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Importance of Financial Information - Assignment Example

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This paper "Importance of Financial Information" focuses on the firms venturing into global overseas markets which are eventually constrained by the latent hostility of the host countries enterprises and the paucity of local customs and practices hence can be considered to be at a disadvantage.    …
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Importance of Financial Information
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Importance of Financial Information Table of Contents Introduction 2 Definition 2 Importance of Financial Information 2 Sources of Financial Information 4 Difficulties in Securing Relevant Financial Information 5 i) Lack of Standardisation 5 ii) Relevance of Data Collected 5 iii) Comparative Analysis Problem 5 iv) Islamic Banking 6 v) Asymmetrical Information 7 vi) Expensive Integration Techniques 7 vii) Difficulties in Interpreting Data Collected 8 viii) GAAP vs. IFRS 8 ix) L.I.F.O. 9 x) Dual Standards 9 xi) IFRS Discrepancies 10 xii) Lack of Enforcement 10 Principle-Based vs. Rules-Based 11 Erroneous Forecasting 11 Recommendations 12 Convergence of GAAPs to IFRS 12 Transparency and Disclosure Survey model 12 The IFRS Framework 13 Better Forecasting 13 Arm’s Length Principle 14 The XBRL Format 14 Balanced Scorecard framework and Benchmarking 15 Conclusion 16 References 17 Introduction Firms venturing into global overseas markets are eventually constrained by the latent hostility of the host countries enterprises and the paucity of local customs and practices hence can be considered to be at a disadvantage due to their foreignness. To overcome such apparent impediments, multinational corporations often initiate elaborate market research in the domain and among rival competing firms to discern whether they can establish a competitive advantage in the foreign market. Financial statements are normally the primary sources for rival company’s performance within periodic accounting duration. Nevertheless, competing multinational corporations (MNCs) are often inhibited in obtaining and disseminating authentic or relevant financial data from rival firms not only due to the non-uniformity in reporting standards but also owing to political, organisational structure, language and political, in addition to cultural differences among other factors (Laurenceson and Qin, 2008). Definition Elliot and Elliot (2004) describe accountancy as the concept of communicating financial information to stakeholders including shareholders and management in form of financial statements. Accounting is a subdivision of mathematical science that is applied in organisations to discern their progress and failures. Accountancy is practised in three main categories accounting, bookkeeping and auditing. AICPA defines accounting as, ‘The art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character, and interpreting the results thereof’ (Elliot and Elliot, 2004, Pg.3). Importance of Financial Information The ICC or International Chamber of Commerce (2005) has asserted ‘information is the lifeblood of global capital markets’ (Pg.2). This implies the public, authorities and competing firms are heavily dependent on expert, reliable, analogous and comprehensible reporting by commercial enterprises. Financial information is an integral part of business organisation which not only use it to analyse how various parts of their company are performing but also for benchmarking purposes with leading rivals within their industry both nationally and internationally (Oracle, 2008). The primary purpose of financial statements is to express accurate and realistic financial position, performance and variations regarding the economic status of an organisation. This statement is generally adequate if the reporting entity conforms to the generally accepted accounting principles (AICPA, 2009). Nonetheless, organisations have been known to manipulate the data to offer a more favourable picture than that prevailing within the firm by applying accounting manipulation to suit their purpose. MNCs have now been compelled to issue consolidated financial statements from their diverse international affiliate firms (Fekete et al., 2008) [Figure2]. Figure 1 Source: Own Design Rapid progress in information technology (IT) and market liberalisation led to globalisation and further upsurge in the growth of multinational corporations (MNCs) expansively (Stopford, 1998). MNCs venturing into foreign markets also need financial information of suppliers to ascertain the competitive edge of their rivals. This allows venture firms determine whether suppliers can advance credit in the long-term as it enables better market integration (Khana et al, 2004). To establish an operations management support plan for the regional expansion strategy, a marketing strategy is required to incorporate the various factors necessary to establish a market presence in the region (CIPD, 2009). This marketing strategy is mainly dependent on the market research that has to incorporate financial data from rival or competing firms in the industry [Figure2]. Figure 2 Source: Adapted from Tourism Australia (2008) Sources of Financial Information Financial statements are supposed to give an insight to the company’s ‘capital adequacy, asset quality, earnings and liquidity’ (Davis et al., 2000). According to Davis et al (2000), the sources of financial information are principally from three major categories that can be accessed through online or from printed reports. This includes: Information obtained from financial statements – this is usually made available to the public through periodic issuances of accounting reports, either quarterly, semi-annually or annually. Data collected by the supervisory entities in the particular industry or accounting collective body that monitors the observance of the regulatory and industry standards both nationally and internationally. These include accounting bodies, professional marketing associations or legally set bodies for either specific industry or state. Data obtained from agencies that may have profiled the particular companies in a specific study or academic research. This includes agencies retained to study the industry or certain firms or products including research firms or academic institutions. Data from such domains is normally the most comprehensive as it encompasses properly researched material covering the whole sector. Difficulties in Securing Relevant Financial Information i) Lack of Standardisation The main hindrance encountered by MNCs seeking financial information of foreign rivals in overseas markets is lack of conformity in reporting standards in the published statements. In an international framework, the firm considers the geographic scope of the industry in regards to the critical aspects that influence the envisioned industry on a global basis while analysing the current and prospective adeptness of the firm (Sykes et al., 2001). Nevertheless, with many countries adopting the International Financial Reporting Standards (IFRS) standards including now the US, this problem will gradually ease as the standards gain conformity globally. ii) Relevance of Data Collected The MNCs are also hindered by the prospect of collecting erroneous reports that do not reveal the actual position of the surveyed firms. This has been evidenced in various global financial scandals and crisis resulting from deliberately falsified reports. Due to the errant acts of some corporations resulting in fabrication or non-disclosure of critical accounting information in their financial statements, authorities have enacted strict rules aimed at curbing such malpractices while the often divergent financial reporting standards observed in some jurisdictions has led to a gradual convergence of international reporting standards under the International Financial Reporting Standards (IFRS). Led by the EU and gradually adapted by over 100 countries, this has now become the new international standard (IASB, 2008). iii) Comparative Analysis Problem To ensure that the financial data collected is relevant, a comparative analysis is necessary which is difficult due to the ambiguity of the data. Factors that determine comparability in business transactions include characteristics of property or services; functional analysis; contractual terms; economic circumstances; and the prevailing business strategies (OECD, 1999), (Southwell, 2005). For MNCs to overcome this, peer comparison or benchmarking with similar public listed firms locally and browse, gives market strategists adequate information that assist in strategic planning for the MNCs. The firm uses the local established market leaders to benchmark the required factors necessary to succeed within the particular market segment. The market research therefore analyses the upstream and downstream aspects for operations within a particular country or region (Yip, 2009). iv) Islamic Banking Another possible difficulty envisioned in conducting a proper market assessment by a multinational company on the established rivals in some regions is hindered by the operation of non-conventional organisational structures. This has been epitomized by the Islamic banking that has fundamentally different accounting tenets unlike those practised by other financial institutions. Under this model, banks are not supposed to charge interest on customer loans while conversely, depositors are supposed to participate in profits earned as result of their deposits but cannot be charged for losses incurred by banks on their deposits! (PWC, 2010). In Islamic finance, inter-bank loans system applies the underlying trade goods (murabaha) as the collateral for the credit proffered. Similarly, the repurchase contracts under this Sharia style financing may significantly differ from the traditional financial structures (PWC, 2010). However, PricewaterhouseCoopers asserts that the IFRS is an ideal international framework that does not conflict with Islamic law as opposed to other national GAAP standards as exemplified in the jurisdictions that have already adopted IFRS but have Islamic practising banks like the UK and Malaysia (PWC, 2010). Nonetheless, MNCs venturing into Islamic governed regions will be vastly constrained from appraising the financial strength of such institutions. Therefore, to ensure conformity, the MNCs should analyse data from the firms that apply IFRS, which seems to conform to the international standards hence Islamic rules will not be a real problem in comparability. v) Asymmetrical Information Another problem in disseminating the financial information can be identified in the nature of the available reports being lopsided with little indication of market statistics necessary for market entry. This is because financial statements are often predominantly directed at the top management however; current requirements as envisioned by the IFRS are meant to make the accounting reports more comprehensible and relevant to the public. Inadvertently, operational managers will now find the financial data useful as the consolidated reports can be further dissected to standardise them such that profit and loss (P&L); balance sheets; and cash flow statements even from other firms are made relevant to line managers and employees while providing variance reports. vi) Expensive Integration Techniques Corporations embarking into foreign markets are anxious about determining the status of local markets, including competing firms and regulations, deciding on suitable pitch to vie, and settling on how to utilise their core competencies in the global arena. Due to the complexity of obtaining critical financial data relating to competing firms overseas, MNCs have resulted to acquiring local firms where a possession of more than 30-50 percent stake can be considered as foreign ownership. Nonetheless, Laurenceson and Qin (2008) observe that in China where the average foreign ownership stake averages at less than 30 percent, there is dearth of financial or efficiency performance data that can be adequately used by competing firms to gain insight on the market. In China where only minority acquisition is permitted, multinationals are able to acquire critical data by virtual of their minority stake within this companies hence can subsequently establish local network based on such information (Laurenceson and Qin, 2008). vii) Difficulties in Interpreting Data Collected One of the major concerns for firms garnering consolidated financial statements among the MNCs has been the lack of an internationally standardised accounting framework thus leading to a situation where interpretation of the reports is obscured by issues of currency conversion, foreign exchange rates and translation models (Owojori and Asaolu, 2010). There has been a trend for firms seeking international funding to seek listing in prestigious foreign exchanges like London’s FITSE or New York Dow Jones index while others follow the IASB IFRS standards as American firms continue to maintain the FASB GAAP standards (Khan et al. 2004). This has made financial statement comparisons among the conflicting jurisdictions difficult for multinational firms studying the diverse accounting reports. GAAPs vs. IFRS MNCs are hindered by firms particularly US base that still apply national GAAP standards. This difficulty as demonstrated by US firms results from the glaring differences among the reporting format in the US as compared to the IFRS which have been adopted by most countries as US firm’s consider their system superior (Yoon, 2009). To overcome this MNCs have to engage internationally reputable audit and consultancy firms to conduct market research on their behalf though at great cost since they would otherwise be unable to comprehensively obtain relevant dat. The main differences between the US GAAP and IASB’s IFRS are: IFRS is less detailed with fewer guidelines with minimal segmental outlines and rules as opposed to the convoluted US GAAP. IFRS prohibits the Last-in-First-out (LIFO) provision IFRS utilises a single-step technique for impairment write-downs while the US GAAP uses a two-step technique IFRS uses a divergent probability entry and dimension point for eventualities IFRS prohibits remedial debt contract contraventions subsequent to year-end L.I.F.O. U.S.GAAP uses the Last-In-First-Out (LIFO) method, which ‘assumes that goods purchased most recently are sold first and that the remaining items have been purchased at earlier periods’ has been abolished under the IFRS (Libby, 2007). This therefore complicates market analysis of firms using the US GAAP standards as compared to the IFRS. This concept (LIFO) although resulting in firms reporting lower gross profit consequently has the advantage of less taxation thus adopting the IFRS inevitably ‘trigger a big tax hike for U.S. companies’ (Bogoslaw). To compound comparative analysis for the multinational firms researching on both jurisdictions, there is considerable opposition to universal standards. Critics of the IFRS further allege that expenditure involved in the conversion to the new system for the entire U.S. economy would be more than eight billion dollars while most SMEs could be hard hit to raise the estimated $420,000 per firm figure (Hail, 2009). Dual Standards MNCs often cross-list in various countries hence still maintain dual reporting standards that make it difficult for competing firms to ascertain their market strength based on diverse data or statements. For the MNCs venturing into the foreign market, the available financial data is ambiguous thus necessitates a more in-depth research, which is costly and time consuming. Unfortunately, during the transition period, IFRS has encouraged the continued maintenance of dual accounting frameworks to ensure easier passable and conversion, firms will be necessitated to operate on both their national GAAP systems as well as the IASB’s IFRS standards to keep track of the veracity of the new system (Preiato et al. 2009). This will only aggravate the period as several jurisdictions, including the US, procrastinate on whether to adopt the IFRS framework. Nonetheless, this setback will eventually be eliminated as all countries eventually embrace the IFRS. IFRS Discrepancies and Lack of Enforcement On the other hand, inconvenience for MNCs conducting market research in foreign markets cannot be easily solved by the adoption of the IFRS as discrepancies across regions and states have already been detected. A progress survey undertaken by Audit Integrity research firm on 17 European countries that had adopted the IFRS accounting standards which, basically aimed at augmenting the Accounting and Governance Risk ratings (AGR) revealed that there were widespread discrepancies internationally with several jurisdictions either adopting the standards fully or partially (Audit Integrity, 2009). These included reporting differences as some countries allow semi-annual statements rather than the recommended quarterly reports and slower filing. The US GAAP regulations are better particularly on matters of executive reimbursements and composition; nonetheless, the Audit Integrity Report found the IFRS adoption by the European countries had greatly alleviated the level of financial reporting across Europe. To further compound the difficulties resulting from this discrepancies, the countries that have adopted the IFRS have not strictly enforced the standards but conversely seem to be encouraging some leeway for reports thus making it difficult for MNCs to determine some aspects of the reports including financial ratios (Bogoslaw, 2009). There have therefore been questions as to the IFRS implementation strategies as the practising jurisdiction seem to negate the IFRS standards by either diluting or adding adjustments to the supposedly international standard. Individual metrics or financial ratios (accounts-receivable, inventory, prepaid expenses and goodwill) adopted have varied across the countries with no uniform standard prevalent within the ‘IFRS zones’ (Véron, 2007). Interpretation or dissemination of the collected information will be difficult in view of some changes, which are not universally applied in some regions. This is exemplified by the IFRS statutes that have reintroduced the fair-value or mark-to-market accounting principles previously discarded under the GAAP rules. Critics have therefore argued that this will contradict the existing ‘legal, institutional and political environment’ (Hail, 2009: 53). They argue it erodes the discretion allowed to accounting managers. Nevertheless, Pirjeta and Rautiainen (2005) argue that ‘the accuracy of financial statements is impaired, if the value stated in the profit and loss statement differs substantially from the fair market value’ (Pg.3). Principles-Based’ vs. ‘Rules-Based’ The adoption of the IASB’s ‘principles-based’ IFRS system as opposed to the FASB’s GAAP ‘rules-based’ accounting approach has seen the overtaking of the latter by the IFRS, currently adopted by 113 countries globally (Deloitte, 2009). The main point of departure between the two has been the reduction of the ‘complexity’ of the voluminous and overly detailed US GAAP system to the relatively flexible IFRS rules that are less stringent. The IFRS therefore rely on principles to be adhered to by members while the US GAAP ensures the detailed rules eliminate any divergent from the guidelines in every sector (Véron, 2007). Erroneous Forecasting The need for standardised account reports was re-emphasised through a study conducted by Bae et al. (2008) revealing that financial forecasts from foreign analysts tended to be grossly inaccurate as compared to the local forecasters due to conflicting applications. With a standardised structure, convergent forecasts could be forthcoming even from cross-border analysts. However, opponents of the IFRS argue that the new standards novelty will continue to hinder forecasters rending their analysis largely inaccurate. This was evidenced in the UK introduction of Financial Reporting Standard III leading to erroneous forecasts in its maiden year (Acker et al. 2002). The reintroduction of fair-value reporting will eventually lead to volatility in the reports as accounting managers’ manipulation of financial statements is curtailed, thus further distorting the analysts forecasts (Barth et al. 2008). Recommendations Convergence of GAAPs to IFRS According to the Accounting Standards Board of Japan (ASBJ), the convergence of national GAAP to the IFRS will greatly enhance investor confidence, as local investors will be able to comparatively make international investment decision by analysing diverse company statements from other countries in a standardised manner (ASBJ, 2009). Additionally, MNCs will have the added advantage of reconciling their accounts more easily as opposed to the previous diverse systems that tended to produce multiple non-conforming statements (Armstrong et al. 2008). However, critics have argued that the intricate guidelines issued by the IASB reduce the new accounting standards to normal rule-based standards, as they do not give leeway for implementation for firms in conformity with their industrial and organisational structure and environment (Bhattacharyya, 2009) Transparency and Disclosure Survey model Standard and Poor (2002) established a Transparency and Disclosure Survey model that appraises companies level of public disclosure in annual reports. The criteria used is based on 98 questions on a 1-10 point scoring scheme whereby firms are awarded points if they reveal information from this questions. The questions are subdivided into three major sections: ‘Financial Transparency and Information Disclosure (35 items), Board and Management Structure and Process (35 items), and Ownership Structure and Investor Relations (28) items’ (Khana et al, 2004, Pg. 481). The IFRS framework The IFRS framework is planned to identify, compute and reveal any transaction, including various non-monetary transactions (PWC, 2010). With the simplification of account statements and language, MNCs will be able to keep track of the performance of shareholding and performance in diverse companies and markets without overly depending on the investment analysts to explain the account reports. International investors are also able to obtain timely information on companies strategies hence can make better or informed decisions on market entry or joint ventures without compromising their competitive advantage among rival firms (Miller, 2009). According U.S. Securities and Exchange Commission (2010) survey, ‘comparability was the most commonly cited reason commenter’s believed that U.S. capital markets would benefit from the use of a single set of global accounting standards’ (SEC, 2010, p. 20). Similarly, the IFRS system was extolled for its simplicity and ability to ‘capture transactions’ as compared to the complex FASB US GAAP’s standards. Nonetheless critics have noted that the IFRS is still open to abuse as it ‘relies on managerial discretion’ hence making it prone to manipulation (SEC, 2010). Better Forecasting Organisational strategic plans and reports on rival firms will be better forecasted while keeping track of previous statistics. This will be based on the IFRS induced changes on metrics, financial statement disclosures and asset recognition / de-recognition standards. However, Greiss and Sharp (2008) observes that there is worrying trend in the regions who have implemented the IFRS within the EU to apply non-IFRS measures to communicate with the market, thus indicating that they are not comfortable with the standards. This can adversely reverse the estimated ease of conducting business in foreign markets as market analyses tend to be inaccurate. ‘Arm’s Length Principle’ The OECD (1999) advocates for an ‘arm’s length principle’ which asserts that comparison of transactions involving controlled and autonomous business to be practical, the economic valuables must be comparable. This hypothesis takes cognise of variations in pricing and adjustments in transactions to make the technique relevant. The comparable uncontrolled price (CUP) technique contrast a controlled contract to equivalent uncontrolled dealings to present an express approximation of the value the entities would have settled to had they opted for an open market decision to the controlled transaction (OECD, 1999). The XBRL Format Most MNCs endeavour to reduce differences in financial reporting within their operations to enhance comparability with existing rival firms within their industry. This affect the investment decision and reporting framework as they analyse competitor’s operations as reported either under the US GAAP or IFRS thus would consequently minimise divergence from the industry dominant players reporting framework (KPMG, 2007). Often the lack of a standardised reporting framework has resulted into poor forecasting and having misleading ratio analysis as typified by the US and Japanese GAAP frameworks (Southwell, 2005). To this end, the viable XBRL or eXtensible Business Reporting Language has been adopted by IFRS thus allowing an internationally acceptable real time incorruptible actual or non-forecasted data. MNCs applying quality strategic management (SQM) use modern systems and gather rival firms marketing data to formulate marketing entry and thus gains competitive advantage [see Figure3]. The use of XBRL will enhance the relevance and depth of the reports in addition to other benefits for the MNCs who can source the company reports online (Southwell, 2005). Hitachi (2006) considers the powerful forces of globalization, open, and rivalry will encourage corporations globally to implement XBRL. Figure 3 Balanced Scorecard framework and Benchmarking To ensure the data obtained is properly evaluated and relevant, the U.S. Office of Personnel Management (1999) advocates the application of the Balanced Scorecard framework to evaluate various growth sectors in an organisation. This encompasses a transformation stratagem into functioning conditions by evaluating a complete assortment of perceptions including: financial, clients, in-house, and information and development (OPM, 1999, Pg. 25). The use of prescribed and interactive strategic plans, usually specific five year plans is mostly dependent on market research that can be adequately and comprehensibly be performed after appraising rival firms financial statements. Stretch targets are normally set for pecuniary and working production process hence enabling early essential appraisal of any underperforming projects thus sanctioning appropriate assistance faster and apt response. Benchmarking and best practice measures that are the hallmark of an effective international expansion strategy can subsequently be sustained; enhancements include re-engineering products to yield higher returns mainly through enhanced competencies entrenched after establishing critical market research. Conclusion Although financial information for publicly listed companies is often available for public consumption and dissemination, the nature of the presentation and availability of the specific relevant data to a competing multinational firm maybe problematic. This is mainly due to the type of reporting structure or frameworks adopted under diverse jurisdictions, which though apparently under the internationally accepted IFRS or national GAAPs significantly omit or exclude crucial financial information without compromising national laws that allow such discretion but to the detriment of foreign investors. Modern accounting practices have been enhanced by technological advancement particularly in IT and innovative empirical methods that are essential in marketing and other managerial strategies to improve the financial statements. This will ease research on rival firms as reports and other relevant marketing data is availed online under the new formats. Other strategies that can enhance financial statements include the utilisation of the Standard and Poor’s Transparency and Disclosure Survey framework, benchmarking as well as the OECD recommended ‘arm’s length principle’ comparable uncontrolled price (CUP) method to establish the relevance of the accounting reports. References Acker, D. H. (2002). Accounting Standards and Analysts’ Forecasts: The Impact of FRS3 on Analysts’ Ability to Forecast EPS. Journal of Accounting & Public Policy , Vol. 21, no. 3, pp. 193-217. Armstrong, Christopher S, Mary E. Barth, Alan D. Jagolinzer, and Edward J. Riedl (2008) Market Reaction to the Adoption of IFRS in Europe. Working Paper 09-032. ASBJ (2009). Interim Report: Application of International Financial Reporting Standards (IFRS) in Japan. Tokyo: Accounting Standards Board of Japan (ASBJ). Audit Integrity. (2009). US GAAP vs IFRS: An Objective Look at International Financial Reporting Standards (IFRS). Audit Integrity Inc. Barth, M, Landsman, W and Lang, M (2008). International Accounting Standards and Accounting Quality. Journal of Accounting Research , Vol. 46, No. 3, Pg. 467-498. Bhattacharyya, A. K. (2009). Complexity in Corporate Financial Reporting. Retrieved May 18, 2010, from Business-standard.com: http://www.business-standard.com/complexity-in-corporate-financial-reporting.htm Bogoslaw, D. (2009). Global Accounting Standards? Not So Fast. Retrieved May 18, 2010, from BusinessWeek Online: Davis, E. Philip, Robert Hamilton, Robert Heath, Fiona Mackie and Aditya Narain (2000). Financial Market Data for International Financial Stability. London: The Bank of England’s Centre for Central Banking Studies (CCBS). Deloitte. (2007). International Financial Reporting Standards for U.S. Companies: Implications of an accelerating global trend. Deloitte & Touche LLP. Deloitte. (2009). United Kingdom: Ten Lessons From European IFRS Conversion In The Real Estate Industry. Retrieved May 17, 2010, from Mondaq.com: Elliot, Barry & Jamie Elliot (2004) Financial Accounting and Reporting,. London: Prentice Hall. Fekete, Szilveszter, Matiş, Dumitru and Lukács, János (2008). Factors Influencing the Extent of Corporate Compliance with IFRS. The Case of Hungarian Listed Companies. Budapest,: University of Cluj-Napoca. Greiss, Rafik and Sharp, Simon (2008). IFRS Conversions: What CFOs Need to Know and Do. Toronto: Canadian Institute of Chartered Accountants (CICA). Hail, Luzi, Leuz, Christian and Wysocki, Peter D (2009) Global Accounting Convergence and the Potential Adoption of IFRS by the United States: An Analysis of Economic and Policy Factors. Retrieved May 18, 2010, from SSRN.net: Hitachi. (2006). The XBRL-Enabled Company Emerges. Hitachi White Paper. ICC. (2005). ICC policy statement “Improving the Quality of Financial and Business Reporting”. Paris, France: International Chamber of Commerce. Khana, Tarun, Palepu, Krishna G. and Srinivasan, Suraj ( 2004). 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Fifth Annual XBRL International Academic Competition 2004-2005. Bowling Green : Bowling Green State University. Stopford, J. (1998 ). Multinational Corporations. Foreign Policy , Winter i113 p12(1). Sykes, D. H. (2001). Global Business Strategy. HSC Business Studies. Valle, J. J. (2005). International Convergence and Implementation of International Financial Reporting Standards. VIII Annual Assembly of the Association of Supervisors of Banks of the Americas. Oaxaca, México: International Federation of Accountants (IFA). Véron, N (2007) EU Adoption of the IFRS 8 Standard on Operating Segments. Economic and Monetary Affairs Committee of the European Parliament. Brussels: Bruegel. Yip, G. (2009). Towards a Global Strategy. Retrieved May 17, 2010, from Qfinance.com: Yoon, N (2009) Advantages and Disadvantages of switching from U.S.GAAP to IFRS. Charles Center. Zanfei, A. (2000). Transnational Firms and the Changing Organisation of Innovative Activities. Cambridge Journal of Economics , Vol. 24, Pg. 515–542. Read More
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10 Pages (2500 words) Assignment
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