Contents: Introduction -- The New accounting standards for multinationals: Factors prompting the new standards -- The FASB's most controversial decisions -- The Rationale for the translation method adopted -- Economic analysis of accounting standards: Discrepancy between accounting data and economic values-nature and significance -- Discrepancy between accounting data and economic values-the new standards -- Adjustment costs induced by discrepancy between accounting data and economic values -- Economic effects of new accounting standards -- International finance and the new accounting standards: Cost of exposure and cost of hedging -- Hedging under fixed and floating rates -- Uncertainty(initial and residual) under fixed and floating rate systems -- Implications of new accounting standards for multinationals -- Implications for government policy -- Concluding observations -- Appendix: Suggestions for empirical research.