University of Portsmouth: International Accounting Assignment Analysis

This assignment analyzes key aspects of international accounting, addressing the harmonization of accounts, the benefits of such harmonization, and the principles governing financial reporting. It includes a case study focusing on the Burberry Group, examining its accounting practices under UK GAAP. The assignment explores the importance of reasonable and prudent judgments and estimates in financial statements, emphasizing the going concern value. It provides insights into how companies approach financial reporting and the key considerations involved in international accounting practices, including the use of accounting policies and financial statements for analysis and transparency. The assignment is based on the University of Portsmouth's International Accounting module and presents a detailed analysis of the subject matter.

Running head: INTERNATIONAL ACCOUNTING
International Accounting
Name of the Student:
Name of the University:
Author’s Note:

1INTERNATIONAL ACCOUNTING
Probable Questions
Questions
1) What are the key issues is the harmonization of the accounts between various countries.
Ans: There are a number of differences that the accounting board usually observes when
considering the differences among various countries in terms of socio-political-economic
systems, it would be almost impossible for arriving at the uniform set of accounting policies
that intends to guide and satisfy all the concerned parties involved
2) What are the key benefits for harmonization of accounts
Ans: Access to foreign capital market is one of the key reason that requires that
harmonization of the accounting policies between the various accounting bodies takes place
so that the companies can better report and create a uniform accounting policy. The costs
associated with the financial reporting would also be reduced for the various conglomerate
company when a uniform set of accounting principles would be followed. If the accounting
policies and the financial stamen of the company are well comparable and transparent it
becomes easier for the conglomerate company to better analyze the various aspects of the
company.
3) Accounting Policies followed by Burberry Group?
Ans: The undertaken Burberry Group Plc. would be undertaken for the purpose of analysis is
from the United Kingdom that follows the UK GAAP.
4) What are the key principles for making various assumptions that are made by companies
in the Financial Report of the company?

2INTERNATIONAL ACCOUNTING
Ans: There should be reasonable and prudent justification for the various judgments and
accounting estimates that are usually done by the company while repairing the basis of
financial statement of the company. Going Concern value is the key approach that the
company should undertake while undertaking various judgment and assumptions.