While globalization has pushed the boundaries on communication and technology, it has steadily increased the ease of and access to international trade. As international business continues to increase, it is more critical now than ever for government accountants to understand the various cultural and ethical factors encountered during cross-cultural exchanges as well as recognize the accounting standards associated with international business.
After reviewing the Resources for this week, respond to the following:
Explain how the Governmental Accounting Standards Board (GASB) “Summaries of Statement No. 34: Basic Financial Statements – and Management’s Discussion and Analysis for State and Local Governments (GASB 34)” (http://www.gasb.org/st/summary/gstsm34.html )and “Summaries of Statement No. 37: Basic Financial Statements – and Management’s Discussion and Analysis – for State and Local Governments: Omnibus – An Amendment of GASB Statements No. 21 and No. 34 (GASB 37)” reporting model meets financial report users’ needs for operational accountability information about government activities. (http://www.gasb.org/st/summary/gstsm37.html )
Evaluate transparency disclosures and their impact on ethics. What measures are in place to make sure that there actually is transparency? What are the ramifications of unethical reporting?
How will the convergence with International Financial Reporting Standards (IFRS) impact government accounting?