International Accounting | Baamboozle - Baamboozle

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The movement of people between countries, which can impact labor markets and economic growth.

Migration

Refers to the interconnected worldwide economic activities that take place between multiple countries.

Gloabl Economy

Are International transactions and International trade the same?

NO!!!

Mention two factors that cause the Accounting Diversity

Legal Systems Taxation Rules Cultural Factors Economic Enviroment Political and Economic ties

Includes a wider range of financial and commercial activities.

International Transaction

Having a "Wider market" is a Pro or Con of Global Economy?

Pro

Political and economic relations and history between countries can affect the accounting principles in the country.

Political and Economic Ties

Accounting relies more on professional judgment and private-sector standards.

Common Law Countries

In some countries, accounting rules are closely aligned with tax rules, while in others, financial accounting and tax accounting are separate.

Taxation Rules

Cultural norms shape ethical decision-making in accounting.

Cultural factors

What does IFRS stands for?

International Financial Reporting Standards

The influence of political relationships and power dynamics between nations on economic activity.

Geopolitics

What does GAAP stands for?

Generally Accepted Accounting Principles

Capital markets, inflation rates, and economic development can shape financial reporting practices.

Economic enviroment

Is more limited to the exchange of goods and services.

International Trade

Fiscal year of México

Begins on 1 January and ends on 31 December of the same year.

Accounting is more prescriptive and influenced by government regulation

Code Law Countries

Having "More competition in te market" is a Pro or Con of Global Economy?

Cons

How many kids do I have?

None