Overview
Discussion responses
Original information: Think back and consider all that you have learned in the first nine modules of this course. What elements of international accounting stood out to you as the most complicated, interesting, or difficult? If you were to share with a coworker what you felt was the most important element of international accounting, what would it be? Finally, how can you apply what you have learned in this course at your previous, current, or future employment? Your initial post should thoroughly address the question prompt and be supported with research. Be sure to properly cite your reference(s). In your response posts to at least two of your peers, further explore what you learned, what they learned, and how you can apply it in the real world.
Student 1: CT
Hello Class,
I’d like to start out by saying how much I enjoyed this course. It was much more challenging than I had anticipated, but I also feel like I am taking more away from this course than I have in a very long time. The opportunity was presented on several occasions to dig a bit deeper, and the reward was a better understanding of real world application on topics I had previously touched on but wasn’t quite sure how to apply. For me, this class tied together some aspects of accounting that I had been aware of, but only peripherally.
The topic I found most interesting was the cultural application of finance. It is easy to learn basic accounting practices or simply review numbers on a ledger for reconciliation. However, to understand why something is recorded a certain way, or how one risk might be acceptable while another one is not, comes down to cultural practices within a group. Utilizing tools like Gray’s model which are built on cultural differences presented in Hofstede’s dimensions, adds a layer to the practice I had not considered deeply prior. Societal values like uncertainty avoidance directly dictate financial practice, and they should be considered when operating in global market (Doupnick, et. al., 2023).
The topic I found most challenging was foreign currency translation methods for multinational corporations. Once I got a better understanding of the functional currency rule, it made the process a bit easier. However, being able to compare and contrast current rate vs temporal method, how they are valued (current, historic or FMV rates) along with alignments and differences between US GAAP (ASC 830) and IFRS (IAS 21) is a huge undertaking and one that I ended up enjoying far more than I expected (PWC, 2026).
I am employed at a small, private tax firm in Seattle, and I have discussed this course on several occasions with the owner. Topics that frequently come up are those he deals with regularly, such as exchange rates for certain foreign bank accounts, particularly our clients who have assets located in Canada. While we do not typically go into deep details, he has on occasion asked about valuation methods and when different rates are applied. Other interests he had included differences in GAAP and IFRS standards concerning leases and depreciations, as we run into those fairly often. It felt nice to be able to hold that conversation, and it also brought up different perspectives for me to consider, since I was being asked questions concerning aspects I maybe had not considered. While I do not apply a great deal of these concepts on a daily basis, it has broadened my understanding of international accounting a great deal. I also feel less intimidated in tackling some of these topics since I feel like my breadth of knowledge has increased substantially.
Thanks to all, both classmates and Professor Rebenstorf, for keeping me on my toes through these many thought provoking discussion posts! I wish you all the best in your future academic and professional endeavors.
Student 2: SF
Congrats to all for making it to the end of the semester! I found this course challenging but extremely rewarding. I learned a lot. I got the most out of all the milestones that led to the completed final project. It put what I was learning into a real-world scenario. Through my research into the different project requirements, I learned a great deal about business in general along with accounting and different standards in other countries.
I would have to say one of the more challenging topics in this course was currency exchange and translating financial statements. Whether to use the current rate, historical rate or the average exchange rate for translation could get confusing. The thing I enjoyed learning about the most was how culture affects accounting. I enjoyed reading about Gray and Hofstede's theories and learning about how culture plays a role in how different countries handle financial data. As accountants, we see numbers and outside of the rules or standards we do not look at why we do what we do. I enjoyed learning about how certain areas like the legal system, politics and the economy influence the accounting system but also how big an impact the national culture has as well.
International business has grown exponentially over the past decade. Soon I am sure we will all have some sort of international impact no matter our areas of accounting. At my current job over the years the number of international vendors we do business with has grown significantly. We have had to deal with currency conversion on a small scale when it comes to paying vendors in different currencies. We are slowly expanding our reach into several countries including Germany and Brazil with discussions about expanding more or setting up official offices. I definitely feel like I have learned a great deal this semester that I can add value to some of those conversations, or I have a baseline knowledge for when some new responsibilities are added to my plate. One recommendation I would make to management would be to hire local accounting help to assist. Their knowledge of local accounting standards and requirements would be invaluable.
Good luck to all going forward.