Open Access. Powered by Scholars. Published by Universities.®
- Discipline
- Institution
Articles 1 - 13 of 13
Full-Text Articles in Accounting Law
Will We Ever Close The Gaap?: A Look Into The International Convergence Of Accounting Standards, Melanie Rosin
Will We Ever Close The Gaap?: A Look Into The International Convergence Of Accounting Standards, Melanie Rosin
Michigan Business & Entrepreneurial Law Review
This Note examines the trend toward the international convergence of accounting standards and then identifies the factors contributing to the process of this trend as well as the obstacles standard setters face in moving to one high quality, unified set of standards. The Note next identifies the possible outcomes for the future of convergence, including the mandatory adoption of International Financial Reporting Standards (IFRS) by the United States, the Securities & Exchange Commission’s (SEC) encouragement of the voluntary of adoption of IFRS by the United States, requiring public companies to comply with both U.S. Generally Accepted Accounting Principles (U.S. GAAP) …
The Implications Of Ifrs On The Functioning Of The Securities Antifraud Regime In The United States, Lance J. Phillips
The Implications Of Ifrs On The Functioning Of The Securities Antifraud Regime In The United States, Lance J. Phillips
Michigan Law Review
The United States is home to one of the most investor-friendly securities antifraud regimes in the world. Corporate misstatements that form the basis for a cause of action under one of the many antifraud provisions arise in a variety of contexts, an important one being as violations of U.S. generally accepted accounting principles ("GAAP"). For several years, the Securities and Exchange Commission has been considering changing the standardized accounting practice in the United States from GAAP to International Financial Reporting Standards ("IFRS") to promote comparability between global investment opportunities. IFRS is a principles-based system of accounting, while GAAP is rules …
Financial Accounting And Corporate Behavior, David I. Walker
Financial Accounting And Corporate Behavior, David I. Walker
Washington and Lee Law Review
The power of financial accounting to shape corporate behavior is underappreciated. Advocates of positive accounting theory have argued that even cosmetic changes in reported earnings can affect share value, not because market participants are unable to see through such changes to the underlying fundamentals, but because of implicit or explicit contracts that are based on reported earnings and transaction costs. However, agency theory suggests that accounting choices and corporate responses to accounting standard changes will not necessarily be those that maximize share value. For a number of reasons, including the fact that executive compensation is often tied to reported earnings, …
Private Standards In Public Law: Copyright, Lawmaking And The Case Of Accounting, Lawrence A. Cunningham
Private Standards In Public Law: Copyright, Lawmaking And The Case Of Accounting, Lawrence A. Cunningham
Michigan Law Review
Government increasingly leverages its regulatory function by embodying in law standards that are promulgated and copyrighted by nongovernmental organizations. Departures from such standards expose citizens to criminal, civil, and administrative sanctions, yet private actors generate, control, and limit access to them. Despite governmental ambitions, no one is responsible for evaluating the legitimacy of this approach ex ante and no framework exists to facilitate analysis. This Article contributes an analytical framework and proposes institutional mechanisms to implement it. The lack of a comprehensive framework for evaluating copyright to standards embodied in law is surprising because the range of standards potentially affected …
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.
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.
Convergence: Challenges, Controversies And Collaboration, David Van Zandt
Convergence: Challenges, Controversies And Collaboration, David Van Zandt
Northwestern Journal of International Law & Business
In this Symposium issue, the Northwestern Journal of International Law and Business has brought together seven outstanding commentators on the possibilities, complexities and controversies of convergence.
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 …
The Use Of International Accounting Standards In The European Union, Alexander Schaub
The Use Of International Accounting Standards In The European Union, Alexander Schaub
Northwestern Journal of International Law & Business
2005 is a watershed year for the application of International Accounting Standards (1ASs) in the European Union. From the first of January this year, all listed European companies must prepare their consolidated accounts using IASs or International Financial Reporting Standards (IFRSs). This requirement represents a quantum leap in the use of a single consistent set of accounting standards for capital markets in the European Union.
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 …
The Japanese Issues And Perspective On The Convergence Of International Accounting Standards, Mitsuru Misawa
The Japanese Issues And Perspective On The Convergence Of International Accounting Standards, Mitsuru Misawa
Northwestern Journal of International Law & Business
Japan is negotiating diligently with the European Union and is asking for its approval of the Japanese accounting standard as an equivalent to the IFRSs. If the Japanese accounting standard fails to be recognized as an equivalent of the IFRSs, disclosure by Japanese companies based on the Japanese accounting standard currently in the European Union would not be allowed. This would severely affect the financing activities of Japanese companies seeking to raise funds in the European Union. Japanese corporations are also concerned about the possibility that Japanese accounting standards could be branded as inferior to the European or U.S. Accounting …
United States Accounting Standards - Rules Or Principles? The Devil Is Not In The Details, Matthew A. Melone
United States Accounting Standards - Rules Or Principles? The Devil Is Not In The Details, Matthew A. Melone
University of Miami Law Review
No abstract provided.