International Public Sector Accounting Standards （IPSAS） Implementation in the European Union （EU） Member States

The aim of this paper is to analyze the implementation level of International Public Sector Accounting Standards （IPSAS） in the member states of the European Union （EU）. After an introduction of the legislative framework in the EU and a review of the literature about the implementation of IPSAS in the EU member states, this paper classifies, on the basis of a survey, the states according to their formal implementation levels of IPSAS. It also analyzes the types of accounting （cash basis accounting, modified cash basis accotmting, accrual accounting, and modified accrual basis accounting） used by the states studied. The survey shows that there are important disparities among the member states, both for the application of IPSAS and for the type of accounting that is used. Furthermore, it appears that even if IPSAS is not legally adopted in most European member states, there is a tendency to use modern accounting systems based on accrual accounting close to IPSAS.

International Accounting Standards Board （IASB） and Financial Accounting Standards Board （FASB） Convergence Project： Where Are They Now？

The convergence project between the International Accounting Standards Board （IASB） and the Financial Accounting Standards Board （FASB） in the United States （US） was signed on September 18, 2002 in Norwalk, Connecticut in the US. The first is responsible for issuing International Financial Reporting Standards （IFRS） nowadays, which were created 40 years ago. More than one century ago, local regulations are used in the US. The boards differ in years of experience. With the signing of the agreement, both institutions are working to reduce the divergence of accounting. Although they have made a significant progress, it is appropriate to examine whether the difference in approaches to accounting will affect the achieved agreements. It is relevant to investigate whether the years leading the standards adopted in different countries will impact the final result. The date of completion of the project has been postponed and still has not indicated the date of termination. This research is an analysis of the importance of the convergence of accounting standards at a global level. The study presents statistics on the status of the adoption of international standards by country. The study shows a summary of the expressions made by the directors of both boards about the future of the project.

Evaluation of the Impact of International Accounting Standards Board （IASB） Framework Concepts on the Public Accounting Profession

Accounting profession has, in recent times, been regulated mainly by the private accounting standard setters mainly the International Accounting Standards Board （IASB）, which has taken a center stage and redefined the accounting information systems beyond the knowledge discernment of the average users and stakeholders. Public accounting profession＇s overreliance on the ever-changing IASB conceptual frameworks and their subsequent publications International Financial Reporting Standards （IFRS） standards has strongly compromised the ethics and objectivity of the profession, especially the accounting fundamental qualitative characteristics of the fair representation. Public accountants are, by ethics, required to issue an accurate, independent, and objective opinion of the financial state of the reporting entity. A review of various literatures from the IASB and the related bodies including independent auditors was employed during the evaluation process so as to minimize bias and evaluate objectively. The results revealed that currently, the IASB conceptual frameworks and IFRS contain inconsistent and opposing objectives including an inconclusive definition of elements and measurement basis mainly of profit and loss transactions and other comprehensive income, and hence the public accounting profession has been ethically challenged and compromised. Financial reporting is now premised on estimates, judgments, and models as opposed to a definitive measurement in accounting. A recommendation of further study on the IASB fundamental qualitative characteristics of decision usefulness should be pursued objectively.

Application of International Public Sector Accounting Standards in Vietnam in Current Conditions

The objective of improving the state accounting system is to build a state accounting system based on a single and complete database which is applied uniformly across all public authorities and agencies from central to local. Such an accounting system must ensure a reliable and smooth flow of information among all the entities that take part in the preparation, allocation, execution, and finalization of the state budget. In order to improve the quality of financial information, to harmonize, and to develop accounting profession globally, the trend of international economic integration requires the standardization of accounting legislative framework among countries and first of all, the harmonization and unification of the preparation, presentation, and disclosure of financial information. Financial statements of each business in the private sector and financial statements of the government in the public sector in different countries should be transparent and presented in accordance with the accounting standards and principles and in line with international practices so that the financial information will be able to be compared and evaluated. Therefore, financial statements of each entity in the public sector and the consolidated financial statements of public sector entities issued by the government in different countries must be prepared and presented in a unified form to suit the international public sector accounting standards. Accordingly, with the application of the interview method in research, the main objective of this article is to focus on searching for the bases and consideration for the application of international public sector accounting standards in Vietnam in current conditions. This article consists of eight sections： （1） what are international public sector accounting standards？ （2） accounting entities of the public sector; （3） the limitations of current public sector accounting in Vietnam; （4） financial information to meet the requirements of state management and to comply with international practices; （5） the advantages of applying international public sector accounting standards in Vietnam; （6） the difficulties and challenges of applying international public sector accounting standards in Vietnam; （7） learning experiences from other countries; and （8） conclusion.

The Impact of International Accounting Standards Board （IASB）＇s Guidelines for Preparing Management Commentary （MC）： Evidence From Italian Listed Firms

This paper investigates the Italian firms＇ disclosure in response to the new guidance on the management commentary （MC） contained in the International Financial Reporting Standard （IFRS） practice statement issued by International Accounting Standards Board （IASB） in 2010. The study is organized as follows. After reviewing the relevant literature on financial disclosure and MC, this paper examines the content of the Italian management＇s report-----known as ＂Relazione sulla Gestione＂ and that of the recent IASB＇s IFRS practice statement. Hence, it applies a self-constructed disclosure index and a multiple correspondence analysis （MCA） on MC of a sample of 66 Italian non-financial listed firms. The results show that the level of disclosures provided by the Italian listed firms does not seem to be affected by the IASB＇s guidelines. However, the survey highlights large differences in the level and type of disclosure provided in MC among the sectors and firms. This paper aims to contribute to the financial reporting debate by understanding the IASB＇s guidelines and their impacts on the voluntary disclosure practices of Italian listed firms.

The Faithful Representation of Electrical Energy Sale and Purchase Agreements Under International Accounting Standards/International Financial Reporting Standards （IAS/IFRS）

This article aims at giving a contribution to the issue of accounting electrical energy sale and purchase agreements in accordance with the faithful representation principle. To this end, it must be ascertained whether electrical energy is bought/sold for an industrial use exclusively, so that the relevant transaction will be accounted as a normal purchase/sale, or through the lease of the relevant production plant, which would require the supply contract to be accounted in compliance with International Accounting Standards （IAS） 17 ＂Leasing＂. Alternatively, it must also be ascertained whether the relevant party is implementing financial trading strategies, as in such hypothesis, the supply contract is to be accounted as a financial instrument according to International Financial Reporting Standards （IFRS） 9/IAS 39 ＂Financial Instruments＂. Finally, the modalities used by a number of companies listed on European regulated markets to account such kind of contracts will be analyzed.

Analysis of Chinese Accounting Standards for the Oil and Gas Industry and Related Enterprises

Accounting standards are the tools for distribution of the revenues. Their development trend is influenced by their stakeholders. The evolution of American oil and gas accounting standards has been shaped by the profit-maximizing process of American oil and gas company shareholders, which for outside lobbying relied on their huge capital and organization. The development and perfection of Chinese new oil and gas accounting standards should consider not only the criterion of standards but also the real political fact in China oil and gas industry. The research on oil and gas accounting standards is an academic study as well as a political analysis.

Assessing the Application of Intemational Accounting Standards （IAS） in Jordan： Factors Explaining Non-compliance

The main objective of this study is to assess the application of International Accounting Standards （IAS） in Jordan. The main purposes of this study are to： （1） present an analyzed study of the general concepts of IAS; （2） clarify the suitability of the IAS in Jordan and the possibility of using them as guidelines in adapting local standards; and （3） state the deficiency aspects and difficulties facing Jordanian firms in applying these standards in local businesses. A questionnaire is designed for these purposes. The sample is restricted to accountants, financial executives, and professional members of the Jordan Association of Accountants and Auditors. We used the Statistical Package for Social Sciences （SPSS） to analyze the data and answer the research questions. Descriptive statistics are the main tests used in this study. The results indicate that lASs are necessary to be applied by Jordanian companies, since the advantages of applying IAS in Jordan are seen to be more than its disadvantages, mainly in the scene of improving the information content of financial statements. The results also indicate that the compliance with IAS will be of great benefits to shareholders and the stock market comparing to its benefits to top management and board members. Auditors, accountants, and financial executives argue that government agencies in Jordan should enforce and supervise the implementation of IAS in Jordan.

Review of International Accounting Standards Board （IASB） Proposed New Conceptual Framework： Discussion Paper （DP/2013/1）

The International Accounting Standards Board （IASB） is one of the largest independent accounting standard setters whose publications, International Financial Reporting Standards （IFRSs）, have revolutionalized the accounting profession, investors, finance providers, and the entire accounting information stakeholder community. The conceptual frameworks are the theoretical accounting bases that are constituted by a set of principles that underlie as a bedrock foundation cornerstone for the development and updating of IFRSs. The existing conceptual frameworks were issued by IASB in 2010, after long years of protracted and wide consultation and joint project with the biggest American standard setter Financial Accounting Standards Board （FASB）. In year 2013, the IASB embarked on a solo project to update the conceptual framework and issued a discussion paper （DP/2013/1） to its users and stakeholder community for comments. The methodology used in this study of an extensive review of literature （secondary/primary） from the discussion paper, existing conceptual framework, and comment letters from investors, accounting, insurance, and international audit firms has been manipulated. The findings revealed that the existing conceptual framework has opposing objectives especially that of decision usefulness （future-oriented information） and concepts of ＂prudence and stewardship/accountability＂, which are deeply embedded within the framework as subsumed, but their prominence has been overshadowed and watered down by not identifying them as objectives. The finding also revealed that almost all public accounting and audit firms are advocating not only for the reinstatement of the ＂prudence and stewardship/accountability＂ but also for a clear definition of recognition, de-recognition, and measurement of statement of financial position elements （assets and liabilities） and also elements of the comprehensive income statement （revenues and expenses）, which have seriously compromised investors, public accounting profession, learning/teaching of a framework-based understanding, and the entire IFRS user stakeholder community. A recommendation for further studying the abandoned joint IASB/FASB project should be investigated in the best interest of international accounting standards convergence.

The Market Reaction to the Pronouncements Related to International Accounting Standards （IAS） 19R

This paper examines whether and how investors reacted to the pronouncements related to International Accounting Standards （IAS） 19R. Using a sample of 401 European firms reporting pension and retirement expense during the period of 2006-2011, this paper finds negative abnormal returns around the pension project initiation by the International Accounting Standards Board （IASB）. More importantly, the abnormal returns are more negative for firms with higher financial leverage and lower ratios of net periodic pension cost to net income, but less negative for firms in countries with weak creditor rights （CR） and infrequent use of the corridor approach under IAS 19. Additionally, the effects of financial leverage and the ratio of net periodic pension cost to net income on the abnormal returns are more pronounced for smaller firms. Overall, the results are consistent with the view that recognition of previously disclosed off-balance-sheet pension liabilities as required by IAS 19R increases debt contracting costs, and highlight the importance of considering firm size and CR in international tests of debt contracting theory.

On Internationalization of Accounting Standards

World economy globalization highlighted with deregulation of trade, capital movement and financing has been the dominant trend under the push of rapid growing of modern information technology,creating a urgent demand for internationalized accounting standards.……

Investor Protection, Deviation of Local Accounting Standards From IFRS, and the Effectiveness of the IFRS Adoption

The objective of this study is to examine the effect of accounting standards and investor protection on value relevance of earnings and book value of equity among European Union countries during the years 1999-2007. The results indicate that the adoption of International Financial Reporting Standards [IFRS] leads to improvement in value relevance, particularly on earnings. We also examine the impact of investor protection and the deviation of local accounting standards from IFRS on the effectiveness of the IFRS adoption. The results show supporting evidence for investor protection but inconclusive evidence for accounting standard deviation. However, additional analysis indicates that the countries which apparently benefit from adopting IFRS are those with high deviation of local accounting standards from IFRS and high investor protection. The findings imply that adopting IFRS alone cannot improve value relevance of accounting information, but standard setters and regulators need to strengthen their investor protection mechanisms in order to improve the quality of accounting information.

On how to solve the problems in implementing the new Chinese accounting standards

With the execution of the new accounting standards, the standard of Chinese economic reflection has been internationalized. All the countries of economic integration in the world demand common accounting information so as to promote the multilateral effect. The new accounting standards in our country are carded out in complicated internal and external economic and political circumstances, which makes listed companies have to take a lot into consideration when they use them. This thesis mainly deals with the international and domestic accounting environment at present and how to treat the problems of the application of the new accounting standards that have appeared in the past one year. At the end of the paper, some suggestions and solutions to the problems are proposed for reference only.

A comparative analysis of accounting standards for enterprises in China and Vietnam

Accounting standards is one of the core of each enterprise, each country has different accounting standards, leading to its application is different, will affect the development of enterprises. This paper simply analyzes the difference between the emergence and application of accounting standards between Chinese and Vietnamese enterprises. Secondly, it analyzes the content differences ofaccounting standards, the quality of accounting information, accounting elements and so on.

Public Accounting and IPSAS in Portugal： The Accounting Standardization System for Public Administrations

The Accounting Standardization System for Public Administrations （SNC-AP） was approved by Decree-Law No. 192/2015, of September 11 and constituted the new accounting system for public administrations in Portugal, which will take effect from January 1, 2017, although there were pilot entities that are already applying it in the year 2016. The reasons for the approval of these accounting regulations are presented in the approval diploma itself, the existence of a strong fragmentation and outdated accounting standardization for the public sector. This paper intends to analyze the public accounting reform in Portugal based on the SNC-AP and the impacts that it will determine in public institutions in terms of accounting in relation to the previous POC-P regime and sectoral plans as well as the resources involved in the Implementation. Likewise, it is intended to assess whether all public bodies subject to its adoption will proceed to its implementation on January 1, 2017, as planned. For this purpose, the data available on this subject will be used, in particular those of the Directorate-General for the Budget of the Ministry of Finance.

Analysis of Professional Ethics of Accounting Personnel under Accounting Standards Convergence Case

In this paper, through the analysis of the causes and status of international accounting standards, and convergence with International Financial Reporting Standards States progress, we draw that international convergence of accounting is the trend and accounting convergence is an international coordination process, whose essence is the interests of the dispute while countries must participate. In this environment, the implementation of good accounting standards and grasping the professional ethics of the accounting staffhave also become a factor in the industry that can not be ignored.

Empirical Analysis on Asset Impairment and Earnings Management under the Background of Accounting Standards Variance

Earning management is a pioneering research subject and a world problem rising in international economics and accounting field since 1980s. It is also common in listed companies of our country and has a degree of adverse effect on sound operation of market economy. The exploration on earning management firstly is based on knowing the related research achievements at home and abroad to compare the environment and background of different theories generating. Then the paper starts from the definition to analyze the effect of concrete accounting standards on earning management complemented with the proof of cases. Lastly, the paper analyzes the data of some listed companies from 2008 to 2011 with empirical method, and verifies the effect of implementing asset impairment criteria on earning management of listed companies from the view of industry. Focusing on the comparative study of industries, the paper draws valuableconclusion which is consistent with the real situation, and the paper refines the research of domestic earning management.

Net Pension Liability Impact on School Districts after Incorporation of Governmental Accounting Standards Boards (GASB) Statement Number 68

This paper analyzes twenty school districts in the state of Pennsylvania and applies ratio analysis to understand the potential effect of GASB number 68 on the financial statements of these entities.The financial statements were picked on a random basis from the Electronic Municipal Market Access[1]database.EMMA is a research and data retrieval system of the Municipal Securities Rulemaking Board(MSRB).The MSRB provides resources to trade municipal bonds and access to the financial statements of entities selling these securities.The paper was developed as a result of the requirement by GASB to“recognize their long-term obligation for pension benefits as a liability for the first time,and to more comprehensively and comparably measure the annual costs of pension benefits”[2].The public schools in Pennsylvania incorporated GASB number 68 for the fiscal year ended June 30,2015 and restated the financial statements for the fiscal year ended June 30,2014.The effects of these restatements created a situation where most of these districts now show a negative fund balance caused by an increase of liabilities of over one hundred percent.Many of the decision makers are uncertain of the long-term changes that this recognition will have on the operations of the school district.Bond ratings have suffered because of the volatility and uncertainty causing negative effects on the balance sheet,increased current recognition of pension expenses,and a possible interest rate increase.All of these effects are illustrated in this paper.This is at a time where many people are questioning the performance of many of the school districts.

The Differences between Chinese Accounting Standards for Business Enterprises and International Financial Reporting Standards as well as the Convergence Strategy Method

The continuous development and progress of international economic integration has resulted in the increasing of economic and trade exchanges between various countries.In order to implement a more systematic corporate financial supervision mechanism effectively and adapt to the needs of economic development,it is necessary to clarify corporate accounting standards and international financial reporting standards.The relationship between them are crucial to improve the transparency of financial statements and optimize management levels.This paper analyzes the differences between Chinese business accounting standards and international financial reporting standards as well as discusses the convergence process and convergence strategy methods for reference.

Environment Restricts and Policy Choice in International Harmonization of Accounting Standards and Effect Evaluation——Evidence from the Non-monetary Transaction

The paper tests accounting earnings quality of the non-monetary transaction standard before and after the revision, and comes to the conclusion that the standard revision under domestic conditions which restricts the use of fair value and does not recognize exchange revenues effectively prevents the company from managing earnings to improve earnings quality. The earnings management of the public companies has become more difficult, and earnings quality has been improved. But the earnings management of the public company does not decrease, some public companies make earnings management by other ways, The researcher provides direct evidence in explaining environment restricts have a role in accounting internationalization, explaining the difficulties of standard-making.