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Finance in the global context - Coggle Diagram
Finance in the global context
Global banks
International Monetary Fund (IMF)
provide stability in the international monetary system
Provide loans for countries in need
world bank
provide finance and support for developing countries
economic and financial crisis
2008/2009 global financial crisis
uncertainty of the global market
imbalance between public and private sector spending
increased borrowing from investors and banks
increased debt
Balance of payments
economic indicators that track all transactions during a period of time
current account
register payments for imports and exports in goods and services
capital account
record all transfers of capital to and from abroad
financial account
balance of payments that covers claims on liabilities
Tax considerations and exchange rates
PWC
Paying taxes-track what taxes businesses pay, how much tax is being paid and how long it takes businesses to pay taxes
Tax reporting requirements for large multinational enterprises:
Country by country reposts- report key information during each tax year
master file: information for all group members of businesses activities
Local file: transactions between local entities
Fundamentals of international financial reporting
stewardship
verbal financial reporting
still used today, especially with multinational companies
borrowed finery
countries look to one another and adopt their solutions and use themselves
imperialism
economic dominations
examples goes back to influence of colonial tradition
countries adopting rules that are not well adopted in their country
IFRS
Rules on how financial reports should gathered and presented