International accounting

Abstract

The International Accounting Standards Committee has published thirty-one general International Accounting Standards and works closely with the various national accounting bodies. This chapter focuses on contrasts between UK and US accounting. US accounting standards usually require all companies to follow the same approach, but in some areas UK standards allow alternatives. The chapter looks at different balance sheet formats, then at certain key differences in accounting practice and in terminology. In other countries, where many banks and other shareholders regard themselves as long-term investors, balance sheet soundness has been more important. The chapter explores at multinationals and their reporting of regional results. International trade and multinational businesses have expanded vastly during the second half of the twentieth century. As a result numerous multinational companies have emerged, each controlling many foreign enterprises. The chapter reviews the translation of foreign currencies into the reporting currency for accounting purposes.

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