Financial Reporting Of Countries France, Germany, Czech...

Kathia Sylvain MSA 660 03/02/16 Midterm Exam 1. Question 5 Chapter 3 In this chapter, financial reporting of five countries: France, Germany, Czech Republic, The Netherlands, United Kingdom, were discussed. France †¢ Finance leases are not capitalized. As a result, understatement of assets, liabilities, and debt-to-asset ratio will occur. †¢ From an accounting point of view, fair presentation is not applied. †¢ Post-employment benefits are not recognized. Since they are being treated this way, reported earnings and liabilities are being understated. †¢ Income is affected by the lease payments and depreciation is tax based. †¢ They use purchase method and Goodwill is capitalized and amortized. Czech Republic †¢ Purchase method is being used. †¢ Goodwill is capitalized and amortized and may be written off to reserves in the first year. †¢ However, if Goodwill is written off right away, income will not be affected by international norm. †¢ Regarding the international norms, impairments are allowed to test yearly and reported earnings decrease. †¢ Consequently, debt-to-asset will be higher. Germany †¢ They use purchase method and Goodwill has several ways to be considered. †¢ For instance, Goodwill can be written off. For the effects on reported earnings and debt-to-asset ratio, there is no clear information about these variances. Netherlands †¢ The purchase method is not commonly used in Germany. 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