Worldwide Financial Reporting: The Development and Future of Accounting Standards

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1 University Press Scholarship Online You are looking at 1-10 of 45 items for: keywords : accounting standards Worldwide Financial Reporting: The Development and Future of Accounting Standards George J. Benston, Michael Bromwich, Robert E. Litan, and Alfred Wagenhofer Published in print: 2006 Published Online: February 2006 ISBN: eisbn: Item type: book This book provides readers with reasonably concise descriptions of the state of global markets, the benefits and limitations of financial accounting and accounting/auditing standards, and the development, status, and current policy issues of corporate financial reporting in major countries and the European Union. The globalization of financial markets has contributed to a growing consensus that national financial reporting standards should give way to a single, harmonized set of global reporting standards. This book takes a more practical approach and reaches a different conclusion: that global standards are unlikely to be achieved, and in any event, are not likely to remain unified in the face of continued changes in markets and financial practices. National accounting standards are likely to continue to be relevant for the foreseeable future, and for that reason, the book discusses the national systems and their origins in some detail. The authors also consider a range of other substantive reporting issues, notably the debate over the issue of fair value measurement of assets and liabilities, which the authors reject in favor of a system that marks to market only those assets with deep traded markets, coupled with additional disclosures, where relevant. The IASC Labours to Gain Recognition Kees Camfferman and Stephen A. Zeff in Financial Reporting and Global Capital Markets: A History of the International Accounting Standards Committee, Published in print: 2007 Published Online: October 2011 ISBN: eisbn: acprof:oso/ Page 1 of 6

2 This chapter assesses the impact of the International Accounting Standards Committee's (IASC) standards in countries around the world. It reviews the disappointing performance, on the whole, of the members and associate members of the International Accounting Standards Committee (IASC) in fulfilling their best endeavours undertaking, and traces the efforts of the IASC to secure recognition and, even more important, acceptance of its standards by national regulators and standard setting bodies. It presents evidence of progress towards fulfilling this obligation in board-member countries and in a sampling of other countries. It concludes by discussing the IASC board's efforts to improve its liaison with accountancy bodies, other organizations interested in financial reporting, and securities market regulators. Global Financial Reporting Standards: Their Establishment and Enforcement George J. Benston, Michael Bromwich, Robert E. Litan, and Alfred Wagenhofer in Worldwide Financial Reporting: The Development and Future of Accounting Standards Published in print: 2006 Published Online: February 2006 ISBN: eisbn: Standard setters are attempting to structure a single set of global accounting standards. This chapter examines the costs and benefits of such convergence and finds that it is not a viable solution. It outlines a system of constrained competition in standards, within which a small set of high-quality standards would offer the most feasible and flexible setting that would cope with increasingly global capital markets. Three alternatives of such competition among countries, between exchanges, and competition at the firm level are outlined and discussed. The chapter also discusses harmonization of audit oversight and enforcement worldwide, and stresses that quality assurance is more important than the convergence of accounting standards. Compromise to Harmonise : Setting the IASC s Early Standards Kees Camfferman and Stephen A. Zeff in Financial Reporting and Global Capital Markets: A History of the International Accounting Standards Committee, Published in print: 2007 Published Online: October 2011 ISBN: eisbn: acprof:oso/ Page 2 of 6

3 This chapter deals with the International Accounting Standards Committee's (IASC) standard setting process and the contents of its standards. The IASC's first twenty-six standards did contain many options on important accounting issues. Yet these standards also ruled out practices that were by no means uncommon in several member countries. Examples included: not presenting consolidated financial statements, the taxes payable method, and not capitalizing leases at all. Moreover, several of the standards called unambiguously for significant disclosures. Before 1987, the IASC did not have a clearly articulated set of criteria for eliminating accounting alternatives, had it wanted to do so. But by 1987, the IASC's first phase was passing. Estimating State and Local Government Pension and Retiree Health Care Liabilities Stephen T. McElhaney in The Future of Public Employee Retirement Systems Published in print: 2009 Published Online: February 2010 ISBN: eisbn: acprof:oso/ Liabilities for pension and retiree health-care benefits provided by US state and local governments are causing concerns for taxpayers and for those holding government bonds. Many question whether the methodology used to calculate these liabilities is appropriate, since the private sector calculates retirement system liabilities using different methods and assumptions. This chapter reviews and critiques current actuarial and accounting standards under which governmental retiree liabilities are calculated and compares and contrasts these standards to those used by private sector employers. Financial Reporting and Global Capital Markets: A History of the International Accounting Standards Committee, Kees Camfferman and Stephen A. Zeff Published in print: 2007 Published Online: October 2011 ISBN: eisbn: Item type: book acprof:oso/ This book presents a detailed and scholarly historical study of the International Accounting Standards Committee (IASC), which prepared the way for the International Accounting Standards Board (IASB). The IASB holds the dominant influence over the financial reporting of Page 3 of 6

4 thousands of listed companies in the European Union as well as in many other countries. Corporate Disclosure Diversity: A Comparative Assessment George J. Benston, Michael Bromwich, Robert E. Litan, and Alfred Wagenhofer in Worldwide Financial Reporting: The Development and Future of Accounting Standards Published in print: 2006 Published Online: February 2006 ISBN: eisbn: While there are substantial differences in the regulatory regimes, cultures, economic history, nature of government, and institutions among the countries surveyed in the book, these countries have also faced common problems. This chapter provides a comparative assessment of how differences in some of these factors have affected accounting, auditing, and corporate governance. It shows that diversity in financial reports prevails worldwide, and discusses various ways used by companies and users of financial reports to cope with this diversity. The appendix illustrates accounting diversity by describing crucial differences among international financial rules and standards (IFRSs) and national standards, in particular, U.S. generally accepted accounting principles (GAAP). Global Finance and German Accounting Rules Gordon L. Clark in European Pensions & Global Finance Published in print: 2003 Published Online: January 2010 ISBN: eisbn: acprof:oso/ Like France and Italy, Germany will be severely affected by an ageing population and the underfunding of social insurance and related retirement benefits. While there is considerable pride in Otto von Bismarck's model of social solidarity and insurance, there is widespread debate about the proper response to the demographic crisis, including continuing conflict over the role and status of private pension privatisation. This chapter examines how and why financial transparency and comparability have become so significant, and the implications of such accountability for management power and private pension systems. The convergence of the United States, international, and European Page 4 of 6

5 accounting standards is discussed, with emphasis on the underlying assumptions made by accounting professionals about the efficiency of global finance. The patterns of German corporate pension accounting in the DAX 30 index and non-dax 30 companies are considered, along with pension liability and corporate finance, Germany's adoption of international accounting standards, corporate pension liabilities, and management discretion and retirement plans. From Accounting Directives to International Accounting Standards Karel van Hulle in The Economics and Politics of Accounting: International Perspectives on Trends, Policy, and Practice Published in print: 2004 Published Online: January 2005 ISBN: eisbn: An insider perspective is presented on the historical development of EU (European Union) accounting regulation. The author explains why the EU moved away from the idea of European harmonization through the EU Accounting Directives to the adoption of International Accounting Standards (IAS) for all listed EU companies, and provides important insights into the dynamics of EU standard-setting processes. The chapter clearly demonstrates that the regulation of financial reporting is a complex issue and that there is no easy way to bring about accounting harmonization. The nine sections are: Introduction; The Accounting Directives; First attempts toward further harmonization; Development of a new accounting strategy; Proposed new accounting strategy; The proposed new accounting strategy in action; Toward a mandatory application of IAS; Regulation of the European Parliament and of the Council on the application of IAS; and Concluding observations. Accountants' Truth: Knowledge and Ethics in the Financial World Matthew Gill Published in print: 2009 Published Online: September 2009 ISBN: eisbn: Item type: book acprof:oso/ Accounting is the language of business, increasingly standardized across the world through global banks and corporations: a technical tool used to reach the correct, unquestionable answer. Nonetheless, as recent Page 5 of 6

6 corporate scandals have shown, a whole range of financial professionals (accountants, auditors, bankers, finance directors) can collectively fail to question dubious actions. How is this possible? To understand such failures, this book explores how accountants construct the technical knowledge they deem relevant to decision-making. In doing so, it not only offers a new way to understand deviance and scandals, but also suggests a reappraisal of accounting knowledge which has important implications for everyday commercial life. The book's findings are based on interviews with chartered accountants working in the largest accountancy practices in London. The interviews reveal that although accounting decisions seem clear after they have been made, the process of making them is contested and opaque. Yet accountants nonetheless tend to describe their work as if it were straightforward and technical. This book delves beneath the surface to explore how accountants actually construct knowledge, and draws out the implications of that process with respect to issues such as professionalism, performance, transparency, and ethics. This thought-provoking book concludes that accountants' technical discourse undermines their ethical reasoning by obscuring the ways in which accounting decisions must be thought through in practice. Accountants with particular ethical perspectives more readily understand and construct particular types of knowledge, so the two issues of knowledge and of ethics are inseparable. Increasingly technical accounting rules can therefore be counterproductive. Instead, this book shows how reinvigorating the ethical discourse within the financial world could be a more effective means of averting future scandals. Page 6 of 6

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