Questions from International Accounting

Q: Ninsuvaan Corporation, a U.S. subsidiary in Bangkok,

Ninsuvaan Corporation, a U.S. subsidiary in Bangkok, Thailand, begins and ends its calendar year with an inventory balance of BHT500 million. The dollar/baht exchange rate on January 1 was $0.02 = BHT...

Q: Doosan Enterprises, a U.S. subsidiary domiciled in South

Doosan Enterprises, a U.S. subsidiary domiciled in South Korea, accounts for its inventories on a FIFO basis. The company translates its inventories to dollars at the current rate. Year-end inventorie...

Q: The year-end balance sheet of Helsinki Corporation, a wholly

The year-end balance sheet of Helsinki Corporation, a wholly owned British affiliate in Finland, is reproduced here. Relevant exchange rate and inflation information is also provided. Exchange rate...

Q: Petro China Company Limited (Petro China) was established as a

Petro China Company Limited (Petro China) was established as a joint stock company under the company law of the People’s Republic of China in 1999 as part of the restructuring of China National Petrol...

Q: Sir David Tweedie, chairman of the International Accounting Standards Board,

Sir David Tweedie, chairman of the International Accounting Standards Board, is quoted as saying that the IASB and the FASB will eventually merge. “U.S. standards and ours will become so close that it...

Q: What are the key rationales that support the development and widespread application

What are the key rationales that support the development and widespread application of International Financial Reporting Standards?

Q: What are the key rationales against the development and widespread application of

What are the key rationales against the development and widespread application of International Financial Reporting Standards?

Q: Does the geographic pattern of merchandise exports contained in Exhibit 1-

Does the geographic pattern of merchandise exports contained in Exhibit 1-2 correlate well with the pattern of AKZO Nobel’s geographic distribution of sales shown in Exhibit 1-3? Wha...

Q: What evidence is there that International Financial Reporting Standards are becoming widely

What evidence is there that International Financial Reporting Standards are becoming widely accepted around the world? Do you believe that worldwide convergence of accounting standards will end invest...

Q: Describe the structure of the International Accounting Standards Board and how it

Describe the structure of the International Accounting Standards Board and how it sets International Financial Reporting Standards.