The precious moment!!

This week, we were taught by a nice and friendly teacher. Antonia is the person who I am talking about. She came to teach us this Monday, Tuesday and wednesday. Her teaching is as useful as our core class teacher. She explained clearly any questions I asked her. Wow, that was great, I wish I would study with her. She is so nice when teaching us. She also helped me with the survey question. At the beginning, I have no idea what I should question for the survey, then she came to help me and give me the important point that I should make the question for myself first. I should know my purpose in order to make up the survey's question. That is really helpful. When I got my purpose, I can think of many questions that even over the limit for the survey. I want to say " thank you very much" to Antonia. I am really appricated for what you had done for us. We had a great time with Antonia. Unfortantely, she has to leave when she finished her program. I believe that she will be a great English teacher. I will never forget the time that I study with her.

Financial Reporting As A Communications Tool In Global Context

This lecture is taught by a proffessor from Schulish school of business. In his lecture, he explains the accounting affairs and how people from over the world can look at each other financial report when they want to do investment. First, he states that accounting standards is similar with language, the financial reports also have to the same rule and same grammar like language. For example, although the investors are from different country, they have the same name for some special subjects like liability, account receivable, accoutn payable, stock, etc. These names will not change much in other language, but they will have the same meaning. For normal people, language is used to communicate, but for the business men they are required not only the language but also the knowledge to understand the financial report. By looking at each other financial report, they can realize the company's financial position. However, there are some obstacles. It is widely believed that culture context can affect the financial report. For example, the American will consider the low debt is the good thing, on the other hand the Japanese will prefer to have the high debt. Also, there are many difference principles between different economies. In the America's corporation board, people will not see the bankers take place on the board, but it is possible for the bankers to have shares on the Japanese corporation board. In the addition, the CEO in US will earn 600 times of annual income for employee while the Japanese CEO will only earn 20 times. Morover, the profeesor also explains the GAAP ( General Accepted Accounting principle) among different countries. Some countries will have their own GAAP when others will follow the international accounting standard (IAS). For example, American and Canadian have their own GAAP, but Italian and Germany will follow the IAS. Finally, he conludes that people have to go through the following flow in order to grasp each other financial statement. The flow is : Economic context, cultural context, accounting regulation, national GAAP, and financial statement.


Critique:
This lecture is very helpful for people who want to learn accounting. In the lecture, he explains clearly the difference accouting knowledge from various country. He compares the general ideas and belief of the debt of the American and Japanese in oder that people can realize the different ideas of the debt. Also, he dicusses the GAAP, that is important word for studying finance. However, it will be a liitle complicated for who do not have the general idea of the North America's accoutning principle to understand this word. Because it is not widely used, only people who study accounting know that word. Overall, it is interesting to know the difference financial reports and various ideas about accoutning. I realize that there are many things that I need to learn to become a good accountant.