Law Commons^™

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.

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 …

Changing Notions Of Sovereignty And Federalism In The International Economic System: A Reassessment Of Wto Regulation Of Federal States And The Regional And Local Governments Within Their Territories, Edward T. Hayes

Northwestern Journal of International Law & Business

International trade liberalization increasingly addresses disciplines which fall within the constitutional competence of regional and local governments. Traditional notions of nation/state sovereignty are evolving to recognize the importance of regional and local actors on the international economic scene. The ongoing evolution of international trade and sovereignty incresasingly places regional and local governments in a unique position to influence world trade, positively and negatively.

This article explores the manner in which the World Trade Organization attempts to regulate regional and local behavior. Specifically, this Article explores the inherent constitutional tension and resulting ambiguities in the WTO's effort to regulate regional and …

United States Foreign Trade Policy: A Delicate Balancing Act, Robert S. Strauss

Northwestern Journal of International Law & Business

World trade today involves one-sixth of everything that is grown or manufactured on this planet. Translated into dollars, this amounted to a value last year of one trillion dollars. Of this amount, $150 billion belongs to American agriculture and industry. The enormous stake of the United States in maintaining and encouraging the growth of its exports has led the present Administration to chart an enlightened and courageous trade policy of promoting free and fair trade. Rather than take the politically expedient course of protectionism, this Administration has embarked on the course of lowering barriers to fair trade to ensure the …