International accounting

Topic 1:Globalization, International Trade and Accounting Harmonization

This was the introductory topic. The goal of this topic was to show and describe how harmonization of international accounting system can enhance trade, promote business and influence international economic environment.

Main concepts covered in this topic

Why these concepts are important

How concepts covered in this topic relate to other topics

The main concepts covered in this topic are; accounting harmonization, globalization, international trade, and accounting differences. Lack of accounting harmonization is a major problem facing international trade (Graham and Neu, 2003).

These concepts are important because by embracing harmonized accounting standards, a country is able to fully benefit from globalization and international trade (Graham and Neu, 2003).

These concepts act as the foundation for others topics. This is due to fact that they points out at the international trade, impacts of globalization on trade, existing accounting differences and the need to harmonize them. The concepts acts as the foundation to other topics

Aspects to this topic that are most interesting

Aspects to this topic which I found particularly difficult?

The aspects which I found most interesting are international trade, globalization and accounting harmonization. The concepts helped me gain an insight on the importance of having a harmonized accounting in international trade. I have realized that with globalization, there is need for the accounting standards to be harmonized. Adopting globalization involves adopting a harmonized accounting to make international trade more efficient.

Despite this, I found out that accounting harmonization is an aspect which requires more effort to fully understand it.

What is next?

I will put more effort in understanding accounting harmonization. This is due to fact that this is a major concept that acts as the foundation for the topic and unit.

I will also research on the countries which have already harmonized their accounting standards with global standards and how they are benefiting.

Topic 3 :The International Accounting Standards Board

• International Harmonization: The IASB

• Introduction to International Financial Reporting Standards (IFRS): The Conceptual Framework.

• The public accountability of the IASB

This topic focuses on IASB, IFRS and the public accountability of the IASB. It looks at the international harmonization of accounting and introduces the conceptual framework for IFRS.

Main concepts covered in this topic

Why these concepts are important

How concepts covered in this topic relate to other topics

The main concepts covered on this topic are; international harmonization, IASB, IFRS, and public accountability of IASB.

These concepts helps to further elaborate on accounting harmonization and overcoming the existing differences. IASB is an independent body established in 2001 to replace the International Accounting Standards Committee. The body has 14 members and is responsible for IFRS (Nobes and Parker, 2008).

These concepts introduce IASB and IFRS which are vital in understanding accounting harmonization and the subsequent topics.

Aspects of this topic I find the most interesting

Which aspects to this topic did you find particularly difficult?

The most interesting aspects in this topic are; understanding what is IASB, IFRS and how IASB helps in harmonization of accounting.

It was interesting to understand how IFRS has been developed and approved by IASB.

The aspects in this topic were not difficult apart from the concept of public accountability of IASB.

What is next?

To improve my understanding of this topic and progress through the topic, I will:

Carry out more research on IAB

Read more on preparation and issuing of IFRS.

Carry out more research on public accountability of IASB

Topic 4: International Accounting Standards & International Development

• IFRS and Developing Economies

• IFRS and The World Bank

This topic focused on development of international accounting standards. It looked at adoption of IFRS in developing economies and The World Bank position on IFRS.

The main concepts covered in this topic

Why are these concepts important

How the concepts covered in this topic relate to other topics

The main concepts that were covered in this topic are adoption of IFRS in developing economies, rate of adoption of IFRS by developing economies, IFRS and market liquidity and world bank role and position in IFRS (Nobes and Parker, 2008).

These concepts are vital in understanding how IFRS has been adopted by developing economies and the reason behind it. They show that developing economies have realized the need for adopting IFRS for them to gain from opportunities offered by globalization (Nobes and Parker, 2008).

The concepts further helps in understanding IFRS as a manifestation of globalization. They help in understanding the challenges that developing countries face in adopting IFRS (McGee, 2008). Lastly, the position of The World Bank is well understood through these concepts regarding IFRS.

The concepts covered in this topic relates to other topics on accounting harmonization, gaining understanding of how IFRS has been adopted and lastly, how it relates to World Bank.

Aspects to this topic which I find the most interesting

Aspects to this topic which I find particularly difficult

The aspects that I found most interesting are adoption of IFRS by developing economies and The World Bank commitment to a single high quality and harmonized reporting standard (Nobes and Parker, 2008).

The aspect which I found particularly difficult is how developing countries cope with challenges associated with adopting IFRS.

What is next?

To improve my understanding in this topic, I will read more literature on adoption of IFRS by the developing economies.

I will also research more on The World Bank support to IFRS.

Referencing

Graham, C. and Neu, D., 2003, Accounting for globalization. In Accounting Forum (Vol. 27, No. 4, pp. 449-471). Blackwell Publishing Ltd.

McGee, R.W., 2008. Accounting reform in transition and developing economies. Springer.

Nobes, C. and Parker, R.H., 2008. Comparative international accounting. Pearson Education.