Question

1. Accounting is a branch of applied economics and provides information about business and financial transactions to users to facilitate resources allocation decisions. What distinguishes international accounting? 2. The importance of international accounting is growing. Within financial innovations, risk management is a key area. List three concerns that are critical for effective risk management.

Answer 1

ANSWER 1. A Accounting has wider scope from which infor are provided to user management and othe to know about the flow, trends and other financial aspect of the business. It also play very important role for taking deceisions. International Accounting is different than Accounting uses in us in tons of some extent to rules, code In International Accounting it uses IFRS where globaly all countries uces same code and rules for reporting internationally. However in US Accounting some principal are governed from KAAP (2) Risk management is a process to identity assess, manage and control Potential events or situation to provide reasonable assusance regarding the achievement of the orga nization objective: Three concern critical for effective risk management Strategy: - The Strategy for managing risk is set by the board, including assigning responsibilities approving policy and gude unes. Identification and assessent of riskin There should be distinct processes both to identity the risk and also prior tise to them. Measure, monitor Report ; There must be Process to monitor the residual risk Position and to report on process.