Making the most of NAFTA

CPA firms have responded quickly to the numerous business consulting opportunities resulting from the ratification fothe North American Free Trade Agreement (NAFTA). Consulting opportunities for CPAs under NAFTA include assisting foreign companies in gaining access to US capital markets, managing fo...

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Bibliographic Details
Published in:Journal of accountancy 1995-01, Vol.179 (1), p.53
Main Authors: Cornell, David W, Weatherholt, Nancy D
Format: Magazinearticle
Language:English
Subjects:
Accountants
Accounting firms
American dollar
Capital markets
Client relationships
Corporate taxes
CPAs
Currency transactions
Customer services
Forward exchange
Free trade
Hedging
Information systems
Internal auditors
Internal controls
International finance
International operations of accounting firms
International trade
Market entry
Multiculturalism & pluralism
North American Free Trade Agreement
Planning
Transfer pricing
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Summary:CPA firms have responded quickly to the numerous business consulting opportunities resulting from the ratification fothe North American Free Trade Agreement (NAFTA). Consulting opportunities for CPAs under NAFTA include assisting foreign companies in gaining access to US capital markets, managing foreign currency transactions, solving international tax problems, and upgrading information systems. Firms must modify staffing requirements to accommodate client demands for cross-cultural expertise by seeking personnel who are multilingual and multicultural. These staff members are responsible for understanding international laws, rules, and general business protocol while developing relationships with members in foreign offices. Nonaccounting services are necessary to provide expert information on regional differences, advice on managing new facilities, introductions to appropriate contacts, and establishing strategic alliances with affiliates in Mexico, Canada, and the US. Firms also can derive revenues from the sales of NAFTA-specific literature.
ISSN:0021-8448
1945-0729