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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.
The $4 Billion Question: An Analysis Of Congressional Responses To The Fsc/Eti Dispute Under Wto Export Subsidy Standards, William Chou
The $4 Billion Question: An Analysis Of Congressional Responses To The Fsc/Eti Dispute Under Wto Export Subsidy Standards, William Chou
Northwestern Journal of International Law & Business
During the decade-long relationship between the United States and the World Trade Organization (WTO), perhaps no controversy has fomented as long and bitterly as the dispute over the U.S. tax benefits for exporters. This article analyzes two competing bills before the House of Representatives, both devised to bring the United States in compliance with the WTO's ruling against the U.S. Foreign Sale Corporation (FSC) and Exterritorial Income (ETI) tax regimes as prohibited export subsidies. Hit with a $4 billion retaliatory tariff by the European Union, the House sought new tax legislation that would preserve at least some of the tax …
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.
Meaning, Ambiguity And Legitimacy: Judicial (Re-)Construction Of Nafta Chapter 11, Ari Afilalo
Meaning, Ambiguity And Legitimacy: Judicial (Re-)Construction Of Nafta Chapter 11, Ari Afilalo
Northwestern Journal of International Law & Business
Chapter 11 of the North American Free Trade Agreement (NAFTA) benignly named the "Investment Chapter," is a theater for some of the most advanced issues of 21st century international law and adjudication. The Chapter gives private parties the right to challenge national policies that burden their ability to do business freely. It empowers arbitral tribunals to assess damages against the governments of NAFTA parties. The adjudicators, as this Article illustrates, render opinions with a constitutional flavor in that they assess the validity of domestic norms against larger principles of international economic law. In a drastic move away from classical century …
A Dual Catastrophe Of Protectionism, Sungjoon Cho
A Dual Catastrophe Of Protectionism, Sungjoon Cho
Northwestern Journal of International Law & Business
Suppose that a consortium of wealthy and powerful local industries, acting through lawmakers captured by these industries, managed to pass a statute, damaging to the larger public welfare, purely for a protectionist purpose. Suppose further that this statute victimizes exports from a small, poor country such as Vietnam, to a large, rich country such as the United States, because these imported products are cheaper and thus pose a competitive threat to rival domestic industries. Suppose also that courts in the importing country can do little to stop this chain of events. Rational individuals might find these events objectionable, if not …
General Exclusion Orders Under Section 337, Gary M. Hnath
General Exclusion Orders Under Section 337, Gary M. Hnath
Northwestern Journal of International Law & Business
Your company, Widgets Unlimited, imports foreign-made widgets into the United States. One day, you're informed that U.S. Customs & Border Protection (Customs) has detained your goods and is determining whether they infringe a patent owned by The American Widget Corporation, based on an exclusion order issued by the International Trade Commission (ITC) after a recent ITC investigation, titled Certain Widgets with Extra Shiny Surfaces. Since you were never a party to any proceeding at the ITC, and indeed, you never even knew American Widget had patents on its widgets, you conclude that there must be some mistake and wait for …
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 …