Sec Problems of Foreign Issuers
Date
2014-09-26
Authors
Chiang, Eric
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Finance
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University of Hawaii at Manoa
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Just as the laws and customs of nations all over the world differ in many respects from those in the United States, so also are there differences in accounting principles, auditing standards and procedures, and reporting practices all over the world. Financial statements prepared by a foreign corporation more than likely differ in many respects from financial statements prepared by a United States corporation. Not only are the statements different in their form and content, but there also may be significant differences in the accounting principles underlying their preparation. These are some of the areas in accounting with respect to which conflicting—and sometimes contradictory—views are held throughout the world: Certain methods of accounting for inventories are accepted in some countries and rejected in others. The LIFO method, which is permitted in the United States, is not accepted in some other nations. Conversely arbitrary write-downs of inventory which are acceptable in some countries would not be permitted in the United States.
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248 pages
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