International accounting Essay Example | Topics and Well Written Essays - 2500 words - 1

International accounting - Essay Example Before the start of WWII, the Japanese accounting system was mainly guided by the 1899 Commercial Code, which was derived from the German system also known as the Continental Law (Heenan 2000). This was the only law in Japan that had compulsory parts and clauses on accounting particularly with regard to preparation of inventory sheet and balance sheet. It also spelt out rules of valuing assets, which were originally valued at the market price and then a price set below the market. When this law is closely examined, it is evident that English had a lot of influence on practice, whereas German had some influence on statutory law. After the Second World War, new laws were enacted to supplement the Commercial Code. Some of the new laws included Corporation Tax Law, Securities & Exchange Law and the creation of the so-called â€Å"triangular system.† In 1949, the Accounting Principles for Business Enterprises was established (Hoshi 2000). This was established under the auspices of the Business Accounting Deliberation Council (BADC), which served as an advisory agency to the Ministry of Finance. Generally, the Accounting Principles for Business Enterprises served as a major source of Japanese GAAP. The â€Å"Triangular System† had three codes, as well as business accounting principles including the Commercial Code, Corporation Tax Law and Securities & Exchange Law (Hoshi 2000). Specifically, the Commercial Code provides the standard of filing tax returns and acts a conformity rule for preparing financial statements. It is also associated with regulations, ordinances and notices. The Ministry of Justice in accordance with Sec. 32-2, of the 1974 GAAP, administers the Commercial Code (Hoshi 2000). The Corporation Tax Law is administered by the ministry of Finance and NTA. Finally, securities & Exchange Law is administered by the FSA and follows the Accounting Principles for Business Enterprises, which is considered to be the fundamental

Summary Essay Example | Topics and Well Written Essays - 250 words - 114

Summary - Essay Example According to Kasongo (2012), they were factors that led to the African scramble of which were economic, social, political, and religious. One dominant factor that Kasongo believes and addresses is that the colonization was the most significant factor. Colonization was the heart and soul of the African scramble; this is because Africa had many valuable resources that were vital to the European countries. The resources proved essential as a solution for European nation to recovery from the great depression (p. 196). The political and social motives were intertwined. Regarding Political motives, European nations sought to expand their territories, which was a viewed as a sign of power (Kasongo 197). Countries such as Britain used territories to decongest the United Kingdom, and it allowed the British immigrants to start a new life and sustain their families. These social motives allowed European countries to develop their territories according to their objectives (that related to their political motives). Through resettlement into the territories, the European countries used religion to improve the lifestyles of native African (Kasongo 198). In addition, the Europeans as a way of giving back and enriching the African population used religion. In conclusion, these elements illustrate the impact of the European countries during the scramble in Africa. Kasongo, Michael. â€Å"European Expansion and the Scramble for Africa.† (Re) Tracing Africa: A Multi-Disciplinary Study of African History, Societies, and Cultures. Eds. Salome Nnoromele and Ogechi Anyanwu. Dubuque: Kendell Hunt, 2012. 195-207.