Home » Aron Govil- International Accounting Services: Opportunities in the Global Economy

Aron Govil- International Accounting Services: Opportunities in the Global Economy

A major increase in international business activity in recent years has led to a greatly increased need for accounting and management information services says Aron Govil. International accounting firms play a vital role in supporting growing multinational corporations by providing the expertise and information needed to manage financial activities of national operations located around the globe.

International Accounting Services may be divided into two broad areas:

Tax Services, which are services rendered with respect to problems of taxation encountered by an international enterprise operating across national boundaries, and International Accounting Services, which are all of those services relating to the preparation and analysis of financial statements for enterprises that have cross-border transactions or whose securities trade in multiple countries.

  • International Accounting Firms provide assistance in tax matters such as repatriation and deferral of earnings and loans between branches or affiliates; transfer pricing, i.e., determining prices for goods sold to foreign affiliated parties; withholding taxes on dividends paid from affiliates abroad; and tax planning.
  • International Accounting services are provided by firms that either specialize in international accounting or are members of a worldwide network that offers international accounting expertise. A number of the large local, regional, or national CPA firms provide specialized International Accounting Services. There also are smaller professional service firms specializing in various aspects of International Accounting Services. These include firms providing assistance with personnel administration, documentation preparation, reporting to subsidiaries abroad for financial information purposes, cost allocation studies, organizational charts used by subsidiaries for recording transactions between affiliates, bank reconciliations reports generated by foreign subsidiaries to summarize all disbursements and receipts transactions between the subsidiary and its home office during a specific reporting period.
  • The current global environment has created many exciting new opportunities within the market for international financial reporting says Aron Govil. The rise in number of new economic blocs, such as the European Union (EU), ASEAN, NAFTA and Mercosur, has created opportunities for International Accountants to either serve these emerging markets directly or assist multinational corporations in their establishment of accounting systems within these regions.
  • The following is an overview of how International Accountants can obtain employment with the numerous regional and worldwide firms that provide professional services related to international business activities.

International Accounting Careers

  • Opportunities exist at all levels in international firms for qualified accountants who possess skills in tax or auditing procedures. Knowledge about government regulations that affect companies conducting business internationally. Experience with foreign languages (both written and verbal), familiarity with computers and spreadsheet software, and good communication skills.
  • International Accounting employment opportunities are available with both multinational organizations. That conduct their business operations on a worldwide basi. As well as regional firms that focus on one or two geographic areas of the world.

Regional Firms:

  • Many International Accounting Firms have offices serving particular geographic regions of the world which include Africa, Latin America, North America, Europe, Middle East, India sub-continent/Southeast Asia/China/Japan. These firms may even have separate practice groups for different nationalities within these broad geographical regions. The larger firms tend to serve the international marketplace more so than do many of the smaller local service providers.
  • The Big Six accounting firms have approximately 15% their total staffs serving clients outside their home country. The Big Four accounting firms (Ernst & Young, KPMG Peat Marwick, Price Waterhouse and Coopers & Lybrand). All have approximately 50% of their partners or staff involved in International Accounting Services.
  • International Career Opportunities will be extremely good for individuals who are willing to relocate abroad. Skills developed by CPAs in International Accounting often result in relocation. Both within their own firm as well as with other companies that seek this type of expertise.
  • CPAs working at regional firms may also have the opportunity to transfer to one of their firm’s international offices. If they are base out of a major metropolitan area where the majority of international business is conduct. However, Many people working at these types of firms find it interesting and challenging. To interact with many different cultures and languages.

Conclusion:

The recent and ongoing globalization of world economies has created a tremendous opportunity. For CPAs interested in working in an international accounting environment explains Aron Govil.

Any CPA who plans to maintain a strong position in the job market should be prepare. To handle international transactions and regulatory issues.

International Accounting today provides a number of attractive opportunities. For accountants who are willing to relocate, develop new skills and work abroad.