ACC2233 - International Accounting

What is International Accounting?

International accounting is a specialty within the entire discipline that is focused on using specific accounting standards that are as relevant in the US as they are when you are balancing the books of a company overseas. If you are interested in working as an accounting professional and you are trying to choose a specialty or subset, it is important to learn how one differs from the other. In today’s modern business world, any financial accountant who works in the global business environment of the 21st century will fit into the broad definition of international accountant. Read on, and find out more about what global accounting is and why it is a popular choice.

International Accountants Use International Standards

Domestic accountants in the United States still use what some believe are outdated techniques and standards referred to as Generally Accepted Accounting Principles. The U.S. GAAP standards are used by the Securities Exchange Commission, but eventually there will be a shift to the International Financial Reporting Standards so that all companies can follow the same code of rules and reporting standards when making financial information public, according to Investopedia.

from: https://www.topaccountingdegrees.org/faq/what-is-international-accounting/

Includes study of various functional areas of accounting

§Focuses on the accounting issues unique to multinational corporations

Can be defined at three different levels

§Supranational accounting

§Standards, guidelines, and rules issued by supranational organizations

§Company level

§Followed by company in international business activities and foreign investments

§International accounting

§Study of the standards, guidelines, and rules of accounting, auditing, and taxation existing within each country and comparison across countries

You can also refer to:
International Accounting Slide 1
International Accounting Slide 2