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Accounting and Auditing Research and Databases: Practitioner's Desk Reference by Thomas C. Pearson, Natalie Tatiana Churyk, Thomas R. Weirich

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International Complexities in Practice

In a global economy, one may desire to research the data, professional authorities, or legal environment in other jurisdictions. For example, researching authorities enables one to have a more sophisticated discussion with accounting professionals in a foreign country and best represent multinational clients who conduct business in multiple countries. However, due diligence in understanding, researching, analyzing authorities and data, and communicating solutions is essential.

Increasingly, accountants are accessing foreign authorities or data to engage in collaborative work or to ask a foreign professional more sophisticated questions. Yet differences around the world both cultural and societal may lead to various interpretations or actions based on the same data or professional authorities. Foreign regulators sometimes provide formal or informal interpretations or guidance on International Financial Reporting Standards (IFRS). One should not assume that all parts of the world have the same degree of professional commitment in reporting or high enforcement standards. Reporting incentives are influenced by such factors as a country's legal system, strength of the auditors, and a company's financial compensation scheme. Chapter 3 presents an overview of an international accounting standards database.

Outsourced accounting work to low-cost jurisdictions is likely to continue to increase, especially as more countries adopt IFRS. The accountants ...

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