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Volume 1, Issue 3
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A Brief History, Cultural
Heritage, and Financial Reporting in EU Countries
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The
following papers were written as an assignment on country
studies in Dr. Murphy Smith's undergraduate International
Accounting course.
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| United
Kingdom |
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| By Landon Brim, Lindsay Buzbee, Amanda
Lucas, and Richard Williams |
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| Abstract: |
| Established in 1801, the United Kingdom is made
up of Great Britain and Ireland. Great Britain is the largest
island out of the British Isles with England comprising the
south and east part, Wales to the west, and Scotland to the
north. The dominant concept behind British accounting is the
idea of a "true and fair view." Accountants are expected to
use professional judgment in providing the information that
is most appropriate under the circumstances faced by each
individual company. The paper will provide examples of the
many similarities that exist between UK and U.S. GAAP (Generally
Accepted Accounting Principles). |
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| About the authors: |
| Landon Brim is a marketing major from Sweetwater,
Texas. |
| Lindsay Buzbee is a marketing major from Austin,
Texas. She has a concentration on international business and
a career interest in advertising. |
| Amanda Lucas is an accounting major from Sandy,
Utah. She hopes to work in tax or internal audit in a large
accounting firm. |
| Richard Williams is a finance major with emphasis
in international business and accounting. He is from Austin,
Texas and has interests in investment banking and venture
capital. |
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| Austria |
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| By Joey Berteotti, Julie Dale, Christian
Danninger, Rebecca Osborn, and Matt Taylor |
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| Abstract: |
| Austria is a country located in southern Central
Europe that shares borders with eight other countries. It
has 8 million inhabitants, of whom approximately 98% speak
German. In Austria, accounting regulation and policy setting
is done in the form of federal law. Thus, Austria does not
have an independent and professional body that issues accounting
standards. Prior to 1990, accounting principles in Austria
were based on the Basic Principles of Proper Bookkeeping and
Accounting. The Financial Accounting and Reporting Act of
1990 required statements to provide a "true and fair view
of the entity's assets, financial situation, and earnings."
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| About the authors: |
| Joey Berteotti is currently a senior, class of
'03, marketing major and plans on pursuing a career in the
marketing field. He was born in Virginia and moved to Dallas
in 1989. Joey's contribution to this report was information
on the exports and imports, as well as U.S. relations with
Austria. |
Julie Dale is a finance major graduating in May
of 2003. She is from Houston, TX and plans on pursuing a career
in consulting in Dallas, TX after graduation.
Christian Danninger is an exchange student from Austria and
studies at the Johannes Kepler University of Linz. He is a
finance major and graduates next year upon his return to Austria.
Christian plans on attending a grad school in the U.S. and
entering the field of investment banking. |
| Rebecca Osborn is a finance major from Lufkin,
Texas. She is concentrating her studies on financial management
with plans to attend law school and become an attorney. |
| Matt Taylor, from Magnolia, Texas, is in the
Professional Program of Accounting and will receive his BBA
in Accounting and MS in Management Information Systems. He
is receiving a certificate in international business and is
a Mays Business Fellow. After graduation, he plans to work
as an audit associate for an accounting firm. |
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| Luxembourg |
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| By William Benson, Becky Davis, Brady Herrin,
Lisa Huerta, and Aurelie Magnuson |
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| Abstract: |
| With only about 440,000 inhabitants, Luxembourg
is by far the smallest country of the European Union. It is
located in Western Europe, southeast of Belgium and between
France and Germany. The Grand Duchy of Luxembourg was formed
in 1815 by agreement of the European powers at the Congress
of Vienna. It was originally ruled by the King of The Netherlands,
but in 1890 it became completely independent and has had its
own monarch ever since. In 1957, Luxembourg became one of
the six founding countries of the European Economic Community
(later the European Union) and in 1999 it joined the Euro
currency area. The creation of Benelux, an economic union
between Belgium, The Netherlands, and Luxembourg, was the
first step toward the present larger European Community. Luxembourg
plays a major role as a prominent international financial
center. Many Luxembourg companies continue to strongly support
the IAS (International Accounting Standards); The European
Commission has pointed out it will require listed companies
in the European Union to use IAS for their consolidated accounts
in 2005 at the latest. |
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| About the authors: |
| William Benson is an accounting major from Bellevue,
Texas. He hopes to work in consulting or auditing after graduation.
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| Becky Davis, from Mobile, Alabama, is majoring
in accounting with a concentration on taxation. She would
like to work in Atlanta for a few years before returning to
school for a Ph.D. in accounting, with plans to teach college.
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| Brady Herrin is an accounting major from Rockwall,
Texas, hoping to study more on accounting information systems.
After graduation, he would like to work in internal audit,
eventually moving back home to get into the family business
with his brother and father. |
| Lisa Huerta, from Edinburg, Texas, is an accounting
major with a concentration on audit. She plans to work for
a mid-size company for a few years after graduation and later
become a business owner. |
| Aurelie Magnuson is an accounting major from
Buda, Texas. She plans to pursue the Finance track within
the Professional Program of Accounting. |
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Germany |
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| By Michael Foss, Mark Lamb, Jenna Lynn
Moscovic, and Amanda Taylor |
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| Abstract: |
| Germany takes a leadership role in the European
Union and is the biggest contributor of money for funding
the ongoing EU expansion, which will include 10 new member
states in 2004. The following report supplies a brief overview
of Germany's history and culture, both past and present. It
also addresses Germany's more prominent industries and some
of their major exports and imports. However, the main focus
of the paper is devoted to Germany's accounting practices.
This work should be referenced only to have a high level understanding
of how German businesses practice accounting, and if further
interest lies in understanding the details in full, please
reference the various citations provided. |
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| About the authors: |
| Michael Foss is an undergraduate from Katy, Texas
with plans to receive a B.B.A. in Finance and a B.A. in German.
He would like to find a job in business development and strategy
that will employ his natural penchant for languages. |
| Mark Lamb of Dallas, Texas is a finance major.
His ambition is to invest in people. |
| Jenna Lynn Moscovic is a native of Stockton,
California and will be receiving a B.B.A. in accounting and
M.S. in E-commerce. She hopes to find a career in which she
can incorporate marketing with athletics. |
| Amanda Taylor of Houston, Texas is studying to
receive her B.B.A. in Accounting and M.S. in Information Systems.
She will graduate in May 2003 and is seeking work that would
allow her to use both of her degrees. |
