Questions and Answers of International Accounting

If you owned some listed shares that had just doubled in value, would you say that you had gained and were better off than before?
‘There is usually no problem with the valuation of receivables because it is clear how much is legally owed to an entity’. Discuss.
What is the definition of a fixed (or non-current) asset? Why is this difficult to use in the context of investments and why does that matter?
What uses of the word ‘reserve’ might be found in practice in various parts of the world?
Distinguish between debt capital and equity capital and suggest which is likely to be favoured by a company raising finance in a high-taxation environment.
How might a company seek to raise extra finance in ways other than issuing new debt or equity securities?
Under which country’s national accounting system is there the closest link between accounting and tax?A. Norway.B. Denmark.C. Germany.D. The UK.
In most countries, interest expense is:A. Taxable.B. Not tax-deductible.C. Tax-deductible.D. Not relevant for tax.
Deferred tax under IAS 12 can best be described as:A. Tax bills due after more than one year.B. Amounts only likely to be paid when the company ceases to operate.C. Tax implied by asset and liability
Deferred tax assets should only be recognized:A. If they do not exceed deferred tax liabilities.B. If they are recoverable beyond reasonable doubt.C. If there will probably be sufficient taxable
On 31 December 20X1, an entity is carrying an asset in its balance sheet at a value of :6 million (:10 million cost less :4 million accumulated depreciation). Up to this date the entity has been able
An entity recognizes a liability for £2 million in respect of accrued product warranty costs. For tax purposes, the product warranty costs will be deductible when the entity claims or incurs the
A company has a group of non-current assets that are summarized in its accounting records as shown in Table 12.6.For tax purposes the asset balance brought forward on 1 January of year 1 is
In Activity 12.A, the balance on the deferred tax liability account is growing every year over the five-year period and, if tax conditions remain stable and annual investment continues to rise, then
Explain the concept of a ‘temporary difference’ in the context of IASB rules. Why is it thought necessary to account for deferred tax on these differences?
Under IFRS, a cash flow statement is:A. Optional.B. Compulsory for listed companies only.C. Not required.D. Compulsory.
Under IAS 7, a cash flow statement focuses on changes in:A. Cash.B. Net current assets.C. Current assets.D. Cash and cash equivalents.
Which of the following is unlikely to be treated as an operating cash flow?A. Cash payments for contracts held for dealing or trading purposes.B. Cash payments to acquire interests in joint
Cash flows arising from dividends received and paid should be classified:A. In a consistent manner from period to period and disclosed separately.B. As operating activities and disclosed
Which of the following is unlikely to be treated as a financing cash flow?A. Cash receipts from the sale of debt of another entity.B. Cash receipts from issuing equity instruments.C. Cash payments by
In a cash flow statement, which one of the following might appear as an investing cash inflow?A. Revaluation of plant, property and equipment.B. Profit on the disposal of plant, property and
Which of the following should be excluded from the cash flow statement?A. The acquisition of long-term assets by signing a finance lease.B. The conversion of debt to equity.C. The issue of shares to
The trends in global corporate reporting refer to corporate reporting, comprising a wide range of developments in accounting, corporate governance and auditing. What factors drive the trends towards
What are the main elements of an accounting system within the broader field of corporate reporting?
What are the benefits and limitations of the dominance of the English language in studying and researching global corporate reporting?
What are the approaches used by interest groups and organisations seeking to establish global acceptance of their proposals for standards or guidelines relating to corporate reporting?
What challenges are made to the idea of harmonising or standardising global corporate reporting?
How might the type of political and economic system of a country influence the regulation of accounting?
How does the presence of a code law legal system have a different effect on accounting regulation and practice when compared with the presence of a common law legal system?
How do tax rules affect accounting rules and practice in some countries?
How might the patterns of equity ownership in a country affect accounting regulation and practice?
How might the size and nature of the accounting profession of a country influence the accounting regulatory system?
How might the religious institutions of a country affect accounting regulation and practice?
How has the exporting or imposition of accounting regulations and practice influenced subsequent accounting developments in a country?
Discuss how researchers have investigated the effect of institutional structures on accounting principles and practices.
How do the cultural dimensions identified either by Hofstede or by Schwartz provide an understanding of the beliefs and values of a particular country?
How does national culture relate to business structures?
How are the accounting values identified by Gray related to cultural values as expressed by Hofstede?
Discuss the view that culture should have an effect on accounting rules and practice.
Describe the research question, research method and data sources of a research paper which has used these accounting values and cultural dimensions, and assess the significance of such research.
Why might users of accounts be interested in classifications of accounting systems?
What types of factors have been used as classificatory variables in deductive classifications? Give an example of the use of each type of factor. What kinds of data sources may be used in inductive
What are the advantages and limitations of using (a) discrete classifications;(b) continuous variables; (c) multidimensional mapping; (d) cluster analysis;(e) factor analysis; and (f) hierarchical
What evidence is there that the results of classifying countries will be different if different concepts of an accounting system are considered? (For example, to what extent might the groups be
Which concepts or definitions of an accounting system are likely to be the hardest to classify? Why?
Discuss the advantages and limitations of using concentration indices to compare accounting choices in different countries.
How could a researcher apply the comparability index in a research project to evaluate the transition from national GAAP to IFRS Standards?
How does Basu’s model of conditional conservatism relate to what is described as ‘unconditional conservatism’ in accounting choices?
How have researchers used timely recognition of losses as a representation of relative conditional conservatism across different countries?
What kinds of comparative research question may be answered using content analysis?
What are the benefits and limitations of using computer-based analysis of words in comparing narrative reports?
How does the IFRS Foundation establish the independence of the IASB in setting accounting standards?
Is the process for issuing a standard sufficient to ensure that all interested parties are consulted? What are the benefits and potential limitations of the process?
How is the IASB working to address major challenges in the development of future standards?
How does the work of IFAC develop components of accounting systems beyond the work of the IASB in setting accounting standards?
How does academic research add to our understanding of the application of IFRS?
What are the main institutions involved in setting legislation in the EU?
What are the levels of legislation that are encountered in matters of financial reporting?
What discretion over accounting legislation is available to national standard setters in member states?
How does ESMA support national regulators in enforcing the application of IFRS?
How does the work of André (2017) and colleagues contribute to comparative study of accounting in the EU?
How does the G20 influence international standard setting in accounting and auditing?
How effectively does the International Integrated Reporting Council achieve its stated mission?
How does IESBA support the development of high-quality ethical standards worldwide?
What are the features of mutual support that are common across the different regional groups of accountancy professions?
How do researchers investigate the effectiveness of the integrated reporting initiative?
What are the levels of differentiation for which full IFRS appear to be over-burdensome?
What steps have been taken in the EU to provide lighter accounting regulation for micro-entities?
What are the institutional features that appear to have delayed the implementation of IFRS in India?
How do social and political influences affect alignment with IFRS?
What is the distinction between accruals accounting and cash accounting?
What are the challenges to introducing EPSAS across all member states of the EU?
How do the research examples provided in each section give further insight into the effectiveness of the influence of IFRS?
What are the explanations given for slow progress towards full acceptance of ISAs?
Should professional accountancy bodies play any part in providing assurance about the quality of audit?
What is meant by the audit expectations gap, and how might it be bridged?
Why is concentration in the audit market a matter for concern?
How may the perceived benefits of joint audit be investigated?
How do the OECD Principles encourage disclosure and transparency internationally?
What tensions may arise if a shareholder-centric model is imposed on a stakeholder-focused society?
What particular issues may arise for emerging economies in adopting a code of corporate governance?
Discuss the benefits and limitations of a ‘comply or explain’ approach to enforcement.
What future directions may be interesting for comparative studies in corporate governance?
Discuss the nature and significance of the MD&A report by US listed companies.
What types of information would you expect to find in the management report of an EU listed company?
How effective are the purpose and status of the IASB Management commentary?
What problems may be encountered in making a comparative study of remuneration reports?
How should a researcher approach comparative study of narrative reports within one country where some listed companies have dual listing on another national exchange?
How have researchers collected and analysed data for qualitative studies of narrative reporting? What contributions have been made?
Discuss the influence of the GRI on the content of annual corporate reports.
How is the work of the Task Force on Climate-related Financial Disclosures contributing to sustainability?
How do the AccountAbility standards support audit of CSR information?
How are investors helped by market ratings of CSR performance?
What questions are raised by researchers over the effectiveness of CSR reporting initiatives, and what solutions do academic commentators offer?
How do surveys help as a source of information on CSR reporting?
Discuss possible causes for the issues in group accounting where similarities exist, and those where differences remain, between IFRS Standards and US GAAP.
Compare the accounting issues that arise in reporting goodwill and impairment under IFRS Standards and US GAAP and discuss the justification for any differences.
Compare how associates and joint ventures are reported by the investing company under IFRS Standards and US GAAP and discuss the advantages of both using the same approach.
Discuss the similarities and differences between IFRS Standards and US GAAP in accounting for foreign currency translation and hyperinflation.
Discuss the issues of definition and measurement raised by fair value accounting.

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