International Finance Assignment Solution (Doc)
Added on -2021-02-21
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International Finance
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3TASK 2............................................................................................................................................4TASK 3............................................................................................................................................6TASK 4............................................................................................................................................9CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................13
INTRODUCTIONThe term international finance can be defined as a branch of financial economics that isrelated to the monetary and macro economic relation between two or more then two nations(Frieden, 2015). This is also known by the international macro economics. In other words it isrelated to the monetary interaction that raises between two or more countries. To understand thisterm, “Luxury chocolate limited” company is selected which is located in the North west ofEngland. As well as this company is the manufacturer of handmade chocolates. Herein, theproject report objectives of accounting standards is mentioned as well as impact on thesestandards on financial reports is also described. Apart from it, this report also includes case studyon the basis of research. In the end the project report defines about micro and macroenvironmental factors on the international finance management decision-making. TASK 1.1.1 Objectives of developing international accounting standards.Converted in PPT.1.2 Relevant accounting standards for specific financial situation.Converted in PPT.1.3 Effect on financial statements of the application of specified International AccountingStandards.The international accounting standards are useful in making financial statements morecomparative and reliable of companies (Shenkar, Luo and Chi, 2014). There are various kind ofaccounting standards that help in the making financial statements. For this purpose mainlyinternational accounting standard 1 (IAS 1) is suitable. If companies will follow it then this willbe beneficial for them in preparation of financial statements in most effective manner. IAS 1- According to this accounting standard, financial statements are prepared for thepurpose of providing the information about financial position and performance. Hence, thefinancial statements should provide below mentioned information which are such as:Assets
LiabilitiesEquityIncome & expenses along with loss and revenueCash flowContribution by ownersDistribution to shareholdersSo these above mentioned information should be provided by the financial statements. Alongwith as per this accounting standard, financial statements include some kind of components suchas:A statement of financial position by preparation of Balance sheet.A statement of change in equity.A statement of cash flowFair presentation and compliance- The financial statements should be able present the fair valueof financial position of companies. Eventually, the fair presentation needs the faithfulpresentation of the effects of the financial transactions. As well as these international accountingstandards define about using the appropriate accounting concepts and principles. Some types ofaccounting concepts are such as going concern, consistency, accrual basis, materiality etc. shouldbe adopted. In the absence of these accounting concepts it will be difficult for the companies tomake their financial statements reliable and comparative for further use. M1. Evaluation of implication of accounting standards.Converted in PPT.TASK 2.2.1 Key features of international finance and major institutions of international financialenvironment.Converted in PPT.2.2 The contribution of international financial markets and financial instruments as sources offinance.The international financial markets and instruments play an important role to act as animportant source of the finance. This is why because of as follows:
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