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Full-Text Articles in Law
Convergence And The Implementation Of A Single Set Of Global Standards: The Real-Life Challenge, Mary Tokar
Convergence And The Implementation Of A Single Set Of Global Standards: The Real-Life Challenge, Mary Tokar
Northwestern Journal of International Law & Business
This paper addresses the impact of convergence on auditing firms by focusing on the adoption of International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB). While the adoption of the IFRSs by companies around the globe is intended to achieve convergence in accounting by eliminating different national approaches to financial reporting, many challenges arise from the process of adoption of the IFRSs, as well as from the ongoing and still incomplete process of convergence of national standards with the IFRSs.
Creation Of World Wide Accounting Standards: Convergence And Independence, David S. Ruder, Charles T. Canfield, Hudson T. Hollister
Creation Of World Wide Accounting Standards: Convergence And Independence, David S. Ruder, Charles T. Canfield, Hudson T. Hollister
Northwestern Journal of International Law & Business
"Cross-border trading" in the stocks of multinational companies is the code word for the ability of all companies worldwide to be able to sell their securities in the markets of all countries. In a cross-border trading environment, the world's investment resources would be freely available to companies in all countries and capital would be allocated in an optimal fashion. One of the primary barriers to cross-border trading is the requirement that the financial statements of the companies being traded in the securities markets of a particular country be compatible. With comparable financial statements, multinational companies would be able to access …
A Securities Regulator Looks At Onvergence, Donald T. Nicolaisen
A Securities Regulator Looks At Onvergence, Donald T. Nicolaisen
Northwestern Journal of International Law & Business
For many years there has been a dedicated group of practitioners, standard setters, business leaders and others from around the world who have worked to establish a single set of globally accepted accounting standards for the benefit of the capital markets. These people clearly had their hearts in the right place but, absent a binding mandate to apply the standards, it seemed largely a labor of love. Now I expect those pioneering initiatives and the many years of effort to pay off because in 2005 a large number of companies are joining what up to now has been a limited …
Setting A Global Standard: The Case For Accounting Convergence, David Tweedie, Thomas R. Seidenstein
Setting A Global Standard: The Case For Accounting Convergence, David Tweedie, Thomas R. Seidenstein
Northwestern Journal of International Law & Business
As capital markets play an increasingly central role in today's modern economies, policy-makers are confronted with the question of how to assure the continued effective functioning of these markets and, in particular, how to develop a sound financial reporting infrastructure. Recent experience suggests that such a reporting infrastructure must be built on accounting standards that are consistent, comprehensive, and based on clear principles to enable financial reports to reflect underlying economic reality.
International Convergence Of Accounting Standards-Perspectives From The Fasb On Challenges And Opportunities, Robert H. Herz, Kimberley R. Petrone
International Convergence Of Accounting Standards-Perspectives From The Fasb On Challenges And Opportunities, Robert H. Herz, Kimberley R. Petrone
Northwestern Journal of International Law & Business
Convergence of international accounting standards is not a new initiative at the Financial Accounting Standards Board (FASB or Board); in fact, the FASB has pursued international "convergence" for almost half of its more than thirty year existence.' The FASB's international activities initially fell under the heading of harmonization, or internationalization, of accounting standards. Today those activities are referred to as convergence.Whatever the term, the Board has long held the view that a single set of high-quality international accounting standards is desirable because its use will improve international comparability of financial information; reduce costs to financial statement users, preparers, auditors, and …