1. JOSEPH’S COLLEGE OF COMMERCE (AUTONOMOUS)

SUPPLEMENTARY Examinations – APRIL 2014

M.Com – IV Semester

INTERNATIONAL ACCOUNTING

 Duration: 3 Hrs                                                                                                   Max. Marks: 100 

Section – A

1. Answer SEVEN questions out of Ten.                                (7 x5 = 35)

 

1. Explain the three rules used to determine the method of translation to be used at the time of foreign currency translation.
2. Write a note on Advanced pricing agreement in Transfer pricing.
3. Write a note on objectives of IAS 27.
4. Explain the rationale behind harmonisation.
5. Explain the treatment of intra-group monetary items in foreign currency translation.
6. Write a note on need for segmental reporting.
7. Explain the arguments against segmental reporting.
8. Explain the quantitative threshold relating to identification of segment.
9. Write a note on Cost-plus method of Transfer pricing.
10. Define International Accounting.

 

Section – B

1. Answer THREE question  out of Five.                                             (3 x 15 = 45)

 

11. Give the meaning of foreign currency exposure, and the three approaches to currency

translation.

 

12. Briefly explain the ten environmental factors likely to shape accounting development in a country.

 

13. Elucidate on the consolidation procedure and disclosure in respect of CONSOLIDATION ACCOUNTING

 

14. Explain the Concept of foreign exchange risk management and the various exposures related to the same. Also explain the ways to manage foreign exchange risk.

 

15. Briefly explain the accounting in USA (Highlight on taxation and accounting of important transactions only)

 

 

 

 

 

 

Section – C

16. ONE Compulsory Case study (No choice)                                      (1 x 20 = 20)

           

Bruce-Carlson, having recently obtained his MBA, has been hired by a large investment banking firm. As part of his responsibilities, he is required to make recommendations on investing in securities of foreign companies.

During lunch hour, Bruce runs into a colleague and complains about the difficulties he encountered with the lack of comparability in the financial statements of the firm form different countries. He is puzzled by the inability of National Accounting Standard-Setting Bodies to agree on a uniform accounting regime globally since, in his view, this would represent a win-win situation for all the concerned.

1. Pretend you are the individual that Bruce is talking to. Explain why only one uniform accounting and reporting standard may not necessarily represent a win-win situation for all the concerned
2. discuss the advantages and disadvantages of having diverse accounting standards that are the product of each country’s national environment
3. in your opinion, should Harmonization be pursued.

 

 

 

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