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Essay / Research Paper Abstract
This 8-page paper answers various questions about international accounting and new financial statement formats. Bibliography lists 7 sources.
Page Count:
8 pages (~225 words per page)
File: AS43_MTinactque.doc
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Unformatted sample text from the term paper:
either follow their own accounting rules, or they may have a variation of the International Financial Reporting Standards. There is, however, little doubt that there would be differences in reporting
between US GAAP and a country in sub-Sahara Africa. The question we need to ask, however, is how wed learn what types of accounting treatments are being used in some
of these third-world countries. Would organizations such as the World Trade Organization, the Organization for Economic Co-Operation and Development, the International, Monetary
Fund, the Economist Intelligence Unit, the World Bank, Country Watch and the CIA World Factbook could help? To an extent, yes. Most
of these organizations provide solid information about third-world economies and information such as GDP, sovereign debt, loans, exports and so on. The World Trade Organization provides updates about international treaties
of these third-world countries, while the CIA World Factbook delves into other areas such as specific economies (whether state-run or free market) and types of legal systems (not to mention
types of governments, which can also be used to help determine accounting procedures). However, when it comes to specific accounting procedures, these sources
arent really very helpful, namely because they focus more on economies and economics, rather than hard-and-fast accounting rules. While the IMF can provide information about how much money is being
lent to Zimbabwe, it cant tell us what the accounting rules might be. As such, the advice to such a company would be to study what some of the larger
accounting companies have researched in these areas. Or, for the specific case of Zimbabwe, a trip to the Institute of Chartered Accountants in Zimbabwe website might be in order. There,
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