International Accounting

The year 2011 will be a milestone in the history of global standard setting, when nearly 150 countries would adopt international standards for financial reporting to be issued by the International Accounting Standards Board (IASB). This extensively revised, fully updated, second edition includes a wide range of topics with a view to examining the increased challenges that will be faced by academicians, accounting and management professionals in the globally converging dynamic environment of accounting standards expected around 2011.

The book is primarily intended as a text for postgraduate students of management (MBA) specialising in accounting and finance, postgraduate students of commerce (M.Com), financial studies, and international business (MIB). In addition, this text will be useful for professional courses offered by institutes such as the Institute of Chartered Accountants (ICAI), the Institute of Cost and Works Accountants (ICWAI) and the Institute of Chartered Financial Analysts (ICFAI).

Distinctive Features
The text is supported by numerous problems and case studies.

Comparative financial practices in selected countries are examined.

The impact of global convergence of accounting practices on MNCs, accounting and finance professionals and academicians has been dealt with in a separate chapter.

The chapter on Business Combinations and Consolidations examines the impact of the revised standard issued in 2007–2008, which dramatically changes the 50-year old method of accounting for mergers.

Problems of transfer pricing for tangibles, intangibles, services and cost sharing arrangements have been analysed in detail.

Upcoming issues relating to accounting for financial derivatives, harmful global tax practices such as tax havens, preferential tax regimes and double tax avoidance conventions have been accorded detailed coverage.

The knotty problems of foreign currency translations, international financial reporting, foreign exchange risk management, and performance evaluation of multinational firms are treated in separate chapters.