Economic Challenges of International Migration: a Comparative Study of Accounting Adaptation
Journal Title: Chorzowskie Studia Polityczne - Year 2015, Vol 10, Issue
Abstract
Formalized and standardized accounting principles are necessary to enable business organizations to produce high-quality, relevant, accurate and comparable financial statements. With the progress of economic globalization and technology advances, as more and more corporations get involved in cross-border operations, the question arises whether there is a need to align the United States Generally Accepted Accounting Principles with the International Financial Reporting Standards. The continued growth of international businesses and multinational corporations raises accounting and tax issues around the prices at which goods and services are to be transferred internationally through business-to-business transactions. At the same time, another challenge comes up regarding what method should be used to translate foreign currency financial statements in order to consolidate them with those of the parent company. The paper offers a critical analysis of transfer pricing, illustrated with a specific example and an overview of approaches to translating foreign currency financial statements.
Authors and Affiliations
Oksana Korenyeva Oksana Korenyeva, Artem Koldovskyi, Kateryna Chernega
Keywords
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