What are the concepts of International Accounting?

<p>Some of these concepts include harmonization and convergence, foreign currency translation, and transfer pricing.</p><ul><li><strong>Harmonization and Convergence: </strong>It refers to the initiatives aimed at standardizing accounting principles on a global level, thereby aligning the differences between various national accounting standards.</li><li><strong>Foreign Currency Translation: </strong>It deals with the aspects of accounting that result from transactions and financial statements being prepared in various currencies, in lieu of the impact of fluctuations on exchange rates on financial reporting.</li><li><strong>Transfer Pricing: </strong>It refers to arriving at prices for goods and services transferred between different entities of a multinational corporation subject to compliance with tax regulations and fair valuation.</li><li><strong>Global financial reporting standards: </strong>Learn and apply the frameworks under International Financial Reporting Standards or Generally Accepted Accounting Principles in different countries.</li><li><strong>Cross-border investments and mergers: </strong>Account for investments, acquisitions, and mergers where entities are based in different countries, covering the legal, financial, and reporting requirements.</li><li><strong>International taxation: </strong>Familiarity with tax laws and their implications across borders, particularly treaties, transfer pricing regimes, and tax optimization strategies.</li><li><strong>Corporate Governance: </strong>It aims to ensure transparency, accountability, and ethical practice in financial reporting and management of activities across international boundaries.</li></ul>

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