Financial accounting disclosure dilemma illustrated: the case of U.S. multinational banks
Article Abstract:
The financial practices of US multinational banks, and the effect of those practices on income statements and balance sheets are discussed. The foreign currency translation (FCT) practices of 12 US-based multinationals are analyzed. The methods and degree of disclosure used by the banks in reporting their FCT gains were found to be inconsistent. Financial reporting requirements have not kept up with the creative financial reporting techniques used by financial institutions. Multinational banks have in some cases exaggerated profits and failed to cover potential losses. The accounting profession needs to standardize multinational banks' disclosure practices quickly, or the credibility of both banks and accountants will be lost.
Publication Name: The Woman CPA
Subject: Women's issues/gender studies
ISSN: 0043-7271
Year: 1987
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The accounting profession: in flux or in trouble?
Article Abstract:
All elements of the accounting profession are changing, including the type and extent of services offered, legal liability, self-regulation, internal controls, and a restructured ethics code. The depth of skills and knowledge required today far exceed the technical knowledge traditionally needed to audit financial statements. It is incumbent upon accountants to analyze the nature of the profession, and to evaluate in what directions it is or should be moving. Increased scrutiny and public interest in accounting standards and regulations enhance the significance of such self-evaluation.
Publication Name: The Woman CPA
Subject: Women's issues/gender studies
ISSN: 0043-7271
Year: 1987
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Comment about this article or add new information about this topic: