Module overview
The module will provide students with an understanding of the nature of accounting practices and taxation of international activities. With respect to accounting it emphasises the importance of a country’s cultural, social, economic, legal and political environment in determining the nature of the rules and regulations which govern its financial reporting practices. In this respect, the problems of financial reporting diversity across countries as a result of the increasing internationalisation of business are explored. Attempts to harmonise/internationalise accounting practices by various international organisations are also examined. Aspects of multinational financial management are also examined. International transactions and organisations provide challenges for both mangers and tax authorities. Taxation can influence various aspects of an organisational including its structure, locations and internal management and control. In this context recent developments in international taxation will be examined.
Aims and Objectives
Learning Outcomes
Knowledge and Understanding
Having successfully completed this module, you will be able to demonstrate knowledge and understanding of:
- The impact of social, economic and cultural factors on accounting systems;
- The framework, theories and techniques of foreign exchange risk management;
- the efforts being made to harmonise accounting systems;
- the differences in accounting systems worldwide;
- The potential influences of taxation and behavioural responses in an international context.
Subject Specific Intellectual and Research Skills
Having successfully completed this module you will be able to:
- Calculate and decide the most cost effective way to hedge against foreign exchange risk;
- Discuss the costs and benefits of International Accounting Standardisation;
- B1.Translate foreign financial statements into local currency using appropriate rates;
- Evaluate the tax implications of international transactions.
Transferable and Generic Skills
Having successfully completed this module you will be able to:
- Communicate complex ideas and arguments fluently and effectively in a range of different formats to a variety of different audiences.
- Solve complex problems;
Syllabus
- International Classification of Accounting Systems
- Comparative Accounting Systems
- International Standardisation of Accounting
- International Harmonisation of Accounting
- Segmental Reporting
- Foreign Currency Translation
- Introduction to International Financial Markets
- Taxation of corporate income
- Double Taxation at international level
Learning and Teaching
Teaching and learning methods
This module is taught through lectures, and related seminar discussion groups. The lectures identify the key issues of the course which will be further explored in the seminars through classwork discussion.
| Type | Hours |
|---|---|
| Independent Study | 126 |
| Teaching | 24 |
| Total study time | 150 |
Resources & Reading list
General Resources
CCH online. It contains UK accounting standards, international accounting standards, auditing standards, CCH UK GAAP Guide, Accountancy Magazine and company legislation
Nexis UK. This is a web-based service giving key business news and financial information on listed companies worldwide, and 250,000 unlisted companies in the UK. It is accessible from the library’s homepage (click on Subject support, Management, Databases and indexes).
Company websites. These include copies of the annual report, financial statements, and are likely to include other investor information, press releases etc.
FAME. It contains ten years' of detailed financial information on 2.6 million private and public companies in the UK and Ireland e.g. company profiles, profit and loss accounts, subsidiaries and directors and mergers and acquisitions information. It is accessible from the library’s homepage (click on Subject support, Management, Databases and indexes).
Blackboard webpage. There is a course Blackboard web page, and you should be registered for this automatically. The course is officially listed as International Accounting and Taxation. The web page will be used for unit information, announcements, e-mail and learning resources. Please refer to the blackboard web page frequently during the semester to access material as it becomes available.
Quality daily and Sunday papers (in particular, the Financial Times). Newspaper
Morningstar. The database contains information of UK's top 300,000 companies. View company fundamentals, including charts, ratios, latest news and director biographies.
Internet Resources
For library resources for Accounting and other management subjects.
Textbooks
C. Deegan and J. Unerman (2006). Financial Accounting Theory. McGraw-Hill.
S.J. Gray, S.B. Salter and L.H. Radebaugh (2001). Global Accounting and Control: A Managerial Emphasis. Wiley & Sons Publication.
Lymer A & Oats L (2019). Taxation: Policy & Practice, 2019/2020. Fiscal Publications.
D Alexander & C Nobes (2007). Financial Accounting: An International Introduction. Prentice Hall.
C. W. Nobes and R. H. Parker (12th (The 10th and 11th editions will suffice)). Comparative International Accounting. Prentice Hall.
F.D. Choi and G.K. Meek (2011). International Accounting: International Edition. Pearson International Edition.
James S & Nobes C (2019). The Economics of Taxation. Fiscal Publications.
S.J. Gray, L.H. Radebaugh and E.L. Black (2006). International Accounting and Multinational Enterprises. Wiley & Sons Publication.
Miller and Oats (2016). Principles of International Taxation. Bloomberg Publishing.
Assessment
Formative
This is how we’ll give you feedback as you are learning. It is not a formal test or exam.
Written individual
- Assessment Type: Formative
- Feedback: Written and verbal feedbacks will be provided during the module beside instant multiple choice assessment every lecture
- Final Assessment: No
- Group Work: No
Summative
This is how we’ll formally assess what you have learned in this module.
| Method | Percentage contribution |
|---|---|
| Examination | 100% |
Referral
This is how we’ll assess you if you don’t meet the criteria to pass this module.
| Method | Percentage contribution |
|---|---|
| Examination | 100% |
Repeat
An internal repeat is where you take all of your modules again, including any you passed. An external repeat is where you only re-take the modules you failed.
| Method | Percentage contribution |
|---|---|
| Examination | 100% |
Repeat Information
Repeat type: Internal & External