29 Jun Question 1. How does a multinational corporation diff
Question
1. How does a multinational corporation differ from a domestic firm involved in international business?
2. Explain the goal of harmonization of accounting systems.
3. Why is the availability of comparable accounting statements important to multinational firms?
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Chapter 9
4. Why will the formation of the European Union (EU) provide U.S. businesses with opportunities for growth?
5. An issue that affects comparability between multinational corporations is the treatment of transfer pricing. Provide a description of transfer pricing and discuss the problems it creates.
6. A Brazilian company has presented a set of financial statements to your client, a U.S. bank. The Brazilian firm is seeking help in financing a long-term lease. State three ways in which their statements will differ from the U.S. statements of which your client is familiar.
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Chapter 9
7. Describe some driving forces for the international development of accounting.
8. What are the two primary approaches to the harmonization of accounting standards? Which method would be more beneficial, and why?
9. A common method of taxation is the value added tax (VAT). Provide a description of how this tax is applied.
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Chapter 9
10. Given the political nature of accounting standards setting in the U.S., what approach would you suggest to convince a U.S. policy maker of the need for international standards?
11. U.S. accounting standards allow for several methods of accounting for similar transactions. In many other countries, only one method is allowed. Having discussed the variou
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