Magazine article The CPA Journal

Transnational Accounting, Second Edition

Magazine article The CPA Journal

Transnational Accounting, Second Edition

Article excerpt

Edited by Dieter Ordelheide (Palgrave, Global Publishing at St. Martin's Press, 2001, $650. ISBN. 1-56,159-246-3. In three volumes plus a reference matrix and a 12-language glossary in a separate softback volume.)

Review by Robert N. Waxman

This massive "book" is an impressively well-organized and meticulously researched reference tool dealing with the accounting in 19 countries, plus the requirements of the European Union and the International Accounting Standards Board (IASB).The following countries are included:

* Americas: Argentina, Canada, and the United States

* Asia-Pacific: Australia and Japan

* Europe: Members of the European Union-Austria, Belgium, Denmark, Finland, Germany, Italy, the Netherlands, Portugal, Spain, Sweden, and the United Kingdom-plus Norway and Switzerland.

Each country is treated in two chapters: "Individual Accounts" and "Group Accounts" (i.e., consolidation issues).The chapters are for the most part uniformly structured, which aids researching the same issue in each country and allows for comparability across all the chapters and across all the countries.

The reference matrix in Volume I-- also included as a separate softcover book-deals with all the included countries in conjunction with the recognition rules for assets and liabilities, valuation and revaluation rules, and issues dealing with consolidation, proportional consolidation, the equity method, and deferred taxes. This matrix serves as a kind second index.

Each "Individual Accounts" chapter contains the following:

* Introduction and background * Forms of business organization

* Objectives, concepts, and general principles

* Bookkeeping and the preparation of financial statements

* Balance sheet and profit-and-loss account formats

* Recognition criteria and valuation

* Special accounting areas

* Revaluation accounting

* Notes and additional statements

* Auditing (filing and publication)

* Sanctions

* Financial reporting institutions and national databases.

Each "Group Accounts" chapter contains the following:

* Introduction and background

* Objectives, concepts, and general principles

* Group concept and preparation of group accounts

* Consolidated groups

* Uniformity of accounts included

* Full consolidation

* Proportional consolidation and equity method

* Deferred taxation; formats; notes and additional information or statements

* Auditing (filing and publication)

* Sanctions

National databases and bibliography. …

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