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Contributors | |
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Preface | |
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Setting the Scene | |
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Introduction | |
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Contents | |
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Objectives | |
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Differences in financial reporting | |
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The global environment of accounting | |
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The nature and growth of MNEs | |
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Comparative and international aspects of accounting | |
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Structure of this book | |
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Summary | |
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References | |
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Useful websites | |
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Questions | |
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Causes and examples of international differences | |
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Contents | |
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Objectives | |
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Introduction | |
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Culture | |
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Legal systems | |
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Providers of finance | |
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Taxation | |
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Other external influences | |
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The profession | |
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Conclusion on the causes of international differences | |
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Some examples of differences | |
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Summary | |
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References | |
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Further reading | |
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Questions | |
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International classification of financial reporting | |
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Contents | |
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Objectives | |
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Introduction | |
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The nature of classification | |
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Classifications by social scientists | |
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Classifications in accounting | |
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Extrinsic classifications | |
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Intrinsic classifications: 1970s and 1980s | |
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Developments related to the Nobes classification | |
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Further intrinsic classification | |
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Is there an Anglo-Saxon group? | |
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A taxonomy of accounting classifications | |
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Summary | |
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References | |
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Questions | |
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International harmonization | |
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Contents | |
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Objectives | |
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Introduction | |
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Reasons for, obstacles to and measurement of harmonization | |
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The International Accounting Standards Committee | |
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Other international bodies | |
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The International Accounting Standards Board | |
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Summary | |
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References | |
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Useful websites | |
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Questions | |
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Financial Reporting | |
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The context of financial reporting | |
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Contents | |
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Objectives | |
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Introduction | |
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IFRS in the EU | |
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Adoption of, and convergence with, IFRS | |
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Foreign listing and foreign investing | |
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Reconciliations from national rules to US GAAP and IFRS | |
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High-level IFRS/US differences | |
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Reconciliations from IFRS to US GAAP | |
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Convergence of IFRS and US GAAP | |
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Summary | |
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References | |
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Useful websites | |
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Questions | |
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The requirements of International Financial Reporting Standards | |
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Contents | |
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Objectives | |
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Introduction | |
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The conceptual framework and some basic standards | |
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Assets | |
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Liabilities | |
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Group accounting | |
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Disclosures | |
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Summary | |
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References | |
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Further reading | |
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Useful websites | |
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Questions | |
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An outline of the content of International Financial Reporting Standards | |
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Financial reporting in the United States | |
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Contents | |
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Objectives | |
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Introduction | |
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Regulatory framework | |
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Accounting standard-setters | |
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The conceptual framework | |
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Contents of annual reports | |
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Accounting principles | |
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Consolidation | |
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Audit | |
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Differences from IFRS | |
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Summary | |
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References | |
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Further reading | |
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Useful websites | |
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Questions | |
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Enforcement of Financial Reporting Standards | |
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Contents | |
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Objectives | |
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Introduction | |
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Modes and models of enforcement | |
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United States | |
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European Union | |
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Australia | |
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Summary | |
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References | |
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Useful websites | |
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Questions | |
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Political lobbying on Accounting Standards - national and international experience | |
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Contents | |
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Objectives | |
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Introduction | |
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Motivations for political lobbying | |
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Political lobbying up to 1990 | |
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US political lobbying from 1990 | |
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Political lobbying of the IASC/IASB | |
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Preparer attempts to control the accounting standard-setter | |
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Political lobbying of the FASB's convergence with the IASB | |
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Some concluding remarks | |
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Summary | |
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References | |
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Useful websites | |
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Questions | |
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Harmonization and Transition in Europe and East Asia | |
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Harmonization and transition in Europe | |
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Contents | |
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Objectives | |
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Introduction | |
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Harmonization within the European Union | |
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Transition in Central and Eastern Europe | |
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Poland | |
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Summary | |
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References | |
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Useful websites | |
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Questions | |
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Harmonization and transition in East Asia | |
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Contents | |
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Objectives | |
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Introduction | |
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Japan | |
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China | |
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Summary | |
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References | |
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Further reading | |
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Useful websites | |
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Questions | |
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Financial Reporting | |
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The context of financial reporting | |
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Contents | |
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Objectives | |
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Introduction | |
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Outline of differences between national rules and IFRS or US GAAP | |
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The survival of national rules | |
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Financial reporting, tax and distribution | |
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Special rules for small or unlisted companies | |
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Summary | |
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References | |
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Useful websites | |
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Questions | |
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Making accounting rules for non-listed business enterprises in Europe | |
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Contents | |
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Objectives | |
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Introduction | |
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Who makes accounting rules? | |
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Which business enterprises are subject to accounting rules? | |
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Summary | |
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References | |
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Further reading | |
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Useful websites | |
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Questions | |
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Contents of the Plan comptable general | |
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Financial accounting chart of accounts | |
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Accounting rules and practices of individual companies in Europe | |
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Contents | |
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Objectives | |
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Introduction | |
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France | |
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Germany | |
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United Kingdom | |
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Summary | |
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References | |
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Further reading | |
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Useful websites | |
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Questions | |
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Formats for French financial statements | |
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Formats for German financial statements | |
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Formats for British financial statements | |
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Major Issues in the Financial Reporting of MNEs | |
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Key financial reporting topics | |
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Contents | |
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Objectives | |
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Introduction | |
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Recognition of intangible assets | |
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Asset measurement | |
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Financial instruments | |
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Provisions | |
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Employee benefits | |
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Deferred tax | |
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Revenue recognition | |
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Summary | |
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References | |
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Questions | |
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Consolidation | |
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Contents | |
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Objectives | |
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Introduction | |
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Rate of adoption | |
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The concept of a 'group' | |
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Harmonization from the 1970s onwards | |
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Definitions of group companies | |
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Publication requirements and practices | |
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Techniques of consolidation | |
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Summary | |
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References | |
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Further reading | |
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Questions | |
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Foreign currency translation | |
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Contents | |
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Objectives | |
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Introduction | |
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Translation of transactions | |
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Introduction to the translation of financial statements | |
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The US initiative | |
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The temporal method versus the closing rate method | |
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FAS 52 | |
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IAS 21 | |
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Translation of the income statement | |
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Accounting for translation gains and losses | |
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Research findings | |
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An alternative to exchange rates? | |
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Summary | |
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References | |
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Further reading | |
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Questions | |
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Segment reporting | |
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Contents | |
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Objectives | |
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What is segment reporting? | |
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The need for segment information | |
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Disclosure regulations | |
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Problems of segment identification | |
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Evidence on the benefits of segment reporting | |
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Summary | |
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References | |
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Questions | |
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Analysis and Management Issues | |
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International financial analysis | |
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Contents | |
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Objectives | |
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Introduction | |
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Understanding differences in accounting | |
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Disclosure practices in international financial reporting | |
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Interpreting financial statements | |
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Financial analysis and the capital market | |
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Summary | |
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References | |
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Questions | |
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International auditing | |
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Contents | |
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Objectives | |
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Introduction | |
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Reasons for the internationalization of auditing | |
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Promulgating international standards | |
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The international audit process | |
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Summary | |
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References | |
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Further reading | |
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Useful websites | |
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Questions | |
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International aspects of corporate income taxes | |
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Contents | |
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Objectives | |
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Introduction | |
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Tax bases | |
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International tax planning | |
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Transfer pricing | |
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Tax systems | |
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Harmonization | |
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Summary | |
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References | |
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Further reading | |
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Useful websites | |
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Questions | |
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Managerial accounting | |
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Contents | |
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Objectives | |
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Introduction | |
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The balanced scorecard as an overview tool | |
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Currency and control | |
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Variances and foreign exchange | |
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Culture and management accounting | |
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Control and performance | |
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Looking forward | |
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Summary | |
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References | |
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Questions | |
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Glossary of abbreviations | |
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Suggested answers to some of the end of chapter questions | |
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Author index | |
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Subject index | |