1. Accounting is a branch of applied economics and provides information about business and financial transactions to users to facilitate resources allocation decisions. What distinguishes international accounting?
2. The importance of international accounting is growing. Within financial innovations, risk management is a key area. List three concerns that are critical for effective risk management.
3. What country in the Americas has the world’s largest emerging equity market?
4. Eight factors that have had an influence on accounting have been presented in both Week 1 and again in Week 3. Select one factor and in 75 words or less present your understanding of the factor and give one example of its effect on accounting.
5. What organization did the International Accounting Standards Board (IASB) replace?
6. How many trustees are currently on the IASB and what geographic areas do they represent?
7. TRUE or FALSE:US GAAP reconciliation is required in foreign issuer’s filings with the SEC.
8. What is the Norwalk Agreement?
9. List the types of differences between IFRS and US GAAP.
10. Although US public companies are not currently required to adopt IFRS, the IFRS affects US businesses in multiple ways. Companies will be affected at different times and to a different degree, depending on size, industry… geographic makeup, M&A activity and global expansion. List the three main challenges or impacts that merit companies’ attention.
11. What is the greatest difference between IFRS and U.S. GAAPwhen discussing inventory?
12. Preparation is key to unlocking the benefits of automation in the finance function; robotic process automation (RPA) could save hours per year for an organization. What are the three recommended business tips before introducing RPA?
13. Companies need to improve their governance practices and reporting in order to demonstrate their positive impact on the economy and wide society according to a report what which country’s financial reporting council? Also, what did the report find in terms of the focus?
14. What is currency depreciation and where does it have thegreatest consequences?