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Measuring The Degree Of International Harmony In Selected Accounting Measurement Practices, Emmanuel N. Emenyonu, Ajay Adhikari
Measuring The Degree Of International Harmony In Selected Accounting Measurement Practices, Emmanuel N. Emenyonu, Ajay Adhikari
WCBT Faculty Publications
The I-index developed by Van der Tas and chi square tests suggested by Tay and Parker are used to quantify and assess the degree of harmony in selected accounting measurement practices of large companies from France, Germany, Japan, the UK, and the US. The results indicate significant differences in accounting for inventory, fixed assets, and investments among the countries. The 3 sub-topics that exhibited a high degree of harmony were the treatment of gains or losses on the disposal of fixed assets, short-term investments and long-term investments, a reflection of the preference of regulators and companies in the different countries …
Towards Relevancy In Financial Reporting: Mark-To-Market Accounting, Eunsup Daniel Shim, Joseph M. Larkin
Towards Relevancy In Financial Reporting: Mark-To-Market Accounting, Eunsup Daniel Shim, Joseph M. Larkin
WCBT Faculty Publications
The objectives of this paper are to: discuss the relevancy vs. reliability of current financial reporting practices, survey the literature that describes the impact of mark-to-market accounting, critically examine current GAAP financial statements by comparing them to market value financial statements. With theoretical discussions and a case study, this paper shows that the mark-to-market accounting could present better about the economic reality of transactions and, therefore, tends to provide more useful and relevant information than does historical cost financial reporting. This study suggests that if the objective of financial reporting is to provide "useful" information to the users, existing GAAP …