Introduction to International Accounting | International Accounting Course | CPA Exam FAR
Channel: Farhat Lectures. The # 1 CPA & Accounting Courses
Date: 2019-06-05

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The word international in international accounting can be defined at three different levels.1 At the first level, international accounting can be viewed as the study of the standards, guidelines, and rules of accounting, auditing, and taxation that exist within each country as well as comparison of those items across countries. Examples would be cross-country comparisons of rules related to the financial reporting of property, plant, and equipment; income and other tax rates; and the requirements for becoming a member of the national accounting profession.

At the second level is supranational accounting, which denotes standards, guidelines, and rules of financial reporting, auditing, and taxation issued by supranational organizations. page 2Such organizations include the International Accounting Standards Board (IASB), the International Federation of Accountants (IFAC), and the Organization for Economic Cooperation and Development (OECD).

At the third level, the company level, international accounting can be viewed in terms of the accounting standards, guidelines, and practices that a company follows that are specifically related to its international business activities and foreign investments. These would include standards for accounting for transactions denominated in a foreign currency, tax rules related to international transfer pricing, and techniques for evaluating the performance of foreign operations.

Clearly, international accounting encompasses an enormous amount of territory—both geographically and topically. It is not feasible or desirable to cover the entire discipline in one course. This book is designed to be used in a course that provides an overview of the broadly defined area of international accounting, including certain supranational guidelines, but that focuses on the accounting issues related to international business activities and foreign investments. In other words, this book focuses on international accounting issues at the company level that are specifically relevant to multinational corporations

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