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This book is written to provide an overview of the broadly defined area of international accounting, but that focuses on the accounting issues related to international business activities and foreign operations. Salient Features Numerous excerpts from annual reports to demonstrate differences in financial reporting practices across countries and to highlight financial reporting issues especially relevant for multinational corporations. Detailed discussion on the most recent developments in the area of international harmonization/convergence of financial reporting standards. Separate chapter on International Financial Reporting Standards that provides detailed information on selected standards. (Most other IFRSs are covered in other chapters.) Also includes numerical examples demonstrating major differences between IFRSs and U.S. GAAP and their implications for financial statements. Separate chapters for (1) foreign currency transactions and hedging foreign exchange risk and (2) translation of foreign currency financial statements. Detailed examples demonstrating the accounting for foreign currency derivatives used to hedge a variety of types of foreign currency exposure. Separate chapters for (1) international taxation and (2) international transfer pricing. Separate chapter on strategic accounting issues facing multinational corporations. Separate chapter discussing international corporate governance issues.