INTERNATIONAL ACCOUNTING Definition

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INTERNATIONAL ACCOUNTING is the international aspects of accounting, including such matters as accounting principles and reporting practices in different countries and their classification; patterns of accounting development; international and regional harmonization, foreign currency translation; foreign exchange risk; international comparisons of consolidation accounting and inflation accounting; accounting in developing countries; accounting in communist countries; performance evaluation of foreign subsidiaries.

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AUDIT FAILURE is an instance where the auditor said that the financial statements were fairly stated when in fact, they were not.

EATING STOCK is when an underwriter can't find buyers for a stock and therefore has to buy them for his own account.

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