Download or read book America vs Europe The battle between accounting standard setters written by Alfred Mully and published by GRIN Verlag. This book was released on 2014-01-21 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt: Thesis (M.A.) from the year 2010 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: B, University of Frankfurt (Main), course: MSc Accounting & Control – Thesis, language: English, abstract: Since the Enron scandal in 2001 there has been more and more media coverage on the topic of accountancy. The focus shifted from the financial statements and the companies themselves to the audit firms. The big five, and later, after the ending of Arthur Andersen, the big four, are working under significantly more pressure today. But the audit firms are not the only scapegoats in this matter. People also started to look more and more critically to the accounting standards. Questions have risen on the relevance of the Financial Standards. Also the fact that there are more than one set of Financial Standards is remarkable. Some things that are illegal in the United States of America can be legal in the European Union and the other way around. Therefore the IASB and the FASB are trying to come together in a process which is called convergence. In their Norwalk Agreement of September 2002, and later on renewed by the FASB-IASB Memorandum of Understanding in February 2006, it is acknowledged that both sides will need to move some way towards each other to come to a unified set of worldwide applicable financial accounting regulations. This resulted in the FASB adopting some IASB regulations, and the IASB adopting some FASB regulations, and in some cases a joint project to issue new and identical regulations on specific matters (Veron, 2007). This process of convergence has raised criticism and questions. As put in The Global Accounting Experiment by Nicholas Veron (2007): “The forces driving the Global Accounting Experiment are insufficient to guarantee its continued success. It is bound to face major challenges in the next few years. Two main factors are behind this: the deficit of legitimacy and accountability of the IASB, and the difficulty of ensuring consistent implementation of IFRS across sectors and countries.” The questions raised in the convergence process, for example, are: which type of regulations on a specific subject is “better”, or more relevant? Are the adopted standards by the FASB of equal importance compared to the adopted standards by the IASB? To put this differently, is there one-way convergence from one side to another? This is namely being criticized in Europe, where critics say that this convergence process is a process of one-way convergence from IFRS towards US GAAP (Camfferman, 2010). These three questions mentioned above bring me to the main question which I am going to answer with this research: Are the worldwide applicable

Download or read book The Politics of Accounting Regulation written by Sebastian Botzem and published by Edward Elgar Publishing. This book was released on 2012-01-01 with total page 233 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'How and why do transnational regulatory bodies emerge? How do they acquire the authority and confidence to be actors in their own right? These questions preoccupy scholars in many disciplines and Sebastian Botzem's The Politics of Accounting Regulation makes an important contribution to the debates. Focusing on the case of the International Accounting Standards Board over a critical period of its development including the financial crisis Botzem addresses its evolution as an organization which produces accounting standards and whose efforts to be outside politics are inevitably and irredeemably political in nature. This book is essential reading for sociologists, political scientists, accountants and anyone else interested in the organization of global governance.' Michael Power, London School of Economics, UK The financial crisis underlines the relevance of accounting standards as much more than instrumental rules for corporate reporting. This important book outlines the accounting standards that embody societal and professional values and contribute to the distribution of financial benefits that put international harmonization of standards into the limelight. Sebastian Botzem reveals that international standards have emerged after decades of contest and political bargaining which resulted in closely aligned standards, voluntary consultation procedures and a network structure comprising actors mainly stemming from global auditing firms, regulators and international organizations.

Download or read book Setting Standards for Financial Reporting written by A. Bowdoin Van Riper and published by Bloomsbury Publishing USA. This book was released on 1994-07-21 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book begins with an overview of how and why the present self-regulatory arrangement for setting standards for financial reporting in the private sector came about in 1973. A brief description of the new structure is followed by a discussion of the essential elements of meaningful self-regulation. A schism emerged between advocates of neutrality and objectivity in standard setting and those who think the primary concern should be for possible economic and social consequences. Early clashes between traditional views and newer insights are described, setting the stage for an account of serious resistance to change. Powerful interests mount determined efforts to thwart the standard setters, undercutting not only self-regulation, but also the intent of the federal securities acts of 1933 and 1934. The practical and philosophical bases for the opposing views are examined, and recommendations are presented for ensuring continuation of private-sector standard setting despite the intensity of these views.

Download or read book International Accounting and Multinational Enterprises written by Lee H. Radebaugh and published by John Wiley & Sons. This book was released on 2006-01-04 with total page 520 pages. Available in PDF, EPUB and Kindle. Book excerpt: Make informed decisions in today's dynamic international business environments International accounting has never been so exciting. Not only is the pace of international business, finance, and investment rapidly increasing, but we are also moving closer than ever before toward a convergence of accounting standards worldwide. Updated and revised to keep pace with these changes, this Sixth Edition of Radebaugh, Gray, and Black's International Accounting and Multinational Enterprises focuses on international business strategies and how accounting applies to these strategies. You'll learn how to use financial and accounting information across borders, and make more informed decisions in an increasingly complex international business environment. The authors also explain the key factors, including cultural differences, that influence accounting standards and practices in different countries, and how those factors impact the harmonization of standards worldwide. New to This Edition: * New coauthor, Ervin L. Black of Brigham Young University. * Updated coverage on corporate governance, Sarbanes-Oxley, the Public Company Accounting Oversight Board (PCAOB), and how these forces affect U.S.-based multinationals, as well as companies in other countries. * Increased coverage of the efforts of the International Accounting Standards Board (IASB) to establish a uniform set of International Financial Reporting Standards (IRFS) worldwide and its interface with different national standard setters, especially the FASB. Special attention is given to the experience of the European Union and Australia in adopting IFRS in 2005. * A web-based International Accounting Practice Problem, which helps students see how to apply IFRS to a set of transactions. * Brief, user-oriented examples called Strategic Decision Points at the beginning of each chapter. * Expanded end-of-chapter material, including more discussion questions and exercises. * New cases (two per chapter) on the web. * Accounting for foreign exchange is now covered in two chapters. One chapter focuses on accounting issues, and the other chapter, which is new, focuses on foreign exchange risk management.

Download or read book Comparative International Accounting written by Christopher Nobes and published by Pearson Education. This book was released on 2006 with total page 604 pages. Available in PDF, EPUB and Kindle. Book excerpt: Now firmly established as "the" leading text in the field, "Comparative International Accounting" takes a comprehensive look at the international dimensions of financial accounting and reporting. The book, which includes contributions from a diverse group of international practitioners and academics, has been carefully shaped into a coherent whole. This ninth edition has been extensively rewritten and fully updated to incorporate the latest developments in the field, especially the adoption of international standards in many countries. Features Broad overviews supported by detailed information on real countries and companies; Across-the-board comparisons of major topics; Examination of the requirements of International Financial Reporting Standards and of US GAAP; Studies of accounting in Japan and China. New to this edition Six brand new chapters have been added, including chapters on the regulation of accounting and the politics of standard setting; Separate consideration of group accounting by listed companies and of individual company accounting under domestic rules; More coverage of the impact of accounting differences on capital markets and on analysis; Instructors' resources include an expanded Suggested Answers section in the back of the book. Also, in addition to an Instructor's Manual, unique PowerPoints for each chapter are now available online as well as links to real financial statements. "Comparative International Accounting" is ideal for students at both undergraduate and postgraduate levels taking courses in comparative and international accounting. Christopher Nobes is PricewaterhouseCoopers Professor of Accounting at the University of Reading, UK. From 1993 to 2001 he was a representative on the board of the International Accounting Standards Committee. Robert Parker is Emeritus Professor of Accounting at the University of Exeter, UK. He was formerly editor of the journal "Accounting and Business Research." Both authors have received the American Accounting Association's award of 'outstanding international accounting educator'. Additional student support at www.pearsoned.co.uk/nobes

Download or read book Worldwide Financial Reporting written by George J. Benston and published by Oxford University Press. This book was released on 2006-04-13 with total page 333 pages. Available in PDF, EPUB and Kindle. Book excerpt: International accounting standards tend to converge, as do auditing, enforcement and corporate governance, whereas trading of equity shares remains essentially national. The book provides a thorough analysis of what information investors really need, how financial accounting systems developed and their current requirements in major commercial countries, and examines current issues, particularly the benefits and costs a single or multiple accounting standards, the bases for accounting standards, and limitations to accounting disclosure in financial statements.

Download or read book International Financial Reporting Standards Desk Reference written by Roger Hussey and published by John Wiley & Sons. This book was released on 2005-04-22 with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This book is written by authors who clearly understand the challenges facing all who seek to understand and apply international standards. I recommend it to you." —From the Foreword by Sir David Tweedie Chair of the International Accounting Standards Board In this defining resource, authors Roger Hussey and Audra Ong have compiled everything accountants, executives, and organizations in different countries need to reach agreement on accounting rules and standards. International Financial Reporting Standards Desk Reference includes a background on how the movement toward a common language for international accounting evolved to its present state, summarizes existing standards highlighting the key issues covered, and captures those terms and phrases that are fundamental to an understanding of the common language of global business. Written to help readers fully comprehend this global language, International Financial Reporting Standards Desk Reference includes: An overview of the International Accounting Standards (IAS) and Inter-national Financial Reporting Standards (IFRS) and their impact A dictionary of words and phrases used in the international business world, with a strong emphasis on terms used by the International Accounting Standards Board History of the International Accounting Standards Board: how it was formed, its structure, and the way it operates Insights on future trends of the International Accounting Standards Board

Download or read book Globalisation of Accounting Standards written by Jayne Maree Godfrey and published by Edward Elgar Publishing. This book was released on 2007 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: 1. Globalisation of accounting standards : an introduction / Jayne M. Godfrey and Keryn Chalmers -- 2. Institutional investors and the language of finance : the global metrics of market performance / Gordon L. Clark, Tessa Hebb and Dariusz Wójcik -- 3. The IASB : some personal reflections / Kevin M. Stevenson -- 4. Globalisation of accounting standards : a UK perspective / David Alexander -- 5. The US role in the globalisation of accounting standards / Donna L. Street -- 6. The place of Canada in global accounting standard setting : principles versus rules approaches / James C. Gaa -- 7. Too special to go global? Too small to be special? : an insight into Australia's decision to adopt IFRS and the consequences for its own standard setting and application / Ruth Picker -- 8. The role of national standard setters in the standards development process : the Italian experience / Angelo Provasoli, Pietro Mazzola and Lorenzo Pozza -- 9. French accounting revolution : implementing IFRS in French companies / Serge Evraert and Jean-François des Robert -- 10. Accounting regimes and their effects on the German stock market / Hans Peter Möller -- 11. Globalisation of accounting : implications for Australian public sector entities / Keryn Chalmers ... [et al.] -- 12. Convergence of Chinese accounting standards with international standards : the Japanese case / Chitoshi Koga and Gunnar Rimmel -- 13. The impact of globalisation of accounting standards on India / R. Narayanaswamy -- 15. Globalisation of financial reporting : an Islamic focus / Norita Mohd Nasir and Anita Zainol -- 16. Globalisation and accounting reforms in an emerging market economy : a case study of South Africa / Iain Edwards ... [et al.].

Download or read book Setting Standards for Financial Reporting written by Robert Van Riper and published by Praeger. This book was released on 1994-07-21 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book begins with an overview of how and why the present self-regulatory arrangement for setting standards for financial reporting in the private sector came about in 1973. A brief description of the new structure is followed by a discussion of the essential elements of meaningful self-regulation. A schism emerged between advocates of neutrality and objectivity in standard setting and those who think the primary concern should be for possible economic and social consequences. Early clashes between traditional views and newer insights are described, setting the stage for an account of serious resistance to change. Powerful interests mount determined efforts to thwart the standard setters, undercutting not only self-regulation, but also the intent of the federal securities acts of 1933 and 1934. The practical and philosophical bases for the opposing views are examined, and recommendations are presented for ensuring continuation of private-sector standard setting despite the intensity of these views.

Download or read book The Origins of Europe s New Stock Markets written by Elliot Posner and published by Harvard University Press. This book was released on 2009-02-15 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: Between 1995 and 2007, financial elites in more than a dozen western European countries engaged in a cross-border battle to create some twenty new stock markets, many of which were explicitly modeled on the American Nasdaq. The resulting high-risk, high-reward markets facilitated wealth creation, rewarded venture capitalists, and drew major U.S. financial players to Europe. But they also chipped away at the European social compacts between national governments and citizens, opening the door of smaller company finance to the broad trend of marketization and its bounties, and further subjecting European households and family businesses to the rhythms of global capital. Elliot Posner explores the causes of Europe’s emergence as a global financial power, addressing classic and new questions about the origins of markets and their relationship to politics and bureaucracy. In doing so, he attributes the surprising large-scale transformation of Europe’s capital markets to the rise of the European Union as a global political force. The effect of Europe’s financial ascendance will have major ramifications around the world, and Posner’s analysis will push market participants, policymakers, and academics to rethink the sources of financial change in Europe and beyond.

Download or read book The UN and Transnational Corporations written by Tagi Sagafi-nejad and published by Indiana University Press. This book was released on 2008-10-16 with total page 626 pages. Available in PDF, EPUB and Kindle. Book excerpt: Are transnational corporations (TNCs) and foreign direct investment beneficial or harmful to societies around the world? Since the birth of the United Nations more than 60 years ago, these questions have been major issues of interest and involvement for UN institutions. What have been the key ideas generated by the UN about TNCs and their relations with nation-states? How have these ideas evolved and what has been their impact? This book examines the history of UN engagement with TNCs, including the creation of the UN Commission and Centre on Transnational Corporations in 1974, the failed efforts of these bodies to craft a code of conduct to temper the revealed abuses of TNCs, and, with the advent of globalization in the 1980s, the evolution of a more cooperative relationship between TNCs and developing countries, resulting in the 1999 Global Compact.

Download or read book Transnational Financial Regulation after the Crisis written by Tony Porter and published by Routledge. This book was released on 2014-02-05 with total page 237 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global financial crisis that began in 2007 was the most destructive since the 1930s. The rapid spread of the crisis across borders and the complexity of these cross-border linkages highlighted the importance for authorities of working together in responding to the crisis. This book examines the transnational response that relied heavily on a set of relatively informal transnational regulatory groupings that had been constructed over previous decades. During the crisis these arrangements were made stronger and more inclusive, but they remain very complex. Thousands of pages of new rules have been created by various transnational bodies, and the implementation of these rules relies heavily on domestic law and regulation and private rules and practices. This book analyses this complex response, showing that its overly technical and incremental character, the persistence of tensions between transnational processes and state-centred politics, and the ongoing power of private actors, have made the regulatory response fall short of what is needed. Transnational Financial Regulation after the Crisis provides new insights that are relevant for theory and practice, not only for transnational financial regulation, but for global governance more generally.

Download or read book The Economist written by and published by . This book was released on 2009 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The European Union and Global Financial Regulation written by Lucia Quaglia and published by OUP Oxford. This book was released on 2014-06-26 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European Union and Global Financial Regulation examines the influence of the European Union (EU) in regulating global finance, addressing several inter-related questions. Why does the EU 'upload' international financial regulation in some cases, 'download' it in other cases, and 'cross-load' either actively or passively in other instances? Has this changed over time, especially after the third stage of Economic and Monetary Union and the completion of the single financial market, or after the global financial crisis? Under what conditions is the EU more or less likely to upload, download or cross load rules? Through which mechanisms does this take place? Overall, does the EU act as a pace setter in regulating global finance, or is it mainly a follower? Why? The key explanatory variable used in this research is the concept of 'regulatory capacity', applied to the EU and the US, distinguishing between 'strong' and 'weak' regulatory capacity. The influence of the EU in global financial regulation depends on the combinations of EU and US regulatory capacities. When EU regulatory capacity is weak and US regulatory capacity is strong, the US will mainly upload its domestic rules internationally and/or actively cross load them to the EU, whereas the EU will mainly download international rules. When the EU regulatory capacity is strong and US regulatory capacity is weak, the EU is able to upload its rules internationally and/or actively cross load them to third countries. When the EU and the US regulatory capacities are weak, private sector governance prevails. When the EU and US regulatory capacities are strong, both jurisdictions seek to upload and cross load their domestic rules.

Download or read book Great Expectations Slow Transformation written by Manuela Moschella and published by ECPR Press. This book was released on 2014-07-01 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: n the aftermath of the financial crisis, why has the reform process been incremental yet the conditions for more rapid and abrupt transformations appeared to be available? Is there anything specific about financial policy that prevents more radical reforms? Drawing from Comparative Politics and Historical Institutionalism in particular, as well as International Political Economy, this book answers these questions by examining the particular institutional frictions that characterise global financial governance and influence the activity of change agents and veto players involved in the process of global regulatory change. The chapters in this volume collectively demonstrate that the process of change in financial rule-making as well as in the institutions governing finance does not fit with the punctuated model of policy change. The book also shows, however, that incremental changes can lead to fundamental shifts in the basic principles that inform global financial governance.

Download or read book Europe and the Management of Globalization written by Wade Jacoby and published by Routledge. This book was released on 2013-09-13 with total page 171 pages. Available in PDF, EPUB and Kindle. Book excerpt: European politicians often speak of their efforts to 'manage globalization.' At one level, this is merely a rhetorical device to make globalization more palatable to citizens and prove that policy-makers are still firmly in control of their country’s fate. This volume argues that the advocacy of managed globalization goes beyond rhetoric and actually has been a primary driver of major European Union (EU) policies in the past twenty years. The EU has indeed tried to manage globalization through the use of five major mechanisms: 1) expanding policy scope 2) exercising regulatory influence 3) empowering international institutions 4) enlarging the territorial sphere of EU influence, and 5) redistributing the costs of globalization. These mechanisms are neither entirely novel, nor are they always effective but they provide the contours of an approach to globalization that is neither ad hoc deregulation, nor old-style economic protectionism. The recent financial crisis may have seemed initially to vindicate the European efforts to manage globalization, but it also represented the limits of such efforts without the full participation of the US and China. The EU cannot rig the game of globalization, but it can try to provide predictability, oversight, and regularity with rules that accommodate European interests. This book was based on a special issue of Journal of European Public Policy.

Download or read book The Routledge Companion to Critical Accounting written by Robin Roslender and published by Routledge. This book was released on 2017-09-11 with total page 476 pages. Available in PDF, EPUB and Kindle. Book excerpt: The field of critical accounting has expanded rapidly since its inception and has become recognised?as offering a wealth of provocative insights in the wake of the global financial crisis. It is now firmly embedded within accounting literature and in how accounting is taught. Surveying the evolving field of Critical Accounting, including theory, ethics, history, development and sustainability, this Companion presents key debates in the field, providing a comprehensive overview. Incorporating interdisciplinary perspectives on accounting, the volume concludes by considering new directions in which critical accounting research may travel. With an international array of established and respected contributors, this Routledge Companion is a vital resource for students and researchers across the world.