国际会计第七版英文版课后答案第二章可编辑修改word版.docx
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国际会计第七版英文版课后答案第二章可编辑修改word版.docx
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国际会计第七版英文版课后答案第二章可编辑修改word版
Chapter2DevelopmentandClassification
DiscussionQuestions
1.
a)Sourcesoffinance.Wherecapitalmarkets/shareholdersaretheprincipalsourceoffinance,accountingfocusesonprofitability,stewardship,andafairpresentationofresultsandfinancialposition.Therearehighlevelsofdisclosureinpublishedfinancialstatements.Whenbanksaretheprincipalsourceoffinance,accountingtendstobeconservativeanddisclosuresareusuallyrelativelylow(bankshavedirectaccesstoinformation).Whengovernmentsaretheprincipalsourceoffinance,accountingisaimedattheinformationneedsofgovernmentagenciessuchastaxcollection,assemblingmacroeconomicstatistics,orcompliancewithmacroeconomicgoals.
b)Legalsystem.Accountingincodelawcountriestendstobehighlyprescriptive,detailed,andprocedural,designedtocovereverypossiblecircumstance.Accountingstandardsareapartofnationallaws.Accountingincommonlawcountriesismoreadaptiveandinnovativeandtendstoallowmorejudgmenttosuitthecircumstance.Accountingstandardsaresetintheprivatesector.
c)Taxation.Thistendstoparallelthelegalsystem.Incommonlawcountries(whereaccountingstandardsaresetbytheaccountingprofession),accountingandtaxationareseparate.Incodelawcountries(whereaccountingstandardsarenationallaws),accountingandtaxationareessentiallythesame.
d)Politicalandeconomicties.Accountingtechnologyandexpertiseisimportedandexportedbasedonthecontactsthatnationshavewitheachotherthroughcommerce,conquest,etc.
e)Inflation.Historicalcostaccountingisthebasisforinitiallyrecordingtransactionsaroundtheworld.Inflationputsstressonthehistoricalcostprinciple.Whereinflationishigh,accountingadjustsrecordedamountstoreflectpricelevelchanges.
f)Levelofeconomicdevelopment.Thisfactordefinesthedifficultyandtypesoftheaccountingissuesthatarefacedinanation.Accountingiscomplexwherebusinesstransactionsarecomplex(inhighlydevelopedeconomies);itissimplerwheretransactionsaresimpler(inlessdevelopedcountries).
g)Educationlevels.Thisfactordefinesthelimitsofaccountingsophisticationinanation.Accountingcannotgetverysophisticatedwhereeducationlevelsarerelativelylow(unlessthecountryimportsaccountingtrainingoritscitizensaresentelsewhereforit).
2.Thetextlistssevenenvironmentalcircumstancesassertedtohavedirecteffectsonaccountingdevelopment.Wejudgmentallyrankthelistasfollows:
a.Sourcesoffinance
b.Legalsystem
c.Taxation
d.Politicalandeconomicties
e.Educationlevels
f.Inflation
g.Levelofeconomicdevelopment
Studentsmaywishtoalterthisrankingandjustifytheirown.Itshouldalsobepointedoutthattherankingsforcertaincountriesmaybequitedifferent.
Capitalmarketsasasourceoffinancearedrivingaccountingdevelopmenttoday.ThisphenomenonisthereasonwhytheEuropeanUniondecidedtoabandonitsowneffortatdevelopingEuropeanaccountingprinciplesandrequireIFRSforEUlistedcompanies.ItisbehindtheconvergencemovementdescribedinChapter8.Thechapterarguesthatthefairpresentationversuslegalcomplianceclassificationdescribesaccountingtodaybetterthantheonebasedonlegalsystem.Thisargumentisconsistentwithsourcesoffinanceasthedriverofaccountingdevelopmenttoday.
Levelofeconomicdevelopmentexertsonlyamoderateeffect.Thisisbecausedevelopingeconomiestendtoimportaccountingtechnologies(andtraining)fromdevelopedcountries.Forexample,manycountriesinemergingmarketeconomiesareadaptingsophisticatedWesternaccountingsystemsinordertoenhancetheirdevelopmentefforts.
3.Cultureunderliesinstitutionalandotherarrangementsinanationthatdirectlyaffectaccountingdevelopment.Individualism,powerdistance,anduncertaintyavoidancearelikelytobethemostimportantinfluences.Individualism,smallpowerdistance,andweakuncertaintyavoidancetendtobecorrelatedwithandfoundincommonlawcountrieswithfairpresentationaccounting.Thereisastrongaccountingprofession,accountantsrelyonprofessionaljudgment,andcapitalmarketsaretheprincipalsourceoffinance.
Collectivism,largepowerdistance,andstronguncertaintyavoidancetendtobecorrelatedwithandfoundincodelawcountrieswithlegalcomplianceaccounting.Theprofessionisrelativelyweak-accountingisinfluencedbylaw,instead.Accountingismoreconservativeandprescriptive,andbanksandgovernmentsaretheprincipalsourcesoffinance.
4.Thisquestioniscontroversialandthereisnoconsensusofopinionatpresent.However,asnotedintheanswertoquestion3,cultureexertsasecond-ordereffectonaccounting.Itunderliesinstitutionalandotherarrangementsinanationthatdirectlyaffectaccountingdevelopment.Wefeelthateconomicandlegalfactorsaremoreclearlylinkedtospecificfeaturesofaccounting,whereasculturalvariablesarelinkedtobroadergeneralizationsaboutaccounting.Thus,wearguethateconomicandlegalfactorsexplainnationaldifferencesinaccountingpracticebetterthanculture.
5.Generallyspeaking,thesepatternsofaccountingdevelopmentarestillvalidtoday,butlesssothanin1967.Thedescriptionsofaccountinginthechapterfortherespectiveexemplarcountriesarebroadlytrue.However,notethattheNetherlandsisreallytheonlycountrythatcanbedescribedbythemicroeconomicpattern.Therearealsoonlyafewcountriesthatfollowthemacroeconomicpattern.Theindependentdisciplineapproachisnotasadhocasitwasin1967.Mostofthesecountries(inparticular,theUnitedKingdomandUnitedStates)nowhaveconceptualframeworkstoguideaccountingpolicyformulation.Theuniformaccountingapproachislessrelevantasmoreandmorecountriesprivatizetheireconomies.
WeexpectthesepatternstobreakdowninthefutureasfinancialreportingconvergesaroundInternationalFinancialReportingStandards.Asdiscussedinthischapter,thetrendisforfairpresentationaccountingattheconsolidatedfinancialstatementlevel.Themacroeconomicandtheuniformapproacheswillpersistincertaincodelawcountriesattheindividualcompanyfinancialstatementlevel(forexample,fortaxcollectionpurposes).Themicroeconomicand
independentdisciplineapproacheshavealwaysbeenfairpresentationoriented.So,theywilllikelydisappearduetoconvergence,asdiscussedabove.
6.Conservativemeasurementsandsecretivedisclosurestendtobecorrelated.Atthesametime,lessemphasisonconservativemeasurementsandtransparentdisclosuresalsotendtobecorrelated.Thisislargelytoduetotheprincipalsourceoffinanceinacountry.Banksandgovernmentsareconcernedaboutthesafetynetthatconservatismaffords;andbecausetheytendtohavedirectaccesstoinformation,publicdisclosureislessimportant.Capitalmarketsdemandafairpresentationoffinancialpositionandresultsofoperationsalongwithhighlevelsofdisclosure
7.Classificationsareawayofviewingtheworld.Theyabstractfromcomplexityandrevealfundamentalcharacteristicsthatmembersofthegrouphaveincommonandthatdistinguishthevariousgroupsfromeachother.Classificationsprovidethebasicstructureforunderstandingwhatisalikeandwhatisdifferentinaccountingaroundtheworld.Byidentifyingsimilaritiesanddifferences,ourunderstandingofaccountingsystemsisimproved.
8.Judgmentalclassificationsrelyonknowledge,intuitionandexperience.Empiricallyderivedclassificationsapplystatisticalmethodstodatabasesofaccountingprinciplesandpracticesaroundtheworld.ThischapterdiscussesMueller’sfourapproachesinaccountingdevelopment(1967),whichisessentiallyajudgmentalclassificationofaccounting.Thefairpresentationversuslegalcomplianceclassificationandclassificationsbasedonlegalsystemsarealsojudgmental,thoughlargelysupportedbyempiricaldata.
9.Thechapterdiscussesthreemajoraccountingclassifications.ThefirstistheonebyMueller(1967):
∙Macroeconomicapproach,whereaccountingpracticeisdesignedtoenhancemacroeconomicgoals;
∙Microeconomicapproach,whereaccountingdevelopsfromtheprinciplesofmicroeconomics;
∙Independentdisciplineapproach,whereaccountingdevelopsfrombusinesspracticesbasedonjudgmentandtrial-and-error;and
∙Uniformapproach,whereaccountingisstandardizedsoitcanbeusedasatoolofadministrativecontrolbycentralgovernment.
Thesecondclassificationistheonebasedonlegalsystems,whichcloselyparallelsthethirdclassificationbasedonpracticesystems.Generallyspeaking,thefeaturesofcommonlawaccounting(legalsystem)arethosedescribedforfairpresentationaccounting(practicesystem).Thefeaturesofcodelawaccounting(legalsystem)arethosedescribedforlegalcomplianceaccounting(practicesystem).
Fairpresentation(commonlaw)emphasizessubstanceoverformandisorientedtowardthedecisionneedsofexternalinvestors.Thus,itiscapitalmarketsoriented.Financialstatementshelpinvestorsjudgemanagerialperformanceandpredictfuturecashflowsandprofitability.Extensivedisclosuresprovideadditionalrelevantinformationforthesepurposes
Legalcompliance(codelaw)accountingisdesignedtosatisfygovernment-imposedrequirementssuchascalculatingtaxableincomeorcomplyingwiththenationalgovernment’smacroeconomicplan.Theincomeamountmayalsobethebasisfordividendspaidtoshareholdersandbonuses
paidtoemployees.Conservativemeasurementsensurethatprudentamountsaredistributedandsmoothincomebringsstabletax,dividendandbonuspayouts.
Asnotedabove,fairpresentationaccountingisassoc
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