International Accounting

What do we mean when we say "international" accounting?

By the International Financial Reporting Standards

​-Statement of Financial Position

-Statement of Comprehensive Income

-Statement of Changes in Equity

-Statement of Cash Flow

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The comprehensive statement, which is also known as a profit and loss statement, shows the income and expenses of a company.

​-Statement of Comprehensive Income

The statement of position describes a company’s shareholder equity, assets, and liabilities. It’s also called a “balance sheet.”

​-Statement of Financial Position

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The cash flow statement just looks at the cash as it comes in and goes out. It doesn’t count material assets, unsold stocks or other equities, or accounts receivable.

-Statement of Cash Flow

The statement of changes in equity outlines items that have been bought or sold as the company conducts business.

-Statement of Changes in Equity

Since so many companies are doing business internationally and have multi-national offices, there is a need for international specialists who can translate statements and make general purpose financial statements that are transparent for stakeholders and for creditors as well. The best specialists will be experienced in both managerial accounting and financial accounting but will also know taxation and financial accounting.

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What are the 4 requierements of international accounting?

Why is international accounting important?​