International Accounting Standards

• International accounting standards

• International Accounting Standards Committee Statements -- IAS 38

• International Accounting Standards Committee Statements

• The U.S. Move to International Accounting Standards - a Matter of Cultural Discord - How Do We Reconcile?

Currently, U.S. issuers operate under one set of accounting standards, and a large part of the world operates under some customized version of IFRS.6 Likewise, global companies operating within different accounting provinces must often use different accounting standards for each of the jurisdictions in which they operate; a costly, cumbersome, and time consuming endeavor.7 Various entities responsible for the many factions of accounting standard setting and financial reporting, such as the Financial Accounting Standards Board8 (FASB), the SEC,9 and the International Accounting Standards Board10 (IASB), (collectively, Accounting Standard Setters) have been aware of this issue since the late 1960s11 and have further recog- nized the need for change.12 The world's economies have contin- ue...

• University of Memphis Law Review, The
• Vol. 39 Nbr. 4, July 2009

• A Common Framework for Accounting Standards

In September 2010, the US Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) completed the first phase of a project that will influence global standards setting for many years to come. Having a conceptual framework eliminates the need for a standards setter, such as the FASB or the IASB, to reestablish core concepts each time it develops or updates a standard. Additionally, by consistently referring to a stable conceptual framework, a standards setter is more likely to promulgate standards that are consistent with each other as well as with significant assumptions and constraints. The conceptual framework of US Generally Accepted Accounting Principles is documented in a series of Statements of Financial Accounting Concepts issued by the F...

• Strategic Finance
• Vol. 92 Nbr. 5, November 2010

• Financial Reporting and Global Capital Markets: A History of the International Accounting Standards Committee, 1973-2000

, by Kees Camfferman and Stephen A. Zeff, is reviewed.

• Business History Review
• Vol. 83 Nbr. 2, July 2009

• Securities: International accounting standards; globally accepted, high quality financial reporting framework,

• FR, February 23, 2000
• Proposed rules
• Securities and Exchange Commission

• A Review of the Persistent Reconciling Items Between Financial Statements Using U.S. Gaap and International Financial Reporting Standards for Three Auto Manufacturers

This paper investigates differences between the financial statements of Volvo Corporation, Daimler AG, and Fiat SPA as prepared under International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (U.S.GAAP) from 2004-2006. The application of IFRS generally resulted in higher net income than U.S. GAAP. Many differences have already been resolved by the convergence projects of the Financial Accounting Standards Board and the International Accounting Standards Board. However, significant and persistent reconciling items that are likely to affect U.S. automakers' financial statements include: pension and other post-retirement benefits expenses, capitalization of development costs, and minority interests reporting.

• International Management Review
• Vol. 6 Nbr. 1, January 2010

• International Accounting Standards

Comparable, transparent and reliable financial information is fundamental for the smooth functioning of capital markets. In the glob...

• Encyclopedia of Business and Finance
• A-I

• A comparison of the International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP) for Small and Medium-sized Entities (SMES) and compliances of some Asian countries to IFRS.

This paper compares International Financial Accounting Standards (IFRS) with Generally Accepted Accounting Principles (GAAP) for small and medium-size...

• Journal of International Business Research
• Vol. 10 Nbr. 3, December 2011

• Mary Elizabeth Murphy's Contributions to the Development of International Accounting

During the 1940s, 1950s, and 1960s, the accounting educator Mary Elizabeth Murphy promoted international accounting standards when such an activity was not "cool." Today, the topic of international accounting standards is garnering plenty of attention worldwide. Murphy was ahead of her time in advocating for international accounting standards, and her contributions offer lessons for how CPAs can help achieve the goal of a single set of global standards. During Murphy's career, before international accounting standards obtained acceptance in the accounting profession, Murphy enthusiastically supported their development and educated others on their benefits and how to overcome their impediments. She practiced what she preached through her many speeches at foreign universities and internat...

• CPA Journal, The
• Vol. 81 Nbr. 3, March 2011

• New Views On Lease Accounting

As a step toward improving and converging the existing lease-accounting standards, the Financial Accounting Standards Board and the International Accounting Standards Board recently issued a discussion paper titled "Leases: Preliminary Views" in which the Boards jointly propose several elements of a new model for lease accounting. This month's column will explain the key elements of the Boards' proposal and the potential impact of those elements on entities that must account for leases. The key elements of the Boards' proposal are: 1. the elimination of the finance/operating lease distinction, and 2. a requirement to represent all leases on the lessee's balance sheet through a combination of an asset and a liability. Specifically, they have concluded that a lessee's right to use leased ...

• Strategic Finance
• Vol. 90 Nbr. 11, May 2009

• An Examination of Sec Investigative Bias Among Foreign Registrants and Domestic Registrants with Foreign Operations

The objective of this study is to examine country-specific factors that are related to the Securities and Exchange Commission's (SEC) issuance of foreign-related Accounting and Auditing Enforcement Releases (AAER). Foreign-related AAERs include sanctions issued against foreign firms registered in the US and against domestic firms with foreign operations. The SEC's objectives of prevention and deterrence are compromised to the extent that intentional misstatements are overlooked for any portion of the registrant population. This study makes two contributions to the existing literature. First, although prior research evaluates AAER composition, no study has tested whether macro-level risk factors can explain the SEC's issuance of AAERs. Second, while numerous papers have discussed the reg...

...Research on the international investigative patterns of the SEC is important for...The International Accounting Standards Board (IASB) uses this model as the template for d...

• Southern Business Review
• Vol. 34 Nbr. 1, January 2009