Issues with International Accounting

Joint venture, International Financial Reporting Standards, Financial statement

This report is written as a final assignment for the course ‘International Accounting’. In this report, the author will discuss about international business, objectives of international business, and the issues related to international accounting will also be discussed. The author will be concentrating on current issues in international accounting as well as the possible future issues related to international accounting. Finally, the report will end up with a conclusion and possible references in the end of the report.

International Business and its objectives
International business has been the biggest interest for a growing company. Companies are created to achieve growth and to gain huge profit for the shareholders or the owner of the company. When a company starts growing in its home country, then it seeks to do business outside from the territory of home country and start operation in other territories of foreign countries. Here starts the concept of international business. Several books and authors have defined international business in their own terms and some of the definition has been mentioned below. According to; “International business consists of transactions that are devised and carried out across national borders to satisfy the objectives of individuals, companies, and organizations. These transactions take on various forms, which are often interrelated. Primary types of international business are export-import trade and foreign direct investment. The latter is carried out in varied forms, including wholly owned subsidiaries and joint ventures. Additional types of international business are licensing, franchising, and managing contracts. (Definition of International Business) According to; “International business is the performance of business across national boundaries. Every nation in the world participates in international business to some extent. All countries are not endowed with the same type...
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