternationalorganizations,suchasIOSCO,endorsetheuseofIFRS.

e.IFRSareusedasaninternationalbenchmarkinmanymajorindustrializedcountries.

f.IFRSareacceptedbymanystockexchangesandsecuritiesregulators.

g.IFRSarerecognizedbytheEuropeanCommission（EC）andothersupranationalbodies.

h.NorwalkAgreementcommittedFASBandIASBtoconvergence.

7.TheInternationalAccountingStandardsBoardisoverseenbytheInternationalAccountingStandardsCommittee,consistingof22trustees:

sixfromNorthAmerica,sixfromEurope,sixfromtheAsia-Pacificregion,andfourfromanyarea.ThetrusteesappointthemembersoftheIASB.TheIASBreceivesadvicefromtheStandardsAdvisoryCouncilonitsagendaandpriorities.TheSACconsistsofaround30membersappointedbytheIASCtrusteesandtheyrepresentadiversityofgeographicandprofessionalbackgrounds.

TheIASBconsistsof14members,12full-timeandtwopart-time.Itfollowsadueprocessinsettingaccountingstandards.Foreachstandard,theboardnormallypublishesadiscussionpaperthatsetsoutthevariouspossiblerequirementsforthestandardandtheargumentsforandagainsteachone.Later,theboardpublishesanexposuredraftforpubliccomment,anditthenexaminestheargumentsputforwardinthecommentprocess.Afinalstandardisissuedwhennineofthe14boardmembershavevotedinitsfavor.

8.AccountingharmonizationintheEUisjustoneelementoftheoverallprojectofharmonizingthelegalandeconomicsystemsofthememberstates,andispartoftheprocessofharmonizingcompanylaw.

TheFourthDirectiveillustratestheconceptofharmonization,andspecifiesaccountingmeasurement（valuation）anddisclosurerequirements.Itprovidesformatrulesforthebalancesheetandtheprofitandlossaccount.Thetrueandfairviewistheoverridingrequirementandholdsforfootnotedisclosuresaswellasthefinancialstatements.TheFourthDirectivealsosetsouttherequirementsforfinancialstatementaudits.

TheSeventhDirectiveaddressesconsolidatedfinancialstatements.Itrequiresconsolidationsforgroupsofcompaniesaboveacertainsize,specifiesdisclosuresandnotes,andrequiresadirectors’report.Whenitwasissuedin1983,consolidatedfinancialstatementsweretheexceptionratherthantheruleinEurope.

TheEighthDirectiveaddressedvariousaspectsofthequalificationsofprofessionalsauthorizedtocarryoutlegallyrequired（statutory）audits.NowreferredtoastheStatutoryAuditDirective,itwassubstantiallyamendedin2006.Thenewdirectivetightensoversightoftheauditprofessionandhasstandardsfor,amongotherpoints,auditorappointmentandrotation,andcontinuingprofessionaleducation.

TheEUabandoneditsapproachtoharmonizationtoonefavoringtheIASBforpracticalandpoliticalreasons.TheFourthandSeventhDirectiveswereincompleteandessentiallyremainedastheywereissued.Improvementstothemproveddifficulttoachieveandthedirectivesdidnotachievethecomparabilityexpected.SomesawasetofEurope-widestandardsasanunnecessaryredundancygiventheemergenceofcomprehensiveIFRS.OtherssawU.S.GAAPasarivaltoIFRS.TheEUcannotinfluenceU.S.GAAP,butcaninfluenceIFRS.ByputtingitsweightbehindtheIASB,theEUcouldserveasacounterweighttoU.S.GAAP.

9.Internationalaccountingharmonization/convergenceshouldaddressmany,ifnotmost,investorconcernsaboutcross-nationaldifferencesinaccountingpractices.Thekeyissuehereiscomparability–investorswanttomake“applestoapples”comparisonsoffinancialstatementsofcompaniesfromcoun