INTERNATIONAL FINANCE AND ACCOUNTING HANDBOOK THIRD EDITION pptx

INTERNATIONAL FINANCE AND
ACCOUNTING HANDBOOK
THIRD EDITION
Edited by
FREDERICK D.S. CHOI
JOHN WILEY & SONS, INC.
INTERNATIONAL FINANCE AND
ACCOUNTING HANDBOOK
THIRD EDITION
INTERNATIONAL FINANCE AND
ACCOUNTING HANDBOOK
THIRD EDITION
Edited by
FREDERICK D.S. CHOI
JOHN WILEY & SONS, INC.
This book is printed on acid-free paper.
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᭺
Copyright © 2003 by John Wiley & Sons, Inc., Hoboken, New Jersey. All rights reserved.
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International finance and accounting handbook / edited by Frederick D.S. Choi.—3rd ed.
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Includes bibliographical references and index.
ISBN 0-471-22921-0 (cloth)
1. International business enterprises—Accounting. 2. International business
enterprises—Accounting—Standards. 3. Comparative accounting. I. Choi, Frederick D.S.,
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vii
ABOUT THE EDITOR
Frederick D.S. Choi, is the Abraham L. Gitlow Professor of Accounting and Inter-
national Business and Dean of the Undergraduate College at the Stern School of
Business at New York University. He has served as chairman of NYU’s Department
of Accounting, Taxation, and Business Law and its International Business Area and
is former Director of the Vincent C. Ross Institute of Accounting Research.
He has lectured at such institutions as the Cranfield School of Management (Eng-
land), I.N.S.E.A.D. (France), University of Washington, Japan America Institute of
Management Science, University of Bocconi (Italy), and the Stockholm School of
Economics (Sweden) and served as a member of the First American Visiting Team to
establish the National Center for Industrial Science and Technology Management
Development in the People’s Republic of China.
Professor Choi has contributed more than 100 pieces to the scholarly and profes-
sional literature including 20 books on the subject of international accounting and fi-
nancial control. The first edition of this Wiley publication, the Handbook of Interna-
tional Accounting, received the Most Outstanding Book Award, having been judged
the best work on law and accounting for 1991 by the American Association of Pub-
lishers. A Fellow of the Academy of International Business, he is a recipient of the
Citibank Excellence in Teaching Award and the American Accounting Association’s
Outstanding International Accounting Educator Award.
Currently serving as co-editor of the specialist journal, The Journal of Interna-
tional Financial Management and Accounting, Professor Choi joined NYU in 1981.
ix
ABOUT THE CONTRIBUTORS
Carol Adams is a Professor of Accounting and Head of School of Business and Eco-
nomics—Gippsland at Monash University. She is a Council Member and Director of
the Institute of Social and Ethical AccountAbility.

Linda Allen is a professor of finance at the Zicklin School of Business at Baruch
College, City University of New York, and Adjunct Professor of Finance at the Stern
School of Business New York University. She is also the author of Capital Markets
and Institutions: A Global View (Wiley) and co-author of Credit Risk Measurement:
New Approaches to Value at Risk and Other Paradigms, 2nd edition (Wiley). She is
an associate editor of the Journal of Banking and Finance, Journal of Economics and
Business, Multinational Finance Journal, Journal of Multinational Financial Man-
agement, and The Financier, and has published extensively in top academic journals
in finance and economics.
Edward I. Altman, MBA, PhD, is the Max L. Heine Professor of Finance at the
Stern School of Business, New York University. He is the Vice Director of the NYU
Salomon Center and an international authority on credit risk management, corporate
distress analysis, and fixed income valuation.
Paul M. Bodner, Esq., CPA, is an attorney with offices in Great Neck, New York.
He has written and spoken extensively on international tax matters.
Paul Brunner, CPA, BCA (Hons), is a Partner in the Global Capital Markets Group
of PricewaterhouseCoopers LLP and provides U.S. accounting advice to non-U.S.
companies registered with the United States Securities and Exchange Commission
and to companies seeking to undertake securities offerings, cross-border mergers and
acquisitions, and structured transactions.
Mikelle A. Calhoun, J.D., received her undergraduate degree and a master’s degree
in speech communications and later obtained an MBA and a JD from the University
of North Carolina. As the result of her experience practicing law for ten years, Ms.
Calhoun’s interests are primarily in the areas of service and financial industry corpo-
rate strategy decisions and international operations.
Ya-Ru Chen, PhD, is currently an assistant professor of management and interna-
tional business at New York University. Her research has examined how fundamen-
tal processes of organizational behavior, such as feedback, intergroup processes, and
conflict resolution, operate in various cultural settings. She has published numerous
articles in these areas. She has also begun work exploring the social psychology of

status, particularly with respect to its effects on behavior in negotiations.
Marcia Millon Cornett, PhD, is a professor of finance at Southern Illinois Univer-
sity, Carbondale. She has written several articles in the areas of bank performance,
bank regulation, corporate finance, and investments. She has served as an associate
editor for Financial Management and is currently an associate editor for the Multi-
national Finance Journal. She is a member of the Board of Directors of the South-
ern Illinois University Credit Union.
Aswath Damodaran is a professor of finance at the Stern School of Business at New
York University, and teaches the corporate finance and equity valuation courses in the
MBA program. He has published in the Journal of Financial and Quantitative Analy-
sis, the Journal of Finance, the Journal of Financial Economics, and the Review of
Financial Studies, and has written three books on equity valuation (Damodaran on
Valuation, Investment Valuation, The Dark Side of Valuation) and two on corporate
finance (Corporate Finance: Theory and Practice and Applied Corporate Finance:
A User’s Manual). He has co-edited a book on investment management with Peter
Bernstein (Investment Management). He was profiled in BusinessWeek as one of the
top 12 business school professors in the United States in 1994.
William E. Decker, CPA, is the senior partner and founder of Pricewaterhouse-
Coopers LLP’s Global Capital Markets Group. He has served on the AICPA’s Inter-
national Practices Task Force and is the author of The Coopers & Lybrand SEC Man-
ual, 7th ed. (John Wiley & Sons, 1997).
Gunter Dufey, DBA (University of Washington, Seattle), is an adjunct professor in
banking and finance at Nanyang Technological University, Nanyang Business
School, Singapore. He also serves as a senior advisor with McKinsey and Company,
supporting the corporate governance practice of the firm in Asia.
David K. Eiteman, PhD, is emeritus professor in international finance at the John
E. Anderson Graduate School of Management at UCLA. He has been a visiting pro-
fessor at the National University of Singapore and the Hong Kong University of
Science and Technology. He is a past president of the Western Finance Association
and the International Trade and Finance Association. He is a co-author of Multina-

tional Business Finance, Fundamentals of Multinational Finance, and Essentials of
Investing.
Edwin J. Elton, PhD, is a Nomura Professor of Finance at the Stern School of Busi-
ness at New York University. Professor Elton has authored or co-authored six books
and over 90 articles, and is a former president of the American Finance Association.
Robert Feinschreiber is an attorney and counselor in Miami. His firm, Feinschreiber
& Associates, concentrates on international transfer pricing. He has written and ed-
ited many books on taxation, including Transfer Pricing Handbook, Transfer Pricing
International: A Country-by-Country Guide, and International Mergers: A Country-
by-Country Tax Guide. He is the editor of Interstate Tax Report and the founding ed-
itor of the International Tax Journal.
Lisa Filomia-Aktas is a partner in Ernst & Young’s New York Financial Services of-
fice. She leads the On-Call Advisory Services group, which assists with evaluating
x ABOUT THE CONTRIBUTORS
the accounting, tax, and regulatory aspects of derivative, securitization, corporate fi-
nance, M&A, leasing, compensation, and structured product transactions. Lisa has
advised a significant number of leading investment banks, global financial institu-
tions, and Fortune 1000 corporations on capital market transactions. She is a mem-
ber of the accounting subcommittee for the American Securitization Forum and is a
frequent speaker at conferences.
Carol A. Frost, PhD, is president of Global Capital Markets Access, LLC, a con-
sulting and research company based in Hanover, New Hampshire. Prior to forming
GCMA LLC, she was on the faculties of the Tuck School of Business at Dartmouth
College and the Olin School of Business at Washington University (St. Louis). She
also is a member of the Nasdaq Listing and Hearing Review Council.
Geoff Frost is a senior lecturer in accounting at the University of Sydney. His major
research interests are environmental accounting and reporting.
Ian H. Giddy, PhD, is a visiting associate professor of finance at New York Univer-
sity’s Stern School of Business and a consultant to multinational companies and
banks.

Sidney J. Gray is Professor of International Business and Associate Dean (Post-
graduate) in the Faculty of Commerce and Economics at the University of New South
Wales, Sydney, Australia. He is also currently President of the Australia and New
Zealand International Business Academy (ANZIBA).
Martin J. Gruber, PhD, is the past president of the American Finance Association,
and the author of more than seven books and 75 articles. The sixth edition of his
book, Modern Portfolio Theory and Investment Analysis, has recently been published
by John Wiley & Sons.
Sara Hanks is a partner with the international law firm Clifford Chance, where she
practices international securities law. She was formerly chief of the SEC’s Office of
International Corporate Finance.
Seymour Jones is Clinical Professor of Accounting at the Stern School of Business,
New York University. Previously, he was a senior partner of Coopers & Lybrand
(now PricewaterhouseCoopers). He teaches auditing, accounting, tax and legal issues
for entrepreneurs, and international financial statement analysis. Mr. Jones has writ-
ten several books and publications on accounting subjects and is also associate di-
rector of the Ross Institute of Accounting Research, New York University.
Margaret Kent is an attorney and counselor at Feinschreiber & Associates in Miami,
Florida.
Stephen J. Mezias, PhD, is a professor in the Department of Management at New
York University. His current research focuses on institutional processes, especially as
they apply to public policy regarding financial reporting standards, simulation of or-
ganizational learning processes, and cultural differences and similarities in multina-
tional corporations.
ABOUT THE CONTRIBUTORS xi
James L. Mills, PhD, is a professor of international finance and banking at Thun-
derbird—The American Graduate School of International Management. He has
served as visiting faculty at the Institute of International Studies and Training
(Japan), McMaster University (Canada), and Stichting Nijenrode (Netherlands). In
addition to teaching courses in international treasury management and financial en-

gineering, he is co-author of Prime Cash: First Steps in Treasury Management (Mc-
Graw-Hill, 1993).
Michael H. Moffett, PhD, is a professor of international finance at Thunderbird—
The American Graduate School of International Management. He has served as vis-
iting faculty and researcher at the Helsinki School of Economics (Finland), the In-
ternational Center for Public Enterprises (Slovenia), Handelsjoskoen I Aarhus
(Denmark), the University of Michigan, Ann Arbor (USA), and the Brookings Insti-
tution (USA). In addition to teaching classes in international corporate financial man-
agement, he is the co-author of Multinational Business Finance (Addison-Wesley,
1994) and International Business (Dryden, 1995).
Patrice Murphy, PhD, holds degrees in business, labor relations, and political sci-
ence. Her research interests include cross-cultural issues in performance manage-
ment, and the effects of diversity on intragroup processes. She is a consultant with
Robert H. Shaffer and Associates, Stamford, Connecticut.
Paul Narayanan is an independent financial consultant. He co-authored one of the
pioneering works in business failure classification models, the Zeta score model
(1977).
Belverd E. Needles Jr., PhD, CPA, is the Anderson LLP Distinguished Professor of
Accountancy at DePaul University. He is the author of many publications in the field
of international accounting and auditing. He has served as chair of the International
Section of the American Accounting Association, has been on the Executive Com-
mittee of the European Accounting Association, and served on the Education Com-
mittee of the International Federation of Accountants. He is currently president of the
International Association for Accounting Education and Research and is senior vice
chair of the Illinois CPA Society.
Paul Pacter, PhD, CPA, is director of the Global IAS Office of Deloitte Touche
Tohmatsu. He is based in Hong Kong. His primary responsibilities at Deloitte are de-
veloping his firm’s responses to IASB proposals; responding to client technical ques-
tions; writing an IAS newsletter called IASPlus; managing the Website www.ias-
plus.com; training; and a project to assist the Ministry of Finance of China in

developing accounting standards. From 1996 to 2000 he was International Account-
ing Fellow at the International Accounting Standards Committee, London. Previ-
ously, he worked for the U.S. Financial Accounting Standards Board from its incep-
tion in 1973 and, for seven years, was Commissioner of Finance of the City of
Stamford, Connecticut. Paul was vice chairman of the Advisory Council to the U.S.
Governmental Accounting Standards Board (1984–1989) and a member of GASB’s
pensions task force and FASB’s consolidation task force.
xii ABOUT THE CONTRIBUTORS
Lee H. Radebaugh, DBA, is the KPMG Peat Marwick Professor of Accounting at
Brigham Young University and Co-Director of the BYU–University of Utah Center
for International Business Education and Research. He is the author of International
Business Environments Operations, 7th ed. (Addison-Wesley) with John D. Daniels,
International Accounting and Multinational Enterprises (John Wiley & Sons, 3rd
Edition) with S. J. Gray, and Introduction to Business: International Dimensions
(South-Western Publishing Company) with John D. Daniels.
Kurt P. Ramin, MBA, CPA, CEBS, is commercial director, International Account-
ing Standards Committee Foundation, in London. He is a former partner of Pricewa-
terhouseCoopers LLP, New York. He currently also acts as vice chair for XBRL In-
ternational, a worldwide consortium to improve worldwide financial reporting.
James R. Ratliff is a retired professor of accounting at the Leonard N. Stern School
of Business at New York University. His professional interests include financial ac-
counting, not-for-profit auditing, auditing, and ERISA.
Anthony Saunders is John M. Schiff Professor of Finance and Chair of the Depart-
ment of Finance at the Stern School of Business at New York University. He holds
positions on the Board of Academic Consultants of the Federal Reserve Board of
Governors and the Council of Research Advisors for the Federal National Mortgage
Association. He is an editor of the Journal of Banking and Finance and Financial
Markets, Instruments and Institutions.
Tony Shieh, PhD, is an assistant professor in the Department of Accountancy at the
City University of Hong Kong.

Roy C. Smith is the Kenneth Langone Professor of Entrepreneurship and Finance,
and Clinical Professor of International Business and of Professional Responsibility at
the Stern School of Business, New York University. Prior to joining the faculty at
Stern in 1987, he was a general partner of Goldman, Sachs & Co., specializing in in-
ternational investment banking and corporate finance. During his career at Goldman
Sachs he served as President of Goldman Sachs International Corp. while resident in
the firm’s London office. In addition to various articles in professional journals and
op-ed pieces, he is the author of several books on financial topics.
Richard C. Stapleton is professor of accounting and finance at Strathclyde Univer-
sity, Glasgow, United Kingdom. Formerly, he taught at Lancaster University, Uni-
versity of Cambridge, Manchester Business School, and New York University. He is
a past president of the European Finance Association. He has advised several global
financial institutions in the area of derivatives. He has also published extensively on
asset pricing and financial markets, with particular reference to derivatives.
Donna L. Street, PhD, is the Mahrt Chair in Accounting at the University of Day-
ton. She is Vice President of Publications for the International Association for Ac-
counting Education and Research and Secretary of the International Accounting Sec-
tion of the American Accounting Association. Professor Street has published several
papers on segment reporting in journals including Journal of International Account-
ing Research; Accounting Horizons; Journal of International Accounting, Auditing,
and Taxation; Accountancy; and Journal of Accountancy.
ABOUT THE CONTRIBUTORS xiii
Marti G. Subrahmanyam is the Charles E. Merrill Professor of Finance, Econom-
ics, and International Business at the Stern School of Business, New York University.
He has been a visiting professor at leading schools in France, England, Germany, and
India. He has served as a consultant to several financial institutions in the United
States and abroad, and sits on many board of directors. He has a number of publica-
tions in leading academic journals in the areas of corporate finance, financial mar-
kets, asset pricing, and international finance.
Judy Tsui, PhD, is the Dean, Faculty of Business and Information Systems, and

Chair Professor of Accounting at the Hong Kong Polytechnic University.
Jon A. Turner, PhD, is Professor of Information Systems at the Stern School of
Business, New York University, and Deputy Department Chair of the Information,
Operations, and Management Sciences Department. His current research involves
studies of new forms of organizing work enabled by technology and studies of tech-
nology infrastructure.
Norman R. Walker is a partner in the National Auditing Services Group for Price-
waterhouseCoopers LLP. He is a former director of MNC Client Services for Price
Waterhouse World Firm.
Jeffrey B. Wallace, CPA, is managing partner of Greenwich Treasury Advisors
LLC, which he founded in 1992. GTA provides international treasury consulting, and
is best known for its treasury benchmarking programs and risk management consult-
ing. He wrote The Group of 31 Report: Core Practices for Managing Multinational
FX Risk (Association for Finance Professionals, 1999), which may be freely down-
loaded at www.greenwichtreasuryc.com. Formerly, he was Vice President–Interna-
tional Treasury at American Express, an assistant treasurer at both Seagram and Dun
& Bradstreet, and a CPA with PricewaterhouseCoopers.
Ingo Walter, PhD, is the Charles Simon Professor of Applied Financial Economics
and director of the New York University Salomon Center, Leonard N. Stern School
of Business, New York University. He has also held an appointment as Professor of
International Management at INSEAD in Fontainbleau, France. He has been a con-
sultant to a number of corporations and banks and has authored some 27 books on in-
ternational economics and finance as well as articles in various professional journals.
Peter Walton, PhD, FCCA, is a professor of accounting at ESSEC Business School,
Paris, France. His research centers on international accounting and comparative reg-
ulation of financial reporting. He is editor of World Accounting Report and a founder
and former co-editor of the European Accounting Review. He is a consultant to the
United Nations Intergovernmental Working Group of Experts in International Stan-
dards of Accounting and Reporting (ISAR).
Harold E. Wyman, PhD, is a retired professor of accounting and former dean of the

College of Business Administration at Florida International University. He was a Peat
Marwick Fellow and head of the accounting department at the University of Con-
necticut.
xiv ABOUT THE CONTRIBUTORS
xv
PREFACE
This handbook is intended as a reference for financial managers, credit and security
analysts, bankers, lawyers, accountants, auditors, and educators, whose decisions en-
compass the international dimensions of financial analysis, reporting, and control. It
expands and updates the topical coverage of its award-winning predecessor, The
Handbook of International Accounting, and, in its second edition, the International
Accounting and Finance Handbook.
Its new title, International Finance and Accounting Handbook, emphasizes the
fact that many of the decision models for accounting, auditing, and financial report-
ing come from finance. As financial decisions are premised to a large extent on ac-
counting data, providers of financial information cannot add value unless they are
cognizant of the operating processes, products, and decision needs of the user.
The key ingredient of any successful handbook is the expertise of its contributors.
On this score, the element that binds the authors of this collaborative effort is their
commitment to excellence. It has been, and continues to be, a pleasure and a privi-
lege to be associated with this elite group of authors who combine both technical
know-how with practical experience. Indeed, a distinctive feature of this work is the
balance between academic and practicing contributors, with many chapters being a
collaboration between town and gown.
This volume is divided into the following parts:
• Part I: Globalization of Financial Markets. A comprehensive examination of
current trends in the international markets for financial capital, services, and
regulation.
• Part II: Financial Analysis. Examines the decision models of users in the
areas of foreign investments, treasury management, risk management, corporate

valuation, bankruptcy prediction, and portfolio analysis.
• Part III: World Scene of Accounting and Reporting Practices. Details the di-
versity that characterizes accounting measurements, corporate financial disclo-
sure, and auditing standards.
• Part IV: International Accounting Harmonization. Describes the institutional
responses to international accounting diversity at the regional and international
levels.
• Part V: Reporting Issues. Covers standards and practices applying to multina-
tional consolidations, financial derivatives, changing prices, asset securitization,
segmental and foreign operations, social and environmental disclosures, corpo-
rate governance, financial control, performance measurement, and information
systems.
• Part VI: International Transfer Pricing and Taxation. Comprehensive treat-
ment of objectives, policies, worldwide regulations, and practice treatments.
• Part VII: International Auditing. Provides insights into both internal and ex-
ternal auditing requirements in a post-Enron world.
I wish to thank Sheck Cho, Executive Editor at John Wiley & Sons, Inc., who has
been with this volume from its inception, and whose encouragement, support, and pa-
tience is much appreciated. I also thank Ms. Mary-Grace Tomecki for her assistance
in riding herd on late manuscripts. Above all, I am indebted to the select group of
contributors who unselfishly gave of their time to contribute to this distinctive un-
dertaking and who add immeasurably to the success of this wonderful team effort.
F
REDERICK D.S. CHOI
New York, New York
July 2003
xvi PREFACE
IMPORTANT NOTE:
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tion for this update service.
xvii
CONTENTS
PART I GLOBALIZATION OF FINANCIAL MARKETS
1 Integration of World Financial Markets: Past, Present, and
Future
R
OY C. SMITH
New York University
2 Globalization of the Financial Services Industry
I
NGO WALTER
New York University
3 BIS Basel International Bank Capital Accords
L
INDA ALLEN
Baruch College, CUNY
A
NTHONY SAUNDERS
New York University
PART II FINANCIAL ANALYSIS
4 Foreign Investment Analysis
D
AVID K. EITEMAN
University of California, Los Angeles
5 International Treasury Management

M
ICHAEL H. MOFFETT
Thunderbird—The American Graduate School of International
Management
J
AMES L. MILLS
Thunderbird-The American Graduate School of International Management
6 Management of Corporate Foreign Exchange Risk
G
UNTER DUFEY
University of Michigan and McKinsey & Co.
I
AN H. GIDDY
New York University
7 Interest Rate and Foreign Exchange Risk Management Products:
Overview of Hedging Instruments and Strategies
R
ICHARD C. STAPLETON
Strathclyde University, United Kingdom
M
ARTI G. SUBRAHMANYAM
New York University
8 Market Risk
A
NTHONY SAUNDERS
New York University
M
ARCIA M. CORNETT
Southern Illinois University
9 Valuation in Emerging Markets

ASWATH DAMODARAN
New York University
10 Business Failure Classification Models: An International Survey
EDWARD I. ALTMAN
New York University
P
AUL NARAYANAN
Consultant
11 International Diversification
EDWIN J. ELTON
New York University
M
ARTIN J. GRUBER
New York University
PART III WORLD SCENE OF ACCOUNTING AND REPORTING
PRACTICES
12 Summary of Accounting Principle Differences Around the World
W
ILLIAM
E. DECKER, JR.
PricewaterhouseCoopers LLP
P
AUL BRUNNER
PricewaterhouseCoopers LLP
13 Corporate Financial Disclosure: A Global Assessment
CAROL A. FROST
Global Capital Markets Access LLC
K
URT P. RAMIN
International Accounting Standards Committee Foundation

xviii CONTENTS
14 Globalization of World Financial Markets: Perspective of the U.S.
Securities and Exchange Commission
S
ARA HANKS
Clifford Chance
15 Taxonomy of Auditing Standards
B
ELVERD E. NEEDLES, JR.
DePaul University
PART IV INTERNATIONAL ACCOUNTING HARMONIZATION
16 International Financial Reporting Standards
P
AUL PACTER
Deloitte Touche Tohmatsu
17 European Harmonization
P
ETER WALTON
Open University Business School, United Kingdom
PART V REPORTING ISSUES
18 Consolidated Financial Statements and Business Combinations
J
AMES R. RATLIFF
New York University
19 FAS 133: Accounting for Derivative Instruments
J
EFFREY B. WALLACE
Greenwich Treasury Advisors LLC
20 Accounting for the Effects of Inflation
H

AROLD E. WYMAN
Florida International University
21 Asset Securitization
L
ISA FILOMIA-AKTAS
Ernst & Young LLP
22 Segmental and Foreign Operations Disclosures
L
EE H. RADEBAUGH
Brigham Young University
D
ONNA L. STREET
University of Dayton
CONTENTS xix
23 Corporate Environmental and Social Reporting
CAROL ADAMS
Monash University
G
EOFFREY FROST
University of Sydney
S
IDNEY J. GRAY
University of New South Wales
24 Corporate Governance in Emerging Markets: An Asian Perspective
J
UDY TSUI
The Hong Kong Polytechnic University
T
ONY SHIEH
City University of Hong Kong

25 Multinational Budgeting and Control Systems
F
REDERICK D.S. CHOI
New York University
G
ERALD F. LEWIS
Mobil Corporation (retired)
26 Dynamic Performance Measurement Systems for a Global World: The
Complexities to Come
S
TEPHEN MEZIAS
New York University
P
ATRICE MURPHY
New York University
Y
A-RU CHEN
New York University
M
IKELLE A. CALHOUN
New York University
27 Financial Reporting in Hyperinflationary Environments: A Transaction
Analysis Framework for Management
F
REDERICK D.S. CHOI
New York University
28 International Information Systems
J
ON A. TURNER
New York University

PART VI INTERNATIONAL TRANSFER PRICING AND TAXATION
29 Transfer Pricing for Intercompany Transactions
R
OBERT FEINSCHREIBER
Feinschreiber & Associates
M
ARGARET KENT
Feinschreiber & Associates
xx CONTENTS
30 International Taxation
P
AUL M. BODNER
Attorney-at-Law
PART VII INTERNATIONAL AUDITING
31 Managing the Audit Relationship in an International Context
N
ORMAN R. WALKER
PricewaterhouseCoopers LLP
S
EYMOUR JONES
New York University
32 Internal Auditing
S
EYMOUR JONES
New York University
Index
CONTENTS xxi