Country Differences in Accounting Standards Kimetha Davis BUS616 International Business Jason Sheedy Ashford University May 6, 2012 2 Abstract Accounting Standards hold a very important place in any business, whether foreign or domestic. Accounting is shaped, by the environment, in which it operates. Throughout the world accounting, systems are most
Words: 904 - Pages: 4
The question also arises as to whether IFRS 9 will retain its current requirements even in the short term. The US standard setter, the Financial Accounting Standards Board, is also undertaking a concurrent project on financial instruments and the IASB has acknowledged that this will see further changes to IFRS 9 before its mandatory application date. The treatment of financial liabilities also remains a contentious area and was dropped from IFRS 9 very late in the process. “The IASB has grappled
Words: 279 - Pages: 2
The focus of our work is to evaluate, recognize and discuss the adoptions, progress and achievements of the EU efforts in harmonizing their accounting framework within their region and with other nations worldwide. 1. Introduction The Fourth and Seventh Law Directives provide a basis for the preparation of the accounts of companies in the EU. The Directives however do not provide a universal standard which was required for the users in the 1990s mainly in the US, when major European companies were
Words: 397 - Pages: 2
Fair value accounting and financial stability The recent financial crisis gave boost for intense policy discussion over fair value accounting among US Congress, the European Commission, and banking and accounting regulators all over the world. Critics state that fair value accounting had significant impact on the financial crisis and over exaggerated its force for financial institutions around the world. On the other hand, there those who oppose that fair value accounting was just a measurement
Words: 275 - Pages: 2
Accounting Standards Boards Sandra Ferrara ACC541 June 18, 2012 Professor Sonja Wilson Accounting Standards Boards Accounting standards Accounting standards boards maintain and produce accounting standards to keep financial reporting accurate and useful. Financial reporting should provide a fair presentation of the financial position and financial activity of an entity and permit comparison among other entities. To obtain a true “apples to apples” comparison between entities the statements
Words: 1290 - Pages: 6
companies. The last thing the article discusses is that the convergence can be seen as a revenue producing opportunity for many firms. Clients will need assistance in the process and accounting firms will be able to be there to help. The topic of convergence is reviewed in chapter 3 of our International Accounting textbook. In this portion of chapter 3 it lists the arguments for and against convergence. A lot of these arguments were seen in the above article. For example, the initial cost can be
Words: 434 - Pages: 2
Compare China and Japan in Accounting Standard and Recent Events, Which country is drifting further from Confucianism Introduction Chinese and Japanese accounting system has been influenced by Confucianism long time ago, but Bloom and Solotko(2003) proposed that because of the role of the government in the accounting system, both countries China and Japan has went far away from the Confucianism. In this report, the researchers will compare the accounting regulation and corporate governance
Words: 2907 - Pages: 12
International Harmonization for Accounting Harmonization is defined as the modification of changes and inconsistencies among varied measurements, procedures, or systems to make them equally well-matched. Its purpose is to make sure that GAAP (Generally Accepted Accounting Principles) are prepared and fully up to date with the international policy through subtle revisions depending on the domestic conditions (Mogul, 2003). All of this is put into place to increase the similarities with the accounting
Words: 654 - Pages: 3
1.Background introduction International accounting standards advance with the times. Here, changes in accounting standards again: The International Accounting Standards Board (IASB) first issued IFRS 9 Financial Instruments in November 2009, which dealt with the classification of financial assets and aspects of their measurement (Anna-Maija Lantto, Petri Sahlstrom, 2009). Consequently, the AASB first issued AASB 9 Financial Instruments in December 2009. After that, the IASB re-issued IFRS
Words: 2505 - Pages: 11
Securities and Exchange Commission (SEC) Chairs and Chief Accountants have expressed support for the development of one set of globally accepted accounting standards. Since the formation of the International Accounting Standards Board (IASB) in 2001, SEC leaders have repeatedly indicated that the logical choice for globally accepted standards is the International Financial Reporting Standards (IFRS) issued by the IASB. However, in line with other large economies, such as Japan, India and China, as of
Words: 14732 - Pages: 59
