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1、国际会计试卷3一以及Definition (名词解释:Each of the following for 3 points, total 12 points)1. Foreign exchange exposure夕卜7匚风险2. Forward contract期盅契约 远期合同3. An indirect foreign currency quote 间接外汇报价4. International Accounting国际会计二以及Single choice question (单项选择题：Each of the following question for 2 points, total
2、10 points)1. Which of the following is not an environmental factor affecting accounting? 以下哪一个不是环境因素影响会计吗？A.Level of enforcement of regulationsB. Nature of capital marketsC.Type of legal systemD. LanguageE.Level of inflation2. Which of the following does not affect a country，s financial accounting o
3、rientation?下列哪项不影响一个国家的财务会计取向？A.The level of inflation.B. Political and economic ties with other countries.C.Status of the accounting profession.D. Quality of accounting education.E. All of the above affect a countrys financial accounting orientation.3. Current proponents of harmonizing accounting s
4、tandards globally are 目前全球 协调的支持者会计准则A. Investors.B. Multinational companies.C. The securities industry and stock exchanges.D. Developing countries.E. All of the above.4. The currency in which the parent company prepares its financial statements is the货币的母公司8的财务报表A. base currency.B.functional curren
5、cy.C. historical currency.D. reporting currency.E. None of them5. Under the monetary/non-monetary method of foreign currency translation, depreciation expense is translated at the:货币/非货币性方法下的外币翻译以及 折旧费用是)：A.Current rateB. Weighted average rateC.Historical rateD.spot rateE. None of the above三以及Multip
6、le choice questions (多项选择题：Each of the following question for3 points, total 15 points)1. Major Challenges Facing Accounting Globally 会计所面临的挑战主要全球 A. GlobalHarmonizationB. Quality of Financial Reporting in Developed and Emerging EconomicsC. Social and Environmental ReportingD. Financial Reporting in
7、 the High Technology EraE. Review of Selected Classification Studies2. Interaction between Accounting and its Environment mainly includes the fowl lowing aspects:会计和它的环境的相互作用主要体现在fowl lowing方面：A. Nature of Capital Markets and Type of Reporting Regimeinvestor company has rights?Major problems arise i
8、n the context of joint-ventures in countries with centrally-planned economies (ie. China and Russia) where accounting has a very different purpose (means of centralized control) than accounting in western countries. Differences have also arisen in the approach taken (receipts and payments approach v
9、s. accruals approach), asset valuation, depreciation, treatment of liabilities, and the use of fund accounting for a variety of purposes. Most of the problems associated with accounting for joint-ventures involve coordinating different cultural and accounting traditions in a way that resolves issues
10、 relating to financial control, the measurement of profit, and the valuation of joint-venture investments.C. Why did Australian companies such as News Corporation strongly oppose the accounting rules contained within IAS 38:沏e Asse/s?为什么澳大利亚公氤如新闻集团强烈反对会计规则包含在IAS 2000,35:无形资产？Media corporations such
11、as New Corporation argued strongly that IAS 38, which requires systematic amortisation of finite life identifiable intangible assets (no requirement similar to this existed in Australia prior to the adoption of IAS 38), fails to reflect economic reality. The reason given is that, since many of these
12、 assets (e.g., television licences, newspaper mastheads) convey monopoly rights to future cash flows, they do not diminish in value over time if properly managed. As a result, these companies argued that adoption of IAS 38 in Australia would significantly reduce total assets and total profits for th
13、ese companies below what were their true values. In addition, under IAS 38, intangibles can not be stated at re-valued amounts unless the asset is traded on an “active market”. No active market will exist for television licences or newspaper mastheads. This is an additional way in which IAS 38 chang
14、es accounting practices traditionally used by media companies in Australia.D. Why is accounting for identifiable intangible assets an important issue for developing countries?为什么辨认无形资产占为发展中国家的一个重要问题吗？As developing countries, including the emerging economies of Russia, Eastern Europe and China, priva
15、tize state-owned corporations and become more market-oriented economies, so has the issue of intangibles become more important. The reason for this is that valuations need to be placed on businesses that incorporate intangibles such as R&D, brand names and market know how in a context where there is
16、 a significant lack of information available upon which to base the necessary judgments. In addition, there is a shortage of skilled and qualified practising accountants in these countries who can determine and audit reported intangible asset values.E. Why do you think developing countries such as P
17、akistan and Malaysia made the policy decision to adopt the full set of IASB standards wholesale as their own set of national standards rather than develop their own set internally?你为什么认为发达国家，像巴基斯 坦和马来西亚决策的采用全套国际会计准则理事会标准批发为自己的国家标准，而 不是发展自己内部吗？One important reason is that these countries would regard
18、 adopting the IASB set of standards completely as their national standards as cost-beneficial because it saves them the cost and time required to develop their own accounting standard-setting bodies and processes internally. They may also feel that there is a shortage of skilled local accountants wh
19、o can provide thought input into the accounting standards deliberation process.Another reason is that these countries are hoping that full adoption of IASB will signal to international investors and MNEs that reporting quality in the country is high. As a result, investment funds flows into the coun
20、try are more likely to be maximised. In this respect, full adoption of IASBs is likely to be a “public relations exercise to a certain degree.Lastly, an interesting point is that Pakistan and Malaysia are both Islamic countries. Islam prohibits the use of debt financing. In Pakistan, non-Islamic for
21、ms of banking have been outlawed since 1992, whilst in Malaysia Western and Islamic banking exist side by side. The “time value of money concept and discounting procedure arguably have no place within Islamic societies. By contrast, many of the IFRS standards incorporate discounting concepts (Hamid
22、et al., 1993; Deegan, 2000). Islamic students might be able to add further interesting comment and opinion on this issue.QUESTION 6(20 Marks)Discuss the most important advantages and disadvantages of Australias full adoption of the IASB set of accounting standards from 1 January 2005. Please include
23、 at least three (3) arguments for both sides. Rate each argument out of ten (10) based on your own personal opinion as to its merit.讨论最重要的优点和缺点全面接纳的澳大利亚的国际会计准则理事会的会计准则从 2005年1月1日起。请至少应包括三(3)赞成双方的立场。率的各个论据十(10),可以根据自 己的个人的意见对其优点。Advantages (8 marks): - Enhanced comparability and understand-ability of
24、 reports.- May lower the cost of capital, especially given that Australias capital market is small by world standards and the nation is a “price-taker”.- Will allow easy listing for companies already listed on the LSE. IASB standards acceptable on both ASX and LSE.- Cheaper arrangement because the c
25、ost of maintaining a local standard setting apparatus is reduced.- Reduces costs and burdens upon MNEs because they can use only one basis for reporting.- More politically acceptable to the Australian Federal Government because futureAustralian corporate failures can be blamed on poor accounting sta
26、ndards issued by a non-Australian body.Disadvantages (8 marks): Australian accounting standards perceived as high quality by many neutral observers. Australia should be more than a “rubber stamp“ fbr IASB standards.- Some local issues may not be covered by international rules or there may be interpr
27、etation and applicability issues.- The US remains the worlds largest capital market and the New York Stock Exchange presently does not accept accounts prepared according to IASB unless accompanied by a reconciliation to US GAAP.- The hurried move to IASB has been viewed by some as a political move b
28、y the Australian Federal Government because future Australian corporate failures can be blamed on poor accounting standards issued by a non-Australian bodyAny reasonable attempt by the student to assign a mark out of ten to these advantages and disadvantages, if accompanied by logical reasoning, can
29、 be awarded 4 marks.QUESTION 7(7+7 + 6 = 20 Marks)A. Critically evaluate the alleged advantages of mandated segment disclosures. Include in your answer the most important results from predictive ability and stock market research 所谓的主要评估的优点段授权披露。包括在您的回答从最重要的结果的预测能力和 股票市场研究Predictive ability (forecast
30、ing) tests and stock market reaction tests have been performed to determine the benefits of LOB and geographic segmental information. These methods have been used to help avoid the problems of ignorance and gaming in the context of user surveys.Segmental reporting helps users to better forecast the
31、performance of and evaluate the risk associated with an entity. Predictive ability studies (reviewed in Radebaugh and Gray, 2002, ch. 8) have all concluded that forecasts are more accurate if they are based on LOB segmental data rather than consolidated earnings. Recent earnings-prediction studies a
32、lso indicate that forecasts based on geographical segmental disclosures are more accurate than those based on consolidated earnings (e.g., Roberts, 1990 and Balakrishnan, Harris and Sen, 1990, as discussed in Radebaugh and Gray, 2002, p. 199). In addition, stock market studies indicate that disclosu
33、re of both LOB and geographical segment data results in a decrease in market assessments of risk of the disclosing corporation.B. Outline some of the major issues that have arisen in the real world concerning the content and presentation of segment disclosures.略述的重点问题,在现实世界中出现了关于具 体内容和形式披露。A number
34、of problems arise in auditing and verifying disclosed segmental information. Particular problems involve common cost allocations, intra-group transfers, and transfer pricing. Another major problem is determining whether the identified segments are reasonable. A lack of guidance in identifying segmen
35、ts in most countries implies that corporations can manipulate disclosures to present the best possible picture of their operations. While this lack of guidance allows MNEs to provide more relevant disclosures that are specific to their operations, it also decreases comparability among corporations.C
36、. If risks of operating in a certain foreign country are very high, do you think that segment disclosure for operations in that country should be mandatory, even if the assets involved comprise only (say) 5% of total assets for the company?如巢风险某一外国操作非常高, 你认为段披露在那个国家的行动应该是强制性的，即使资产包括涉及只(说)5%的总 资产公司吗？
37、In principle, it could be argued that segment data about Mexico should be reported if the risks are high and there is a good chance of a loss. However, this generalization may warrant qualification according to the materiality of the assets at stake. How should materiality be determined? This is arb
38、itrary although percentages up to 10% are often considered not material in practice. If the amount is considered significant, irrespective of the percentage, then disclosure would seem appropriate.QUESTION 8 (5+ 5 + 5 + 5 = 20 Marks)Answer four (4) of the following:A. In May 2000, Nissan announced t
39、hat it would close some factories in Japan and shift some of its production operations to the United States. What type of foreign exchange is Nissan trying to protect itself from? Explain fully. Discuss the advantages and disadvantages of using forward contracts to hedge sales to the United States a
40、s opposed to shifting production operations there.在2000年5月，日产宣布，它将被关闭一些工厂在日 本和将部分的经营飞往美国的航班的阴谋。什么类型的外汇日产试图保护自己免受 吗?详细说明的。讨论分析其优劣利弊使用远期合约对冲销售到美国作为反对把生产 转移业务。The pros are that forward contracts can be used to hedge foreign sales in a way that will create profits from the transactions. Having the funds
41、 be in the home country currency permits greater corporate control and flexibility. The cons are that forward contracts cost money and are always easy to construct to match numerous transactions or forecasted activities. If the company chooses not to perfectly hedge, then additional risk exposure oc
42、curs. Generally, larger firms like Nissan have other objectives than foreign exchange risk affecting the decision. The decision to locate production in other countries requires an evaluation of all applicable factors. It is unlikely that FX should be the driving factor because of the ability to hedg
43、e a significant portion of FX risk.B. If there are potential foreign exchange losses from receivables and payables being denominated in a foreign currency, why dont firms just demand that all receivables and payables be denominated in their own currency?如果有潜在的外汇损失从应收及应付 被以外币，为什么不公司只是要求各种应收及应付被以自己的货币
44、？For every buyer, there is a seller. One party in the transaction will have to make an exchange of currency. Generally, institutional factors and market power impact on the denomination of transactions. So, in other words, very often a company does not have the power or ability to demand that their
45、receivables and payables be denominated in their own currency. It depends on the influence of their currency globally. A US company, for example, is more likely to have a higher proportion of its receivables and payables denominated in its home currency than is a Jordanian or Peruvian company.C. Exp
46、lain the current cost system adopted voluntarily by Philips (The Netherlands). What was their stated justification for reverting back to historical cost in their published 1992 accounts? Do you feel that this choice was justified?解释现有成本自愿系统采用飞利 浦(荷兰)。他们宣称的理由是什么恢复在他们回到历史成本1992年出版的帐号?你觉 得这的选择是正确的吗？Phi
47、lips uses current values with a gearing adjustment to reflect the benefits accruing from financing assets from loan rather than equity capital. Replacement values are generally used to determine current values, although the net realizable value is used in certain instances. Standard costs are determ
48、ined at the beginning of the year for inventory, and indices are developed to account for price changes during the year. Current values are determined by the purchasing department and the engineering departments for fixed assets, and indices are used to update these values. The effect of current val
49、ue changes should show up in the income statement as a higher cost of goods sold (as a result of increases in inventory prices) and higher depreciation expense. However, the fall in inventoiy prices coupled with the favourable effect of the gearing and other adjustments tended to boost Philips9 profits in a somewhat misleading way in the late 1980*s early 1990s.The reasons given by Philips for reverting to