New Features:

• Numerous new excerpts from annual reports: Numerous excerpts from annual reports to demonstrate differences in financial reporting practices across countries and to demonstrate financial reporting issues especially relevant for multinational corporations.
• New Discussion in international harmonization/convergence: Detailed discussion on the most recent developments in the area of international harmonization/convergence of financial reporting standards.
• Updated Research: Incorporation of new research findings into the discussion on many issues integrated throughout the textbook.
• Updated End-of-Chapter Exercises: End-of-chapter assignments help students develop their analytical, communication, and research skills.

Retained Features:

• Detailed examples: Detailed examples demonstrating the accounting for foreign currency derivatives used to hedge a variety of types of foreign currency exposure.
• Engaging discussion: Engaging discussion of the international harmonization/convergence of financial reporting standards
• IFRS: A separate chapter on the International Financial reporting Standards (IFRS), including information on the differences between IFRS and GAAP and their connotations. Also includes numerical examples demonstrating major differences between IFRSs and U.S. GAAP and their implications for financial statements.
• Detailed focus on topics; Detailed focus on topics such as foreign currency translation, international taxation, international transfer pricing, and strategic accounting issue in multinational corporations
• International corporate governance discussion: Insights in to international corporate governance and the efforts of the IFAC to improve the quality of activities for accounting professionals.
• Sarbanes-Oxley Act: Use of a corporate governance framework to cover external and internal auditing issues in an international context, with substantial coverage of the Sarbanes-Oxley Act of 2002.
• Web Index: A well-organizes Web index is provided at the end of the book to the benefit of the student.
• Separate chapters for (1) foreign currency transactions and hedging foreign exchange risk and (2) translation of foreign currency financial statements.
• Separate chapters for (1) international taxation and (2) international transfer pricing.
• Separate chapter on strategic accounting issues facing multinational corporations.
• Separate chapter discussing international corporate governance issues.