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GLOBALBUSINESSANDACCOUNTINGChapter
15LearningObjectiveLO1Todefinefourmechanisms
companiesusetoglobalize
theirbusinessactivities.GlobalizationOccursasmanagersbecomeawareofandengageincross-bordertradeandoperations.Ahighlevelofglobalizationisamultinationalenterprisethatbeginswithrawmaterialextractionandendswithfinalproductassemblyandsalesinmultipleforeignlocations.GlobalizationGlobalizationtypicallyprogressesthroughaseriesofstagesthatinclude:ExportingLicensingJointventuresWhollyownedsubsidiariesGlobalsourcing.LearningObjectiveLO2Toidentifyhowglobal
environmentalforces—
(a)politicalandlegalsystems,
(b)economicsystems,
(c)culture,and(d)technology
andinfrastructure—affect
accountingpractices.EnvironmentalForces
ShapingGlobalizationGlobalizationPoliticalandlegal
systemEconomic
systemCultureTechnologyand
infrastructureEnvironmentalForces
ShapingGlobalizationPlannedEconomy
GovernmentownsfactorsofproductionMarketEconomy
PeopleownsfactorsofproductionEnvironmentalForces
ShapingGlobalizationLearningObjectiveLO3Toexplainwhythereis
demandforharmonization
ofglobalfinancial
reportingstandards.HarmonizationofFinancialReportingStandardsTheInternationalAccountingStandardsBoard(IASB)hasasoneofitsstatedgoalstheharmonizationofaccountingstandards.Harmonizationisusedtodescribethestandardizationofaccountingmethodsandprinciplesusedindifferentcountriesthroughouttheworld.HarmonizationofFinancialReportingStandardsLearningObjectiveLO4Todemonstratehowto
convertanamount
ofmoneyfromone
currencytoanother.ForeignCurrencies
andExchangeRatesAnexchangerateistheamountitcoststopurchaseoneunitofcurrencywithanothercurrency.¥1,000,000×$0.00764=$7,640LearningObjectiveLO5Tocomputegainsorlosses
onreceivablesorpayables
thatarestatedina
foreigncurrencywhen
exchangeratesfluctuate.AccountingforTransactions
withForeignCompaniesOnJanuary1,2007,aU.S.companypurchasesequipmentfromanItaliancompanyfor€100,000.Theamountispayableinfullonthatdate.OnJanuary1,2007,theexchangerateis$0.97perEuro.U.S.companypurchases€100,000fromfinancialinstitution.AccountingforTransactions
withForeignCompaniesOnJanuary1,2007,aU.S.companypurchasesequipmentfromanItaliancompanyfor€100,000.TheamountispayableinfullonFebruary15,2007.OnJanuary1,2007,theexchangerateis$0.97perEuro.At1/31/07thespotexchangerateis€1=$0.96.On2/15/07,theexchangerateis€1=$0.98.AccountingforTransactions
withForeignCompaniesOnJanuary1,2007,aU.S.companypurchasesequipmentfromanItaliancompanyfor€100,000.TheamountispayableinfullonFebruary15,2007.OnJanuary1,2007,theexchangerateis$0.97perEuro.At1/31/07thespotexchangerateis€1=$0.96.On2/15/07,theexchangerateis€1=$0.98.AccountingforTransactions
withForeignCompaniesOnJanuary1,2007,aU.S.companypurchasesequipmentfromanItaliancompanyfor€100,000.TheamountispayableinfullonFebruary15,2007.OnJanuary1,2007,theexchangerateis$0.97perEuro.At1/31/07thespotexchangerateis€1=$0.96.On2/15/07,theexchangerateis€1=$0.98.LearningObjectiveLO6Todescribeseveral
techniquesfor
“hedging”againstlosses
fromfluctuations
inexchangerates.HedgingFairValueHedge
Anygainorlossisrecognizedcurrentlyinearnings.Ifthehedgeisonavailable-for-salesecurities,anygainorlossisreportedinothercomprehensiveincomeontheequitysectionofthebalancesheet.Futurecontractsaretherightto
receiveaspecifiedquantityof
foreigncurrencyatafuturedate.TranslationofForeignCurrencyFinancialStatementsThisisthefirstyearofoperationsfora100%ownedMexicansubsidiaryoftheU.S.enterprise,Matrix,Inc.TranslationofForeignCurrencyFinancialStatementsTranslationofForeignCurrencyFinancialStatementsIfdividendsarepaid,thetranslationisbasedonthehistoricalratewhenthedividendispaid.Thetranslatedendingretainedearningscarriesforwardtothenextaccountingperiod.TranslationofForeignCurrencyFinancialStatementsThetranslationadjustmentisreportedinothercomprehensiveincomeintheequitysectionofthebalancesheetLearningObjectiveLO7Todiscusshowglobal
sourcingincreases
productcostcomplexity.GlobalSourcingDifferencesinexchangeratesinmanydifferentcountriescancreatesignificantcomplexitiesforfirmspracticingglobalsourcing.Manycompaniesunderestimatethecostofglobalizingtheirbusinessoperationsbecausetheyarenotfamiliarwiththeenvironmentalcharacteristicspreviouslydiscussed.€¥£??Customs
dutiesImport
feesMulticountry
taxlawsTax
treatiesLearningObjectiveLO8Toexplaintheimportance
oftheForeignCorrupt
PracticesAct.
Inmanycountriesaroundtheworld,briberyispartofdoingbusiness.Inmanycountries,thisofficiallysanctionedcorruptionisnotviewedaswrongorunethical.However,U.S.-basedbusinessesareprohibitedfrominfluencepeddling.TheIMFandWorldBankinstitutedpoliciestocutofffundingtocountriesignoringcorruptpractices.ForeignCorruptPracticesActEthics,Fraud,and
Corporate
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