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• W2991663622 abstract "A year has passed since the North American Free Trade Agreement (NAFTA) was ratified in the United States, and a surge in international trade with Canada and Mexico is providing numerous business consulting opportunities for CPAs. Companies that wish to take advantage of NAFTA will need WHAT'S the expertise of accountants to assist them with the documentation necessary to gain access to NAFTA markets, solve complex international tax issues and assist in expanding information systems to accommodate the nuances of international trade. Accounting firms also can advise companies on important regional differences and provide the appropriate contacts including Mexican and Canadian attorneys and bankers. Both large and small CPA firms are reaping the rewards of new business activity generated by NAFTA. International operations used to be the exclusive territory of Fortune 500 companies, says Richard Jungck, tax partner of Baird Kurtz & Dobson in Kansas City, Missouri, but now we are seeing our entrepreneurial clients find revenue sources all over North America. In short, the increased volume of cross-border trade has a direct effect on any accounting firm interested in pursuing these service opportunities. Following are profiles of a broad range of services accounting firms are providing companies that are taking advantage of NAFTA, plus a look at firms that have prepared their staffs to respond to NAFTA's multicultural environment. ACCESSING CAPITAL MARKETS Assisting Canadian and Mexican companies gain access to U.S. capital markets is a valuable client service opportunity for CPA firms. For example, Price Waterhouse's capital markets group in Houston helps foreign companies reconcile their financial statements to U.S. standards and follow U.S. generally accepted accounting principles and the Securities and Exchange Commission S-X requirements. The group also helps in due-diligence processes on either side of the border for companies acquiring foreign concerns that need to know the financial conditions of the other entities. Says A. Conrad Johnson, PW senior manager, Researching the conditions of foreign entities is very similar to an audit. The firm does on-site analyses of a company's financial conditions measured by both U.S. and foreign standards. Because many companies are closely held, ther may be a lack of public documents, a reluctance to disclose financial data and problems with translation. The firm has prepared its staff to meet the challenge of bilingual and bicultural work. MANAGING DOLLARS AND PESOS Managing foreign currency transactions also may provide accounting service opportunities. Such transactions expose a company to possible gains and losses as exchange rates fluctuates. For example, a U.S. company purchasing goods from a Mexican or Canadian company must acquire the foreign currency at the time of the payment. When the exchange rate fluctuates, the foreign currency may cost the U.S. company more at the time of payment than originally planned at the time of the pruchase. Companies can minimize their risk by hedging exposed foreign currency positions. Hedging is accomplished by buying or selling forward exchange contracts for the amounts of the exposed positions. This locks in the cost of the foreign currency while removing the risk. In effect, the risk is transferred to theother party in the forward exchange contract. Accounting firms can educate managements on how hedging works, make suggestions on establishing adequate hedging operations and perform internal control analyses to ensure transactions are hedged according to managements' intent. SOLVING INTERNATIONAL TAX PROBLEMS Multinational businesses need advice on international tax issues. The international tax environment is complex, making tax planning a critical aspect of any expansion plan. For example, a U.S. company selling in Canada or Mexico receives credit for foreign taxes paid when its income is considered to have a foreign source. …" @default.
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• W2991663622 title "Making the Most of NAFTA: Accountants Expand Client Services to Develop Their Cross-Border Business Activity" @default.
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