It is easy to dismiss discussions of foreign activities by affirming that your p

Question

It is easy to dismiss discussions of foreign activities by affirming that your plans never include working for a publicly traded company with international operations or dealing with clients of major accounting firms that might have such issues. But that would be incredibly short sighted. Please respond to the following questions.

How might you encounter international issues in your career as an industry or client-serving accountant?

Consider the implications of U.S. exporters; U.S. retail companies that purchase goods internationally; or U.S. parents that acquire international subsidiaries that must be consolidated. How might international issues affect your career more broadly, in terms of educational requirements or broad economic effects?

Consider the future of convergence and potential international reporting obligations, and economic situations that are affected by the relative strength of the U.S. dollar against foreign currencies.

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Explanation / Answer

the people who are working for international clients in accounting area must me multi tasked and multi talented. each component of business will be vary and their treatment will be different from one to another nation. their accounting laws, tax statement preparation, income sheet creation, preperation of expenditure statements, cash flow and funds flow analysis, their composition, everything is different. hence the one who works on this area must aware of all these along with doemstic laws. to minimize the gap, firms now planning to implement International Financial Reporting Standards; which are uniform in nature.

each client follows different ways, strategies and procedures while preparing the statements. when you master in preparation of statement for US, you only familiar in this. if you alloted the client who belongs EUROPE or Canada, you must learn about their accounting laws, tax tretments, tax slabs, currencies, exchange values of currencies, etc.

the one who works for MNCs, must aware of kind of concepts and how they related to practical examples. for example if we completed CFA, it is uniform and all nations accept the course. but if we did commerce course in Bangladesh or Nepal, it is not valid for all nations. so, the scholors and students must aware of this based on their objectives. if i only happy with working for Nepal firms, if i am good in the subject, it is sufficient. but if i want to work for a MNC for US, EUROPE, Australia etc, must aware of standards of my degree, whether is it accepteble by those national education boards etc. but in student level, it may not be possible to aware all these.

but one thing is sure, when any one works for MNC, must know all the accounting and economic aspects of the nation. the currency values and exchange values, the treatment of tax and slabs, corporate tax and slabs, monetary policy issues, etc. then only the profession can go smoothly. and the most important aspect in the financial statement preparation is considering the users of statement and prepare them. if you prepare a statment for investors, the procedure will be differe from preparation of statments for tax payments. the one who knows all these, they can lead professional life successfully in accounting area.

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