New markets
In this new global village you will be left behind if you do not think internationally. The most competitive businesses sell into new markets across borders, look to different cultures for new ideas, and source goods and services from suppliers in lower-cost economies. There are new opportunities to grasp and new risks to manage.
We have already discussed the internationalization, harmonization and convergence of accounting principles and the implications for reporting responsibilities (Chapter 2). In this chapter, we will look at doing the numbers associated with doing business across borders. The prime focus is managing transactions: the arithmetic of foreign exchange as well as recognizing, minimizing and hedging currency risk. ...
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