Đề thi, bài tập trắc nghiệm online Kế toán quốc tế – Đề 2

Cultural differences can significantly impact the interpretation and application of accounting standards. Different cultures may have varying levels of emphasis on rules versus principles, conservatism, and transparency, leading to inconsistent accounting practices even under the same set of standards like IFRS.

International accounting is becoming increasingly important due to globalization, increased cross-border investments, and the rise of multinational corporations. Decreased international trade would actually lessen the importance of international accounting, making option 4 the incorrect reason.

The IASB is an independent, private sector body that works to develop and approve International Financial Reporting Standards (IFRS). Its main goal is to bring transparency, accountability and efficiency to financial markets around the world.

Under IFRS (IAS 21), assets and liabilities in a foreign currency balance sheet are translated at the closing exchange rate at the end of the reporting period to reflect their current value in the presentation currency.

Strong corporate governance is vital in international accounting as it promotes transparency, accountability, and ethical conduct. It enhances the reliability of financial reporting, which is crucial for attracting international investors and maintaining confidence in global capital markets.

Functional currency, as per IAS 21, is defined as the currency of the primary economic environment in which the entity operates. This is often the currency that mainly influences sales prices, labor, and material costs.

Under IFRS 8, a reportable segment is an operating segment or aggregation of operating segments that meets specific quantitative thresholds. These thresholds are based on revenue, profit or loss, or assets, and are designed to identify significant parts of a company's business that should be separately disclosed to provide useful information to users of financial statements.

A significant difference between IFRS and US GAAP is the permissibility of the LIFO inventory costing method. US GAAP allows LIFO, while IFRS prohibits its use. Both standards permit FIFO and Weighted-Average methods.

Translation exposure or accounting exposure arises when a company consolidates the financial statements of its foreign subsidiaries. Changes in exchange rates between the functional currency of the subsidiary and the presentation currency of the parent can lead to gains or losses in the consolidated financial statements during the translation process.

Goodwill, in business acquisitions, represents the excess of the purchase price over the fair value of net identifiable assets acquired. Under IFRS 3, goodwill is not amortized but is tested for impairment at least annually.

Transfer pricing refers to the pricing of transactions between related entities within a multinational corporation. These transactions can involve goods, services, intellectual property, or financing.

Consolidation is the process of combining the financial statements of a parent company and its subsidiaries to present them as a single economic entity. This provides a comprehensive view of the group's financial performance and position.

International accounting, particularly through the adoption of standards like IFRS, contributes significantly to global economic integration. By establishing a more uniform and comparable framework for financial reporting across countries, it reduces information asymmetry, facilitates cross-border investment, and promotes international trade and capital flows.

Hyperinflationary accounting (IAS 29) refers to the specific accounting procedures required when an economy experiences hyperinflation. This involves restating financial statements to reflect current purchasing power to provide meaningful financial information.

Hedge accounting under IFRS 9 aims to reflect the risk management activities of an entity in its financial statements. For foreign currency risk, it allows companies to match the recognition of gains and losses from hedging instruments (like forward contracts) with the gains and losses on the hedged items (like foreign currency receivables), reducing earnings volatility.

International Standards on Auditing (ISAs) are a set of professional standards for auditing financial information. Issued by the IAASB, they aim to harmonize auditing practices globally, enhancing the quality and consistency of audits across different countries.

Under IFRS (IAS 21), revenue transactions in a foreign currency are translated at the exchange rate prevailing at the date of the transaction. For practical reasons, if transactions occur frequently during a period, an average exchange rate for that period can be used.

IFRS aims to establish a globally accepted set of accounting standards. This enhances the comparability of financial statements across different countries, benefiting investors and other stakeholders by providing a common language for financial reporting.

Deferred tax assets and liabilities arise from temporary differences between the carrying amount of assets and liabilities in the financial statements and their tax bases. These differences result in taxable or deductible amounts in future periods when the carrying amount of the asset or liability is recovered or settled.

Harmonization of accounting standards aims to reduce the differences between accounting standards used in different countries, making financial statements more comparable internationally. It does not necessarily mean making all standards completely identical, but rather increasing their compatibility.

Differences in accounting practices across countries arise from various factors including legal and regulatory frameworks, cultural values, and stages of economic development. Universal accounting software, while promoting consistency in processing, does not eliminate fundamental differences in accounting standards and practices.

Purchase price allocation (PPA) is a crucial step in accounting for business combinations under IFRS 3. It involves allocating the purchase price paid by the acquirer to the identifiable assets acquired and liabilities assumed in the acquisition, based on their fair values at the acquisition date. Any remaining amount is recognized as goodwill.

While tax minimization is a business objective, aggressively setting transfer prices solely to shift profits to low-tax jurisdictions can be considered an ethical issue. This can be seen as tax avoidance and can deprive high-tax countries of their fair share of tax revenue.

Economic exposure or operating exposure refers to the impact of exchange rate fluctuations on a company's long-term cash flows and overall profitability. It arises from the effect of exchange rate changes on a company's competitive position, sales volume, and input costs over time.

While IFRS offers many benefits, a potential disadvantage is the cost associated with its adoption. Companies may incur significant expenses for implementation, system changes, and training personnel to comply with the new standards. This can be a particular concern for smaller entities.

Segment reporting (IFRS 8) requires companies to disclose financial information about their different operating segments and geographical areas. This is important for investors and other stakeholders to understand the performance and risks of different parts of a diversified company.

The temporal method (under US GAAP, similar to the remeasurement process under IFRS) is used when the foreign subsidiary's functional currency is the same as the parent's reporting currency. It aims to preserve the measurement bases of the original currency in the reporting currency.

The arm's length principle is a fundamental concept in transfer pricing. It requires that transactions between related parties should be priced as if they were conducted between unrelated parties in an open market. This principle aims to prevent artificial shifting of profits to reduce taxes.

The current rate method, as per IAS 21, is used to translate the financial statements of foreign operations into the presentation currency. It uses the closing exchange rate for assets and liabilities and the exchange rates at the dates of transactions (or average rate) for income and expenses.

Transaction gains or losses arise from fluctuations in exchange rates between the date a foreign currency transaction occurs and the date it is settled. This change in exchange rates impacts the domestic currency value of the transaction.