国际会计案例集锦Word格式.docx
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国际会计案例集锦Word格式.docx
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THESMISSEXCHANGE’SNEWMARKET
TheSwissExchangelaunchedtheNewMarketin1999.TheNewMarketisdesignedtommetthefinancingneedsofrapidlygrowingcompaniesfromSwitzerlandandabroad.ItprovidesfirmswithsimplifiedmeansofentrytotheSwisscapitalmarkets.ListingrequirementsfortheNewMarketaresimple.Forexample,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‘growthstrategyistoexpandinternationally.Todate,thecompanyhasfocusedonpursuingopportunitiesintheUnitedStates.E-CentivesintendstoexpandintoEuropeandothercountries.ThecompanyiscurrentlyconsideringexpandingintoSwitzerland,theUnitedKingdom,andGermany.
REQUIRED:
1.Whichfactorsrelevantforchoosinganoverseasmarketforlistingorraisingcapital.WhichfactorsmighthavebeenrelevantinE-Centives’decisiontoraisecapitalandlistontheSwissExchange’snewmarket?
2.WhydoyoubelieveE-CentiveschoosenottoraisepublicequityintheUnitedStates?
WhatarethepotentialdrawbacksrelatedtoE-CentivesdecisionnottoraisecapitalintheU.SPUBLICMARKETS?
3.WhataretheadvantageanddisadvantagestoE-CentivesofusingU.S.GAAP?
4.ShouldtheSWXSwissExchangerequireE-CentivestoprepareitsfinancialstatementsusingSwissaccountingstandards?
5.LearnmoreabouttheNewMarketattheSWXSwissExchange’sWebsite().WhatarethelistingrequirementsfortheNewMarket?
Whatarethefinancialreportingrequirements?
DoesE-CentivesappeartofittheprofileofthetypicalNewMarketcompany?
Case1.2:
Toyota’sGlobalExpansion
InNovember2004,HiroshiOkuda,ChairmanofToyotaMotorCorp.ofJapan,announcedthatthecompanywasgoingtobuildanotherfactoryinNorthAmerica,raisingthenumberoffactoriesproducingpartsorassemblingcarsandtrucksinNorthAmericato14.AsofMay2004,Toyotamanufacturedpartsandassembledcarsin51overseasmanufacturingcompaniesin26countries/locations.In1980,thecompanyhadonly11productionfacilitiesin9countries,soitwasessentiallyservicingtheworldmarketthroughexportsfromJapan.Since1980,however,thecompanyhascommittedmoreenergyandresourcesintoforeignproduction.
Toyota,thesecondlargestautomanufacturerintheworld,ismovingaggressivelytoovertakeleaderGeneralMotorsintermsofvolume.In2004-2005,GMsold7.4millionvehiclesworldwide,andthecompanyexpectstoincreasesalesto8.5millionvehiclesby2006.EventhoughToyota’smajormanufacturingbaseisinJapan,with12plantslocatedcloselytogetheraroundToyotaCityinAichiPrefecture,itisexpandingitsmanufacturingcapabilitiestoeverycorneroftheworld,includingRussia.However,itisclearthatToyotaisbettingmoreonproductionincountriesoutsideofJapan.AlthoughToyotahopestoproduce3.8millionvehiclesinJapanby2006,itplansondoublingitsforeignoutputto6millionvehiclessometimeinthefuture.ItcurrentlyproducesmorevehiclesinJapanthanitdoesinitsoverseasplants,anditexportsmoreofitsdomesticproductionthanissoldinsideofJapan.
Toyotaisknownforitscommitmenttolowcost,highquality,andjust-in-timeinventory,whichimpliesthatitmustbeclosetoitsmainsuppliers.Amajorreasonforthecompany’ssuccessinJapanisitscloseproximitytokeysuppliers,suchasNipponDenso,whichallowsittoschedulethedeliveryofpartsassoonastheyareneededintheassemblyoperations.
OneofToyota’smajoradvantagesisitsstrongcashposition.Itscashandshort-terminvestmentstotaled$30billionin2004,eventhoughGM’scashandshort-terminvestmentsattheendofthe3rdquarter2004werenearlydoublethatat$58.623billion,downslightlyfromthesamequarterayearearlier.However,Toyota’sstrongearningsandcashpositionsareincontrasttoGM,whichisconstrainedbyweakcreditratings,risinghealth-careandpensioncosts,andlossesinitsautomotivedivision.ToyotaexpectstouseitsstrongfinancialpositiontoexpandoperationsworldwideandincreaseitscommitmenttoR&
D,especiallyinsafety,automation,andenvironmentallyfriendlyvehicles,suchasthePrius,oneofitshybridcars.
Inspiteofitsstrongcommitmenttofuturegrowth,Toyotahassomechallenges.Itsnetprofitsinthesecondquarterof2004droppedfrom¥
301.9billionayearearlierto¥
297.4billion.Toyotareportsitsfinancialinformationinyen,althoughitreportsearningsaccordingtoU.S.generallyacceptedaccountingprinciplesduetoitsactivepresenceonglobalcapitalmarketsandtheuniversalacceptabilityofU.S.GAAP.
OperatinginglobalmarketsisachallengeforToyota.SinceitisaJapanesecompanythatreportsfinancialinformationinJapaneseyen,itissubjecttoexchangeratefluctuations.Inparticular,theyenhasbeenstrongrelativetotheU.S.dollar,soearningsofitsU.S.operationshavefalleninyentermsinrecentyearswhentranslatedfromdollarsbacktoyen.Inadditiontothestrongyen,ToyotaandothercompaniesoperatingintheU.S.markethavestruggledwithhighgasolinepricesandhighcompetition,whichhavecutintoprofitmargins.Toyotahasalsosufferedwithhighrawmaterialscosts,bothinsideJapanandinitsotheroperationsworldwide.ItisimportantforthecompanytodowellinNorthAmerica,becauseitaccountsforabouttwo-thirdsoftheJapanesecarindustry’sprofitsonanoperatinglevel.GivenJapan’srapidlyagingpopulationandthesluggisheconomy,ToyotaandotherJapanesecarmanufacturerswillhavetodowellintheUnitedStatestosurvive.
ToyotaservicesU.S.marketsthroughsignificantexportsfromJapanaswellasassemblyinsideNorthAmerica.BecauseCanada,theUnitedStates,andMexicoaremembersoftheNorthAmericanFreeTradeAgreement,partsandfinalvehiclescanbemovedfromonecountrytotheotherduty-free,aslongastheNorthAmericancontentisatleast62.5%oftotalcost.IthasplanstoassembletheTacomainMexico;
itassemblestheCorolla,Matrix,andRX33inCanada;
anditassemblestheCorolla,Tacoma,Avalon,Camry,Solera,Tundra,Sequoia,andSiennaintheUnitedStates.Itisfirmlycommittedtomanufacturingcarsandtrucksindevelopingcountries,especiallyThailand,anditismakingabigpushtoassembleinChina.ItalsohasplanstoexpandinSouthAmerica,probablyinBrazilwhereitalreadyproducestheCorolla,anditplanstoexpandintoRussia,whichwouldthenjoinPolandandtheCzechRepublicasformermembersoftheSovietUnionthathaveproductionfacilities.
AnotherfactorinfluencingToyota’sgrowthabroadistheopeningoftheEuropeanUnion.In1999,theEUcountriesfinallyopenedthedoorstoAsiancarmakers,andtheirmarketsharerosefrom14.8%to17.4%attheexpenseofFord,GM,Volkswagen,andotherEuropeanmanufacturers.DuetohighwagesinEurope,whichhavereached$40.68perhourforaveragewagesincludinghealth-carecosts,AsianautomakersareincreasinglyestablishingassemblyoperationsinEasternEurope,wherewagesaresignificantlylower.InPoland,forexample,wagesareonly$8.63perhour.ThusitappearsthatToyota’sstrategyofmakingvehiclesinPoland,theCzechRepublic,andRussiamakessense.IfthesluggishEuropeanmarketcanrecover,Toyotamayhaveabrightfuturethere.
Questions
1.WhydoyouthinkToyotaisexpandingsoaggressivelyoutsideofJapaninsteadoffocusingmoreonmanufacturinginJapanandexportingtoothercountries?
2.Whataretherisksitfacesinexpandingitsoverseasmanufacturing?
3.WheredoyouthinkToyotashouldputitsnextplantinNorthAmerica,andwhatfactorsshoulditconsiderinmakingthatdecision?
4.WhataresomeofthemajoraccountingissuesthatToyotafacesasitexpandsitsglobalreach?
WhataretheprosandconstoToyotaofissuingitsfinancialstatementsaccordingtoU.S.GAAP?
Case1.3:
Sinopec’sGlobalExpansion
CompanyProfile
ChinaPetroleum&
ChemicalCorporation(SinopecCorp)isaChina-basedenergyandchemicalcompany.TheCompanythroughitssubsidiariesengagesinoilandgasandchemicaloperat
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