国际会计案例集锦.docx
- 文档编号:17051956
- 上传时间:2023-07-21
- 格式:DOCX
- 页数:46
- 大小:92.37KB
国际会计案例集锦.docx
《国际会计案例集锦.docx》由会员分享,可在线阅读,更多相关《国际会计案例集锦.docx(46页珍藏版)》请在冰点文库上搜索。
国际会计案例集锦
Chapter1
Case1.1
E-CENTIVES,INC.---RAISINGCAPITALINSWITZERLAND
OnOctober3,2000,E-Centives,incorporatedintheUnitedStatesmadeaninitialpublicofferingontheSwissStockE*change’sNewMarket.Thecompanyraisedappro*imatelyUS$40million.E-Centives’sofferingcircularstatedthatnooffersorsalesofthecompany’scommonstockwouldbemadeintheUnitedStates,andthattherewouldbenopublicmarketforthecommonstockintheUnitedStatesaftertheoffering.
THESMISSE*CHANGE’SNEWMARKET
TheSwissE*changelaunchedtheNewMarketin1999.TheNewMarketisdesignedtommetthefinancingneedsofrapidlygrowingcompaniesfromSwitzerlandandabroad.ItprovidesfirmswithsimplifiedmeansofentrytotheSwisscapitalmarkets.ListingrequirementsfortheNewMarketaresimple.Fore*ample,companiesmusthaveanoperatingtrackrecordof12months,theinitialpubliclistingmustinvolveacapitalincrease,andtoensuremarketliquidity,abankmustagreetomakeamarketinthesecurities.
E-Centives
E-Centives,Inc,isaleadingonlinedirectmarketinginfrastructurecompany.Thecompanyofferssystemsandtechnologiesthatenablebusinessestobuildlarge,richdatabasesofconsumerprofilesandinterests.Inreturn,consumersreceiveafreepromotionaloffersbasedontheirinterests.Atthetimeofthepublicoffering,E-Centivesmaintainedover4.4millionE-Centivesonlineaccountsformembers.Thecompanydoesnotchargemembersafeeforitsservice.Instead,thatcompanygeneratesrevenueprimarilyfrommarketerswhosemarketingmatterisdeliveredtotargetedgroupsofE-Centivesmembers.E-Centivescurrentlyemploysmorethan100peopleinitsBethesda,Marylandheadquarters,anditsofficesinRedwoodCity,NewYorkandLosAngeles.
Asoftheofferingdate,thecompanyhadlittlerevenueandhadnotbeenprofitable.RevenuefortheyearendedDecember31,1999,was$740000,withanetlossaboutUS$16million.AsofJune30,2000,aboutUS$39million.E-Centives‘growthstrategyistoe*pandinternationally.Todate,thecompanyhasfocusedonpursuingopportunitiesintheUnitedStates.E-Centivesintendstoe*pandintoEuropeandothercountries.Thecompanyiscurrentlyconsideringe*pandingintoSwitzerland,theUnitedKingdom,andGermany.
REQUIRED:
1.Whichfactorsrelevantforchoosinganoverseasmarketforlistingorraisingcapital.WhichfactorsmighthavebeenrelevantinE-Centives’decisiontoraisecapitalandlistontheSwissE*change’snewmarket
2.WhydoyoubelieveE-CentiveschoosenottoraisepublicequityintheUnitedStatesWhatarethepotentialdrawbacksrelatedtoE-CentivesdecisionnottoraisecapitalintheU.SPUBLICMARKETS
3.WhataretheadvantageanddisadvantagestoE-CentivesofusingU.S.GAAP
4.ShouldtheSW*SwissE*changerequireE-CentivestoprepareitsfinancialstatementsusingSwissaccountingstandards
5.LearnmoreabouttheNewMarketattheSW*SwissE*change’sWebsite().WhatarethelistingrequirementsfortheNewMarketWhatarethefinancialreportingrequirementsDoesE-CentivesappeartofittheprofileofthetypicalNewMarketcompany
Case1.2:
Toyota’sGlobalE*pansion
InNovember2004,HiroshiOkuda,ChairmanofToyotaMotorCorp.ofJapan,announcedthatthecompanywasgoingtobuildanotherfactoryinNorthAmerica,raisingthenumberoffactoriesproducingpartsorassemblingcarsandtrucksinNorthAmericato14.AsofMay2004,Toyotamanufacturedpartsandassembledcarsin51overseasmanufacturingcompaniesin26countries/locations.In1980,thecompanyhadonly11productionfacilitiesin9countries,soitwasessentiallyservicingtheworldmarketthroughe*portsfromJapan.Since1980,however,thecompanyhascommittedmoreenergyandresourcesintoforeignproduction.
Toyota,thesecondlargestautomanufacturerintheworld,ismovingaggressivelytoovertakeleaderGeneralMotorsintermsofvolume.In2004-2005,GMsold7.4millionvehiclesworldwide,andthecompanye*pectstoincreasesalesto8.5millionvehiclesby2006.EventhoughToyota’smajormanufacturingbaseisinJapan,with12plantslocatedcloselytogetheraroundToyotaCityinAichiPrefecture,itise*pandingitsmanufacturingcapabilitiestoeverycorneroftheworld,includingRussia.However,itisclearthatToyotaisbettingmoreonproductionincountriesoutsideofJapan.AlthoughToyotahopestoproduce3.8millionvehiclesinJapanby2006,itplansondoublingitsforeignoutputto6millionvehiclessometimeinthefuture.ItcurrentlyproducesmorevehiclesinJapanthanitdoesinitsoverseasplants,andite*portsmoreofitsdomesticproductionthanissoldinsideofJapan.
Toyotaisknownforitscommitmenttolowcost,highquality,andjust-in-timeinventory,whichimpliesthatitmustbeclosetoitsmainsuppliers.Amajorreasonforthecompany’ssuccessinJapanisitsclosepro*imitytokeysuppliers,suchasNipponDenso,whichallowsittoschedulethedeliveryofpartsassoonastheyareneededintheassemblyoperations.
OneofToyota’smajoradvantagesisitsstrongcashposition.Itscashandshort-terminvestmentstotaled$30billionin2004,eventhoughGM’scashandshort-terminvestmentsattheendofthe3rdquarter2004werenearlydoublethatat$58.623billion,downslightlyfromthesamequarterayearearlier.However,Toyota’sstrongearningsandcashpositionsareincontrasttoGM,whichisconstrainedbyweakcreditratings,risinghealth-careandpensioncosts,andlossesinitsautomotivedivision.Toyotae*pectstouseitsstrongfinancialpositiontoe*pandoperationsworldwideandincreaseitscommitmenttoR&D,especiallyinsafety,automation,andenvironmentallyfriendlyvehicles,suchasthePrius,oneofitshybridcars.
Inspiteofitsstrongcommitmenttofuturegrowth,Toyotahassomechallenges.Itsnetprofitsinthesecondquarterof2004droppedfrom¥301.9billionayearearlierto¥297.4billion.Toyotareportsitsfinancialinformationinyen,althoughitreportsearningsaccordingtoU.S.generallyacceptedaccountingprinciplesduetoitsactivepresenceonglobalcapitalmarketsandtheuniversalacceptabilityofU.S.GAAP.
OperatinginglobalmarketsisachallengeforToyota.SinceitisaJapanesecompanythatreportsfinancialinformationinJapaneseyen,itissubjecttoe*changeratefluctuations.Inparticular,theyenhasbeenstrongrelativetotheU.S.dollar,soearningsofitsU.S.operationshavefalleninyentermsinrecentyearswhentranslatedfromdollarsbacktoyen.Inadditiontothestrongyen,ToyotaandothercompaniesoperatingintheU.S.markethavestruggledwithhighgasolinepricesandhighcompetition,whichhavecutintoprofitmargins.Toyotahasalsosufferedwithhighrawmaterialscosts,bothinsideJapanandinitsotheroperationsworldwide.ItisimportantforthecompanytodowellinNorthAmerica,becauseitaccountsforabouttwo-thirdsoftheJapanesecarindustry’sprofitsonanoperatinglevel.GivenJapan’srapidlyagingpopulationandthesluggisheconomy,ToyotaandotherJapanesecarmanufacturerswillhavetodowellintheUnitedStatestosurvive.
ToyotaservicesU.S.marketsthroughsignificante*portsfromJapanaswellasassemblyinsideNorthAmerica.BecauseCanada,theUnitedStates,andMexicoaremembersoftheNorthAmericanFreeTradeAgreement,partsandfinalvehiclescanbemovedfromonecountrytotheotherduty-free,aslongastheNorthAmericancontentisatleast62.5%oftotalcost.IthasplanstoassembletheTacomainMe*ico;itassemblestheCorolla,Matri*,andR*33inCanada;anditassemblestheCorolla,Tacoma,Avalon,Camry,Solera,Tundra,Sequoia,andSiennaintheUnitedStates.Itisfirmlycommittedtomanufacturingcarsandtrucksindevelopingcountries,especiallyThailand,anditismakingabigpushtoassembleinChina.Italsohasplanstoe*pandinSouthAmerica,probablyinBrazilwhereitalreadyproducestheCorolla,anditplanstoe*pandintoRussia,whichwouldthenjoinPolandandtheCzechRepublicasformermembersoftheSovietUnionthathaveproductionfacilities.
AnotherfactorinfluencingToyota’sgrowthabroadistheopeningoftheEuropeanUnion.In1999,theEUcountriesfinallyopenedthedoorstoAsiancarmakers,andtheirmarketsharerosefrom14.8%to17.4%atthee*penseofFord,GM,Volkswagen,andotherEuropeanmanufacturers.DuetohighwagesinEurope,whichhavereached$40.68perhourforaveragewagesincludinghealth-carecosts,AsianautomakersareincreasinglyestablishingassemblyoperationsinEasternEurope,wherewagesaresignificantlylower.InPoland,fore*ample,wagesareonly$8.63perhour.ThusitappearsthatToyota’sstrategyofmakingvehiclesinPoland,theCzechRepublic,andRussiamakessense.IfthesluggishEuropeanmarketcanrecover,Toyotamayhaveabrightfuturethere.
Questions
1.WhydoyouthinkToyotaise*pandingsoaggressivelyoutsideofJapaninsteadoffocusingmoreonmanufacturinginJapanande*portingtoothercountries
2.Whataretherisksitfacesine*pandingitsoverseasmanufacturing
3.WheredoyouthinkToyotashouldputitsne*tplantinNorthAmerica,andwhatfactorsshoulditconsiderinmakingthatdecision
4.WhataresomeofthemajoraccountingissuesthatToyotafacesasite*pandsitsglobalreachWhataretheprosandconstoToyotaofissuingitsfinancialstatementsaccordingtoU.S.GAAP
Case1.3:
Sinopec’sGlobalE*pansion
CompanyProfile
ChinaPetroleum&ChemicalCorporation(SinopecCorp)isaChina-basedenergyandchemicalcompany.TheCompanythroughitssubsidiariesengagesinoilandgasandchemicaloperationsinthePeople'sRepublicofChina(PRC).Oilandgasoperationsconsistofe*ploringfor,developingandproducin
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- 国际会计 案例 集锦