The global financial crisis (GFC) of 2007–2009 generated a great deal of discussion about the potential deficiencies in financial accounting practices used in many countries, particularly within_______. Select one alternative: England Poland New Zealand the USA
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The global financial crisis (GFC) of 2007–2009 generated a great deal of discussion about the potential deficiencies in financial accounting practices used in many countries, particularly within_______.
Select one alternative:
- England
- Poland
- New Zealand
- the USA
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Solved in 2 steps
- In an integrated global financial system, a financial crisis in one country can easily be transmitted to other countries causing a global crisis.Required:a) What measures would you propose to prevent a crisis such as the 1997 Asian type crisis from occurring?How did the 2008 global financial crisis end? What elements contribute to the US's ability to resolve the crisis?Which of the following is a true statement about International Financial ReportingStandards?a. They are considered to be the single strongest set of accounting standards in the world.b. They are more exact (contain more rules) than U.S. generally accepted accountingprinciples.c. They are converging gradually with U.S. standards.d. They are not being applied anywhere in the world yet, but soon they will be
- Ghana continues to face challenges with the Cedi depreciation and chronic current account deficits, you as an accomplished international financial manager of your company have been retained to provide medium-term recommendations to solve this age-old international economic problem. Required;Use the balance of payment- BOP- FRAMEWORK MODEL as a background in your policy paper. Your policy paper should be addressed to the Governor of the Bank of Ghana.International Financial Reporting Standards are gaining support around the globe. In 2007, the SEC eliminated the requirement for foreign companies that issue stock in the United States to include in their financial statements a reconciliation of IFRS to U.S. GAAP. There also is serious discussion of allowing U.S. companies to choose whether to prepare their financial statements according to U.S. GAAP or IFRS. Required: Do you think U.S. companies should be allowed the choice of reporting under either U.S. GAAP or IFRS? Provide arguments both for and against this idea.Due to the immense failure of banking institutions in response to the global financial crisis haswitnessed an increase of development on risk management. However Islamic banking is much less affected by the destruction for a variety of reasons probably because it is still a very small part of the global system and has yet to develop enough connectivity to catch the cold. Thecurrent wave of financial liberalization and globalization naturally stimulates the question of risk management in Islamic banking. a. As outlined above, critically discuss the issues and challenges of risk management faced by Islamic banking.
- 2.Explain the environmental factors that lead to national differences in accounting. 3.What are the two main legal systems operating worldwide? How might these affect accounting? Countries that rely on capital markets for finance, as opposed to banks and governments, are likely to expect greater levels of public disclosure in their accounting systems. Evaluate this argument and provide examples. 5.Outline and discuss three cultural aspects that can differ across countries. How do these cultural differences relate to differences in accounting systems? 6.What does accounting harmonisation mean? Differentiate harmonisation from convergence or adoption. 7.Explain the benefits of global adoption of IFRSs. 8. Outline the key challenges of US GAAP and IFRS convergence.Even though deposit insurance existed, the United States experienced a major financial crisis from 2007 to 2009 because: there was a run on shadow banks, which were not covered by deposit insurance. there was excess competition from other countries.Which factor below is causing many of the world's top financial institutions to consider moving their global operations out of London and shift them to other financial capitals within the Eurozone? economic uncertainty high interest rates Brexit high-risk ventures
- In an integrated world financial market, a financial crisis in a country can be quickly transmitted to other countries, causing a global crisis. What kind of measures would you propose prevent the recurrence of an Asia-type crisis? O a. There should be a multinational safety net to safeguard the world financial system from the Asia-type crisis. O b. International institutions like the International Monetary Fund (IMF) and the Worid Bank should monitor problematic countries more closely and provide timely advice to those countries. Oc. Countries should be required to fully disclose economic and financial information so that devaluation surprises can be prevented. O d. All above.The financial regulations in the usa and other developed countrues that preceded the 2008/9 financial collapse, was it succesful in the treatment of issues flowing out of the 2008/9 collapse1.Outline and differentiate the various definitions of international accounting? 2.Explain the environmental factors that lead to national differences in accounting? 3.What are the two main legal systems operating worldwide? How might these affect accounting? 4.Countries that rely on capital markets for finance, as opposed to banks and governments, are likely to expect greater levels of public disclosure in their accounting systems. Evaluate this argument and provide examples.