QUESTION 1

a) Explain how international accounting differs from purely domestic accounting.

b) Discuss ONE (1) internal and ONE (1) external reporting issue that arise when business and investments transcend national borders.

QUESTION 2

Balance sheet and income statement formats vary from country to country. Identify and explain TWO (2) differences.

QUESTION 3

Analyze the national accounting practice of ANY TWO (2) countries below in aspects of reporting and disclosures practices in the companys annual report.

Peoples Republic of China

India

Japan

United Kingdom

QUESTION 4

Discuss the key rationales that SUPPORT AND AGAINST the development and widespread application of International Financial Reporting Standards.

QUESTION 5

The following issues addressed in analyzing ratios in an international setting:

a) Do cross-country differences in accounting principles cause significant variation in financial statement amounts of companies from different countries?

b) How do differences in local culture and economic and competitive conditions affect the interpretation of accounting measures and financial ratios, even if accounting measurements from different countries are restated to achieve accounting comparability

Provide your justification supported with 2 articles review for each question above