The international economic scenario has changed over the past few years. The reason for this change is the advancement of technology and especially information technology. The accounting requirement for businesses has also changed due to this change. …
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The accounting requirement for businesses has also changed due to this change. Demands of stakeholders have changed when it comes to information. This is because stakeholders are also becoming global. Single investors holds portfolio of investments in many different regions of the world. Similarly companies invest in many different nations, thus the demand for accounting regulations has totally changed since the last few years. International Economy Online stock exchanges provide excess to capital to organizations from different areas of the world. A very good example would be NASDAQ allowing American firms to raise capital from as far away as Brunei. Another major reason of change in the global regulatory scenario has been the recent economic meltdown. The global economic meltdown is perceived as not only a failure of organizations ability to regulate them but also a failure of regulations and regulatory bodies. Therefore organizations are forced to look for markets beyond their home countries (Europe and USA) to alternate investment and capital sources. Thus in many ways the financial crisis is also forcing organizations to go more global. With going global comes the challenge of tackling many different financial systems and regulatory bodies. ...
FASB is an American body credited with the formulation of GAAP i.e. Generally Accepted Accounting Principles. Differences The FASB is operating in a highly litigious environment and thus the GAAP are formulated to suit this environment. This is the very reason that GAAP is a more comprehensive and detailed accounting standard. This would seem a positive aspect of any accounting standard but in reality it becomes a lot difficult to implement or understand GAAP. Moreover for organizations working outside the United States it becomes even more difficult to understand the GAAP as it is closely linked with American Legal system. Similarly IASB is responsible for the formulation of IFRS (International Financial Reporting Standards). As the name suggests, as compared to GAAP, IFRS are simply standards rather than principles. Although apparently minor in nature, this difference totally redefines the IASB standards. This is because IFRS are more taken as more a set of broader guidelines rather than hard-core principles. For many years there has been a competition for dominance amongst the two reporting bodies. This race has already been won by IFRS. The structure of IFRS allows more internationally different regulatory bodies to adopt and adapt them. Thus allow them to address their own specific need and still remain understandable to users and evaluators. Therefore globally IFRS has become the global reporting standards. Emerging markets, underdeveloped economies and developed economies have all shifted to IFRS. The Unites States is also gradually shifting from GAAP to IFRS. The gradual process started with US companies being allowed to report in IFRS as per their discretion. Moreover the AICPA has announced that a gradual process would be
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According to the research findings joining any economic institution can have both positive and negative consequences but the key is to be aware of these and work diplomatically to create win-win situations. Considering that EU has agreed to help Ireland in recovering from the recent financial crisis it appears important to remain a member of the EU.
Despite these drawbacks, United States continues to have one of the highest growth rates in healthcare spending amongst all developed countries as it spends more per capita as compared to other countries (Kaiser, Web). This raises the important issue of how the nation will manage to meet the cost of rigorous standards of healthcare it has visualized for its citizens in the immediate future.
Year foreign debt in USD (million) 1975 8,443 1976 10,520 1977 12,649 1978 14,823 1979 20,287 1980 27,170 1981 32,433 1982 37,083 1983 40,378 1984 43,053 1985 46,762 1986 44,510 The study states that the period of 1973 to 1978 reflected a scenario of increase in debt, difficulties in the economy as well as recovery.
The area of the study of international business includes the economic policies, political systems, labor standards, environmental standards, corporate cultures, foreign exchange markets etc. This project tries to explore the above factors in the two countries, Singapore and Hong Kong for conducting international businesses.
For example, in case of textiles, if a new industry is set up, it would have to bear the costs of setting its processes. All the old companies have been well established and have managed to cover initial costs, thus they can charge a lower price than the new company for better quality.
t of which, the rate of unemployment, poverty and illiteracy enhanced that declined the living standards and life style of the citizens to a certain extent among others. Due to which the image and reputation of the nation declines that hinders its reliability among other
Primarily the focus is stressed on the proximate causes that ignited and spurred up the economic downturn. In the subsequent step, endeavors made by the US government in the stabilizing mechanism of the economy is explained with particular emphasis on the role of President, Congress, Secretary of the State, and Treasury Secretary in order to abolish the adverse consequences on the economy.
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