International Accounting

The introductory chapter covers the definition and importance of international accounting, factors responsible for internationalisation of accounting, and reasons for studying the subject international accounting. It also covers the step-by-step process of financial reporting.

In chapter 2, the topics like elements which impacted the development of accounting principles and concepts, comparative patterns of development of accounting and development of corporate disclosure are discussed.

In chapter 3, the present status of the global movement of convergence of accounting standards and the position of India in this perspective are discussed. It also covers the overview of IFRS Standards. Here, ‘IFRS’ stands for ‘International Financial Reporting Standards’.

In the next chapter, formation, composition, and functioning, etc., of 12 international accounting organisations responsible for issuing IFRS Standards, International Standards on Auditing, etc., are discussed.

In the next chapter, aspects of international financial statement and business value analyses are discussed.
In the next chapter, different aspects of segment reporting and ‘IFRS 8 – Operating Segments’ are discussed.

In the next chapter, different aspects of foreign currency translation and ‘IAS 21 – The Effects of Changes in Foreign Exchange Rates’ are discussed. Here, ‘IAS’ stands for ‘International Accounting Standards’.
In the next chapter, different aspects of inflation accounting and ‘IAS 29 – Financial Reporting in Hyperinflationary Economies’ are discussed.

In the next chapter, the topic ‘ Corporate Social Responsibility Report’ is covered in detail and also reference of the website of a renowned corporate body of India is provided for accessing its corporate social responsibility report, and business responsibility and sustainability report.

In the next chapter, different aspects of sustainability report and the concept of sustainable capitalism are discussed. The latest development in this area, i.e., the formation of ‘International Sustainability Standards Board’ by the ‘IFRS Foundation’ for the purpose of issuance of ‘IFRS Sustainability Disclosure Standards’ has also been covered.

In the next chapter, the topics international operating budgeting and international capital budgeting have been discussed in detail.

Then, the consolidation of financial statements has been discussed along with ‘IFRS 10 – Consolidated Financial Statements’.

In the next chapter, different issues involved in international transfer pricing, like efficient international transfer pricing system, arm’s length price, advance pricing agreement, safe harbour, objectives and methods or techniques of international transfer pricing have been discussed.

In the last chapter, different aspects of international taxation, like its basic concepts, major taxes at the international level, double taxation, tax treaties, and the ‘OECD/G20 Base Erosion and Profit Shifting Project – 2015 Final Report’ have been discussed.

 

Contents –

1. Introduction
2. Development of Accounting
3. Convergence
4. International Accounting Organisations
5. International Financial Statement Analysis
6. Segment Reporting
7. Translation of Foreign Currency
8. Inflation Accounting
9. Corporate Social Responsibility Report
10. International Sustainability Standards
11. International Budgeting
12. Consolidation of Accounts
13. International Transfer Pricing
14. International Taxation
References