Related Papers
A perspective on the recent developments in international financial reporting
2010 •
Delia David
SSRN Electronic Journal
Financial Reporting Differences Around the World: What Matters?
2016 •
helena isidro
The International Journal of Accounting
Reply to the discussion on ‘Financial reporting quality in international settings: A comparative study of the U.S.A, Japan, Thailand, France and Germany’
2010 •
Asheq Rahman
The International Journal of Accounting
Financial reporting quality in international settings: A comparative study of the USA, Japan, Thailand, France and Germany
2010 •
Asheq Rahman
AN EMPIRICAL TEST OF A JUDGMENTAL INTERNATIONAL CLASSIFICATION OF FINANCIAL REPORTING PRACTICES
aya istatiyeh
The main objectives of this study were to (1) empirically classify current national financial reporting systems and (2) test the validity of a hierarchical classification proposed by Nobes [1983] and extended by Berry [1987]. Data on accounting practices were obtained for fifty countries and used as input into a hierarchical cluster analysis. The resulting classification bears significant similarity to the aforementioned taxonomies and provides several additional insights. Corporate financial statements are only as useful as the underlying accounting data and degree of disclosure provided. Unfortunately, uniform standards of accounting and disclosure do not exist worldwide. Each country has its own unique financial reporting system. The lack of uniform standards creates information barriers for the international investment community. Unfamiliar foreign accounting principles and lack of disclosure can prevent investors from diversifying their portfolio internationally in an optimal manner [Eitemann, Stonehill and Moffett 1992: 605]. Moreover, differences in accounting standards across countries act as an impediment to the international offering of securities [IASC 1989: 2]. The move to an integrated global capital market requires a harmonization of accounting systems across international borders. Harmonization can be defined as the reduction in differences in accounting practices across countries ultimately resulting in a set of international norms to be followed worldwide.'
Aspects of the quality of accounting in the international context
RBGN Revista Brasileira de Gestão de Negócios, Sady Mazzioni, ROBERTO CARLOS KLANN
Purpose – Analyze how the characteristics of the business environment generates differences in the quality of accounting information in the international context. Design/methodology/approach – Descriptive research with a quantitative approach. Documentation collection in the Thomson Datastream Index Service database in a sample of 1,406 companies located in twelve countries, from 2005 to 2012. Findings – Companies located in countries with lower tax burden, stronger legal environment, greater economic and financial development index, common law legal origin and higher degree of internationalization presented higher averages and significant differences in the aggregate ranking of the quality of accounting information. The type of standard accounting used also influenced the position in the aggregate ranking of the accounting information quality. Originality/value – The interaction of companies with external markets influences the choices of accounting policies. The countries’ environmental characteristics, related to transparency, economic nature, legal and tax environment, lead to various levels of the quality of accounting information reported by companies.
Diversity of National and International Accounting Practices
Dragu Ioana
Although seven years have passed since the Norwalk Agreement has been signed, the global accounting standards continue to represent a goal for IASB and FASB, being far from the stage of practical implementation. More than that, the financial crisis made things worse, as it contributes to the unfavourable conditions for the development of convergence process. But despite all these negative elements, FASB and IASB continue to collaborate in obtaining a single set from the two distinct accounting regulations, which can serve for practical accounting purposes. The globalization phenomena imply the existence of a unique set of financial reporting standards. Thus, accounting diversity is to be reduced at international level, so that it would be in accordance with companies’ interests. Therefore, one can state the importance of harmonizing both national and international accounting regulations.
IMPACT : International Journal of Research in Business Management
HARMONIZATION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS WITH NATIONAL STANDARDS BODIES TO ENHANCE COMPARABILITY, CONSISTENCY, ACCOUNTABILITY, AND TRANSPARENCY IN CORPORATE REPORTING
2021 •
Margie Parikh
Fundamentally, the international effort to achieve a common set of accounting standards is not an easy task. It has started long ago to correct the differing and varying national accounting standards and principles in different parts of the world, however, the ultimate aim is to move towards harmonization. The process of harmonization seeks to bring all the different standards and reporting for better comparability, consistency, and reliability and to shorten the gap of these different streams of accounting rules, regulations, policies, practices, principles, and guidelines The objective of this current study is to review and understand the emerging issues, challenges, and benefits of adopting and achieving a common set of globally accepted accounting standards that are high quality, understandable, comparable, consistent, and reliable. However, the huge benefit of comparability and consistency can be made and that reliable and relevant accounting information is needed more than ever in the capital market to enhance investment opportunities and improve the investor’ s economic decision- making. There remain some strong national accounting standards, laws, and regulations that are simultaneously practiced, accepted, and working well in certain countries and jurisdictions. The existence of different accounting principles would serve as a threat to the harmonization and convergence process. Consistent with such gains, it is hoped that the accounting world over time would be controlled and guided by a single set of standards that are universally accepted, comparable and usable in different jurisdictions.
Comparative International Accounting, Christopher Nobes, and Robert Parker, 2010, Eleventh Edition, Pearson Education Limited, Harlow, Essex, U.K., xxi + 637 pages, €59.36, £46.99, ISBN: 978-0-273-72562-6
2011 •
Tatiana Garanina
KNOWLEDGE International Journal
THE ADOPTION OF A GLOBAL ACCOUNTING FRAMEWORK AS A FOUNDATION FOR THE INTEGRITY OF THE FINANCIAL REPORTING
2019 •
Borislav Boyanov
The subject of research in this work is the accounting of enterprises on a global scale. The subject of the article is to develop a global accounting framework for preparing and presenting the financial statements of business enterprises. The primary objective of the study is by analyzing the applicable accounting frameworks of IFRS, US and EU to derive the concept of financial reporting fundamentals. In the article is supported the thesis that the integration of different national accounting legislation and internationally applicable accounting frameworks is a theoretical and practical possible and feasible process at the center of which lies the deductive conceptual approach. The ultimate outcome of accounting integration will be reflected in the global adoption of the concept that financial reporting is a whole, comprehensive and complete process that aims to provide high quality information about the entity's business, the results achieved and the effectiveness of its operations, the changes in its cash flows and equity. The research approach is aimed at carrying out a structural analysis of the fundamental rules, norms and requirements of the conceptual frameworks of IFRS and the US Generally Accepted Accounting Principles as well as the EU Accounting Regulations. On this basis, on the one hand, the basic similarities and resemblances of the accounting frameworks in question are systematized and, on the other hand, their most significant contradictions are summarized. An attempt has been made to outline the factors, conditions and circ*mstances that have led to the establishment and adoption of different concepts in the accounting and presentation of financial statements of business enterprises. The article presents the role and importance of the processes of harmonization, convergence and adaptation of accounting rules as part of the evolutionary development of financial reporting. The author draws special attention to the fact that the integration of financial reporting should not be absolutized. Accounting globalization implies that, at global level, basic concepts, principles, rules and bases of accounting and presentation of aggregated accounting information are adopted in the financial statements of enterprises but at the same time hierarchically subject to specific rules and norms corresponding to the local , national and regional specificities. Although a global consensus has been reached on the purpose of financial reporting, at an individual enterprise level, accounting needs to meet the objectives, requirements and needs of both the owners of the capital and the external users of the summarized accounting information. In this regard, the European Union's experience with the enterprise categorization approach and, for each category, the applicable accounting basis and the minimum requirements for the content and structure of the financial statements can be successfully used internationally.
