英语翻译1、Examples of external reporting issues include:a.Does t

英语翻译1、Examples of external reporting issues include:a.Does translation from one set of measurement rules to another change the information content of the original message?b.Should accounts of foreign operations be translated to parent currency when consolidated statements are prepared?c.Which exchange rates should be employed when translating from one currency to another?Examples of internal reporting issues include:a.Which exchange rates should be used for budgeting purposes?b.Should foreign managers be evaluated in terms of parent currency or the local currency of the country in which the manager operates?c.Which prices should one use when transferring goods or services between members of the multinational enterprise- cost,market,cost-plus or some other metric?2、Conservative measurements and secretive disclosures tend to be correlated.At the same time,less emphasis on conservative measurements and transparent disclosures also tend to be correlated.This is largely to due to the principal source of finance in a country.Banks and governments are concerned about the safety net that conservatism affords; and because they tend to have direct access to information,public disclosure is less important.Capital markets demand a fair presentation of financial position and results of operations along with high levels of disclosure3、Consolidated financial statements are the statements of a group of companies under common management or control.Individual company financial statements are the statements of the separate legal entities (parent and subsidiaries) that make up the group.EU countries prohibit IFRS for individual company financial statements when these statements are the basis for taxation and dividend distributions.They are “legal compliance” countries (see Chapter 2) and individual company financial statements must comply with the law.Other countries permit or require IFRS for individual company financial statements because they are “fair presentation” countries (Chapter 2).Individual company financial statements are not the basis for taxation or dividends.Local accounting standards follow fair presentation principles.6、The term convergence is associated with the International Accounting Standards Board.Before the IASB,harmonization was the commonly used term.Harmonization means that standards are compatible; they do not contain conflicts.Harmonization was generally taken to mean the elimination of differences in existing accounting standards,in other words,finding a common ground among existing standards.Convergence means the gradual elimination of differences in national and international accounting standards.Thus,the terms harmonization and convergence are closely aligned.However,convergence might also involve coming up with a new accounting treatment not in any current standards.4、U.K.standards (Chapter 3) and IFRS (Chapter 8) are said to reflect principles-based standards,while U.S.standards (this chapter) are said to be rules-based.Generally speaking,principles-based standards set forth broad objectives and fundamentals and require professional judgment for their implementation.They are more flexible than rules-based standards and are likely to result in more divergence in practice.Rules-based standards are more specific in their requirements and have more detailed implementation guidance than principles-based standards.They are likely to result in more comparability than principles-based standards,but are said to foster a “check the box” mentality.The chapter says that U.S.GAAP is “probably more voluminous than in the rest of the world combined and substantially more detailed than in any other country.” Thus,one can argue that U.S.GAAP is rules-based.