ACCT 211 Lecture Notes - Lecture 12: Donald Tusk, Banking Union, Gazprom

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amramr328

28 Mar 2023

School

Liberty University

Department

Accounting

Course

ACCT 211

Professor

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The european union (eu) is a political and economic union of 28 member states that are located primarily in europe. It was created to foster economic cooperation and increase international trade in turn reducing conflict. The eu began as an economic union but has evolved into an organization now covering policy areas from economics to human rights (european. The news article titled polish pm calls for eu energy union is based on a written statement by poland"s prime minister, donald tusk as published in the financial times. Tusk calls for the european union (eu) to create an energy union to reduce dependence on russian energy (writer, 2014). Currently russia provides approximately one third of the european union"s oil and gas. When russia used military forces to annex ukraine"s crimea peninsula in march it provoked the united states and europe to impose sanctions on russia if it would proceed with this action.

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Domicile is a smart way of taxing individuals in my opinion. Especially rich individuals who own several homes or for people who have international income or work overseas but live in the U.S. As the article makes clear, there are still some boundary issues regarding the classification of domicile and in some areas there is a blurring of the lines. There are many sufficient rules to rule domicile but the IRS should try to fix this and avoid more situations like âFowler vs North Carolina Department of Revenueâ.

The European Commission Union initially brought the case to attention claiming that Ireland had broken the European Union laws by granting tax advantages to Apple. The European Commission ordered the government of Ireland to collect the 13 billion euros in order to make up for the tax underpayments by Apple. It is abundantly clear that the government of Ireland gave Apple an unfair advantage in the market place. This unfair advantage also would hurt shareholders in different companies because their products would not be doing as well as Apple due to the increasing prices. This huge mess could have been easily avoided if the EU would have complied with the standards of law provisions. I believe the outcome of this case was necessary in order to set a tone for what will happen if governments intervene and aid big businesses illegally.

QUESTION: DO YOU AGREE WITH THE ABOVE STATEMENTS? EXPLAIN

The European Commission made the following statement in a pressrelease issued in 2002:
"European Commission (EC) has welcomed the Council's adoption, in asingle reading, of the Regulation requiring listed companies,including banks and insurance companies, to prepare theirconsolidated accounts in accordance with the InternationalAccounting Standards (IAS) from 2005 onwards, The Regulation willhelp eliminate barriers to cross-border trading in securities byensuring that company accounts throughout the European Union (EU)are more reliable and transparent and that they can be more easilycompared. This will in turn increase market efficiency and reducecost of raising capital for companies, ultimately improvingcompetitiveness and helping boost growth.
Required:

You are required to evaluate the above statement. In particularyou should consider whether the adoption of Internal FinancialReporting Standards (IFRS) in different countries, with differentoverview and enforcement mechanisms, necessarily leads togeneration of financial information that is more 'reliable' and'comparable'. (10 marks)

Is it appropriate for accounting standard-setting bodies toconsider culture and religion when devising accounting standardsand regulations, particularly given the output of financialreporting is expected to be objective and unbiased? Explain yourview. (10 marks)

pucecoyote799

19. The Czech Republic, Estonia, Hungary, Latvia, Lithuania,Poland, Slovakia and Slovenia joined the European Union in 2004. Inaddition to belonging to the EU, what do these countries have incommon?

A) They share a common language.

B) Formerly they were under the political and economic influenceof the Soviet Union.

C) All were under the political control of Germany until theearly 1960s.

D) They were former British colonies until after World WarII.

20. The initial harmonization efforts (1973-1988) of theInternational Accounting Standards Committee (IASC) createdstandards that have been described as the lowest common denominatorapproach. What was the effect of these first internationalaccounting standards?

A) IASC standards accommodated accounting practices in severalcountries.

B) Comparability of financial statements between countries.

C) It turned out that few companies complied with IASCstandards.

D) All of the above

21. Which of the following is NOT a goal of the InternationalAccounting Standards Board (IASB)?

A) Establish the global uniformity of accounting practice

B) Develop a unique set of executable global accountingstandards

C) Promote the use and application of global accountingstandards

D) Encouraging the convergence of national accountingstandards

22. The International Accounting Standards Board (IASB) waspreceded by:

A) the IOSCO

B) ASEAN

C) the IASC

D) the NRC

24. Which of the following is NOT part of the due processfollowed by the IASB in the formulation of International FinancialReporting Standards?

A) A public comment period is provided after the discussionpapers have been prepared.

B) The rules are unanimously approved by the 16 members of theboard.

C) Exposure drafts are published before a vote of the board ofdirectors.

D) National accounting standards and practices are studied priorto the preparation of exposure drafts.

25. What basis does the International Accounting Standards Board(IASB) use to formulate its IFRS?

A) Detailed rules for accounting practice

B) A framework of accounting principles

C) The tax laws typical of the western nations

D) Exceptions or unusual circumstances that require specialattention

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ACCT 211 Lecture Notes - Lecture 12: Donald Tusk, Banking Union, Gazprom

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