Firms desiring to enter international business face several obstacles; some are much more severe than others. One can establish a common language for business, the most widely spoken international language being English. However, overall approval including appropriate language and culture papers shall rest with the Director of the International Business major. This is an industry that is growing in stature due to the globalization of the international markets.
To make functioning of economy more transparent and minimize risk, financial reporting principles have been laid down by authorities like The Securities and Exchange Commission (SEC) and the Public Company Accounting Oversight Board (PCAOB). The world is becoming smaller day-by-day and therefore, managers involved in the international businesses will have to become more sensitive to the challenges emanating from the cultural and ethnic landscape of the countries they work in.
We also have to see the regulatory framework from the eyes of the international business people that have to deal with the system on a regular basis. It is a curious anomaly that US companies focus a good deal of time and money on orientation and cultural training, only to provide a compensation package that reinforces directly contradictory behavior.
However, both types of accounting are conducted in business; it is only that project accounting is concerned with the financial advancements on a particular project. Cross cultural consultancies provide language training to business staff, moulding their learning to the business environment in which they work.
Knowledge of the country’s history, culture, laws, traditions, business practices and social etiquettes all help to minimise the impact of culture shock and hence smooth their transition overseas. If you are ready to take this step, that can be a giant leap in your career, then first of all narrow down your search to the business field of which you have some knowledge or experience.