{"id":32354,"date":"2017-07-04T08:00:59","date_gmt":"2017-07-04T00:00:59","guid":{"rendered":"https:\/\/zahiraccounting.com\/en-my\/?p=32354"},"modified":"2017-07-05T09:25:34","modified_gmt":"2017-07-05T01:25:34","slug":"what-is-international-accounting","status":"publish","type":"post","link":"https:\/\/zahiraccounting.com\/en-my\/32354-what-is-international-accounting.html","title":{"rendered":"What Is International Accounting?"},"content":{"rendered":"

\"What<\/a><\/p>\n

International accounting is an accounting used for cross transactions among countries, comparing the accounting principles in different countries as well as harmonization of accounting standards across the world. At present or now days, the development has increased rapidly. In general, there are three (3) definitions :<\/p>\n

    \n
  1. The concept of parent-foreign subsidiary accounting. This concept recognizes the international accounting only as the consolidation process between a holding company and its branch office in different countries.<\/li>\n
  2. The comparative concept or international accounting that focuses on the effort to learn and understand the accounting differences in different countries. This concept includes the accounting differences recognition and reporting practices, accounting principles recognition and practices in each country, as well as the ability to know those differences affect in financial reporting.<\/li>\n
  3. Universal or world accounting is a concept which includes the \u00a0applicable concepts, theories, and accounting principles in all countries.<\/li>\n<\/ol>\n

    According to Belkaoui (1985) the existence of different purposes, standards, policies, and accounting techniques are the result of:<\/p>\n

    – Cultural relativism<\/p>\n

    – Language relativism<\/p>\n

    – Political and civic relativism<\/p>\n

    – Economic and population relativism<\/p>\n

    – Legal and tax relativism<\/p>\n

    The five determinants mentioned above will influence the reporting system in each country, resulting the differences among countries. This is the base of the need for international accounting. To solve this problem Mueller (1976) proposes three proposals, which are:<\/p>\n

    1. Each company prepares primary and secondary financial reports<\/p>\n

    2.Single-Domicile reporting, means that financial statements are prepared according to the company’s domicile standard<\/p>\n

    3.Financial reports are prepared according to the international standards.<\/p>\n

    The universal accounting concept has an enormous scope in which it directs international accounting to the formula and study of a widely accepted set of accounting principles. Thus it will produce an international accounting principles standards. The basis of international accounting is to guide it towards the national differences in accounting that include:<\/p>\n

    a.The awareness of international diversity in corporate accounting and reporting practices.<\/p>\n

    b. Understanding of accounting principles and practices in each country<\/p>\n

    c. Ability to assess the impact of various accounting practices on financial reporting.<\/p>\n

    The existence of a new paradigm in international accounting also broaden the framework and provide new ideas of \u00a0international accounting.<\/p>\n","protected":false},"excerpt":{"rendered":"

    International accounting is an accounting used for cross transactions among countries, comparing the accounting principles in different countries as well […]<\/p>\n","protected":false},"author":11,"featured_media":32382,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[35],"tags":[40,141],"yoast_head":"\nWhat Is International Accounting? | Zahir Malaysia Blog<\/title>\n<meta name=\"description\" content=\"The existence of a new paradigm in international accounting also broaden the framework and provide new ideas of \u00a0international accounting.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/zahiraccounting.com\/en-my\/32354-what-is-international-accounting.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Is International Accounting? 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