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, Conn...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.展开更多
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 duri...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.展开更多
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 fr...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.展开更多
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 t...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.展开更多
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...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.展开更多
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 whethe...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.展开更多
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 ...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.展开更多
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 o...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.展开更多
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 ...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.展开更多
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 s...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.展开更多
The process of globalization is one of the biggest social processes which the humanity has faced ever. That's why its impact on the global economy is huge and due to this the accounting sector is very important. That...The process of globalization is one of the biggest social processes which the humanity has faced ever. That's why its impact on the global economy is huge and due to this the accounting sector is very important. That's why one of the main international accounting processes on the actual period is the harmonization of the national accounting systems. The harmonization process is influenced by several factors like culture, politics, economy and sociological behaviors. The paper is trying to present the evolution of harmonization process during the time advantages and weakness generated by its solutions. The paper is trying to present also the efforts of the process to main accounting systems: US GAAP and IAS/IFRS, in order to achieve in the next period the convergence, in order to be able to propose to the financial world a unique accounting model.展开更多
In a developing country, modernization and change of the accounting regime are possible if the standards are in compliance with global ones. The change of accounting standards adopted by Turkey started to be implement...In a developing country, modernization and change of the accounting regime are possible if the standards are in compliance with global ones. The change of accounting standards adopted by Turkey started to be implemented, and this created a number of qualitative and quantitative results. This study examines the impact of change of accounting standards on accounting quality. In order to determine how switching standard reflects accounting quality, first of all, the earnings management, timely loss recognition, and value relevance variables pertaining to accounting quality were listed and the findings were stated after subjecting the obtained data to statistical analyses. Accordingly, by the transition to International Financial Reporting Standards (IFRS), the earnings management practices were observed to decrease as compared with the pre-IFRS period and the timely loss recognition and value-relevance values were observed to increase, which constitute the dimensions of accounting quality. It was also concluded that by the switch from domestic accounting standards to International Accounting Standards (IAS), the quality of accounting in the country was improved and the market became more active than it was before.展开更多
This paper seeks to contribute to the discussion on the future mandatory application of Intemational Financial Reporting Standards (IFRS) using data from a questionnaire-based survey administered to financial statem...This paper seeks to contribute to the discussion on the future mandatory application of Intemational Financial Reporting Standards (IFRS) using data from a questionnaire-based survey administered to financial statement preparers, that is, management in Japan. The important findings of this paper are as follows. The majority of Japanese companies consider that the domestic markets are more important than overseas markets; the most important differences between IFRS and Japanese standards are goodwill, comprehensive income, and the recognition of revenue; it is expected that IFRS would be applied only in consolidated financial statements or in both consolidated and parent companies' separate financial statements; and the lack of legislation making it mandatory is the main reason why IFRS has not been adopted by Japanese companies. Overall, this paper found that Japanese management is prudent and passive regarding IFRS adoption, leaving room for further discussions on the future mandatory application of IFRS in Japan.展开更多
During the financial crisis, the delayed recognition of credit losses on loans and other financial instruments was identified as a weakness in existing incurred loss model of impairment stated by International Account...During the financial crisis, the delayed recognition of credit losses on loans and other financial instruments was identified as a weakness in existing incurred loss model of impairment stated by International Accounting Standards (IAS) 39, because it is believed that this delay might generate pro-cyclical effects. In response to the recommendations of G20, Financial Crisis Advisory Group (FCAG), and other international bodies, the International Accounting Standards Board (IASB) has undertaken, since 2009, as a part of the project to replace IAS 39, a project (partially shared with Financial Accounting Standards Board (FASB)) aimed at introducing an expected loss model of impairment. Within the scope of this subset project, the IASB has previously issued two exposure documents proposing models to account for expected credit losses: an exposure draft (ED) Financial Instrument: Amortized Cost and Impairment, published in November 2009, and a supplementary document (SD) Financial Instrument: Impairment, published jointly with the FASB in January 2011. However, neither of the two proposals received strong support from interested parties. Recently, the IASB, after the FASB's decision to withdraw from the joint project and to develop a separate expected credit loss model based on a single measurement approach consisting in the sole recognition of lifetime expected credit losses, published a third proposal--Ahe so-called expected credit losses model (ED/2013/3 Financial Instruments: Expected Credit Losses).展开更多
The International Accounting Standards Board (IASB) has established international standards (International Accounting Standards (lASs) and International Financial Reporting Standards (IFRSs)) to ensure more co...The International Accounting Standards Board (IASB) has established international standards (International Accounting Standards (lASs) and International Financial Reporting Standards (IFRSs)) to ensure more comparability and transparency and also higher-quality financial statements. The creation of such standards by the IASB aims at achieving harmonization of accounting practices among countries. The objective of this research is to show that in accordance with the expectations of international organizations, the adoption of IAS-IFRS increases the information content of financial statements and also to identify the key accounting variables that have been affected by this adoption. This article used a sample of year observations of 150 French firms which have adopted IAS-IFRS since 2005 as data to study the association relationship between accounting variables and stock returns before and after the adoption of IASs. The findings of this paper show that the application of IAS-IFRS as accounting standards increases the information content of accounting numbers. Dividends, long-term debts, equity, and revenue variables are most correlated with stock returns. Their information content has reached 80% after the adoption, while it was 30% before.展开更多
This study represents empirical research that aims to investigate how the labor market for the financial-accounting segment in Romania requires professional and personal skills developed within the accounting educatio...This study represents empirical research that aims to investigate how the labor market for the financial-accounting segment in Romania requires professional and personal skills developed within the accounting education curriculum in the Romanian universities of this profile, or these produce young practitioners inappropriate from the curricular point of view to the employers' demands. The study develops a statistical analysis of frequencies, aiming to find an importance stratification of the professional and personal characteristics in the employers' demands. The study groups the job advertisements into three categories: for financial accounting, managerial accounting and audit, and seeks to identify specific curriculum descriptors for these categories of professional development. At the same time, the study does a frequency analysis of curriculum descriptors and job execution, comparatively to the management jobs, attempting to do a hierarchy of professional and personal skills, depending on the wording of notices by employers. The conclusions of the report attempts to be a synthesis of the study assumptions results that lead to the idea that the curricular programs of the universities of this profile, though responding in terms of theoretical knowledge, should be extended in practice, but particularly in the personal skills development, which are defining in a competitive selection process.展开更多
文摘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.
文摘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.
文摘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.
文摘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.
文摘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.
文摘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.
文摘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.
文摘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.
文摘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.
文摘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.
文摘The process of globalization is one of the biggest social processes which the humanity has faced ever. That's why its impact on the global economy is huge and due to this the accounting sector is very important. That's why one of the main international accounting processes on the actual period is the harmonization of the national accounting systems. The harmonization process is influenced by several factors like culture, politics, economy and sociological behaviors. The paper is trying to present the evolution of harmonization process during the time advantages and weakness generated by its solutions. The paper is trying to present also the efforts of the process to main accounting systems: US GAAP and IAS/IFRS, in order to achieve in the next period the convergence, in order to be able to propose to the financial world a unique accounting model.
文摘In a developing country, modernization and change of the accounting regime are possible if the standards are in compliance with global ones. The change of accounting standards adopted by Turkey started to be implemented, and this created a number of qualitative and quantitative results. This study examines the impact of change of accounting standards on accounting quality. In order to determine how switching standard reflects accounting quality, first of all, the earnings management, timely loss recognition, and value relevance variables pertaining to accounting quality were listed and the findings were stated after subjecting the obtained data to statistical analyses. Accordingly, by the transition to International Financial Reporting Standards (IFRS), the earnings management practices were observed to decrease as compared with the pre-IFRS period and the timely loss recognition and value-relevance values were observed to increase, which constitute the dimensions of accounting quality. It was also concluded that by the switch from domestic accounting standards to International Accounting Standards (IAS), the quality of accounting in the country was improved and the market became more active than it was before.
基金Hu and Yao would like to thank Chitoshi Koga (Doshisha University), Norio Igarashi (Yokohama National University), and Hajime Yasui (director of Aarata Institute, PwC Japan) for assisting in the data collection of this study. Hu thanks the funding support from Japan Society for the Promotion of Science (JSPS) KAKENHI Grant Number 24730385, JSPS Strategic Young Researcher Overseas Visits Program Number J2302, and Nitto Promotion of Science Foundation.
文摘This paper seeks to contribute to the discussion on the future mandatory application of Intemational Financial Reporting Standards (IFRS) using data from a questionnaire-based survey administered to financial statement preparers, that is, management in Japan. The important findings of this paper are as follows. The majority of Japanese companies consider that the domestic markets are more important than overseas markets; the most important differences between IFRS and Japanese standards are goodwill, comprehensive income, and the recognition of revenue; it is expected that IFRS would be applied only in consolidated financial statements or in both consolidated and parent companies' separate financial statements; and the lack of legislation making it mandatory is the main reason why IFRS has not been adopted by Japanese companies. Overall, this paper found that Japanese management is prudent and passive regarding IFRS adoption, leaving room for further discussions on the future mandatory application of IFRS in Japan.
文摘During the financial crisis, the delayed recognition of credit losses on loans and other financial instruments was identified as a weakness in existing incurred loss model of impairment stated by International Accounting Standards (IAS) 39, because it is believed that this delay might generate pro-cyclical effects. In response to the recommendations of G20, Financial Crisis Advisory Group (FCAG), and other international bodies, the International Accounting Standards Board (IASB) has undertaken, since 2009, as a part of the project to replace IAS 39, a project (partially shared with Financial Accounting Standards Board (FASB)) aimed at introducing an expected loss model of impairment. Within the scope of this subset project, the IASB has previously issued two exposure documents proposing models to account for expected credit losses: an exposure draft (ED) Financial Instrument: Amortized Cost and Impairment, published in November 2009, and a supplementary document (SD) Financial Instrument: Impairment, published jointly with the FASB in January 2011. However, neither of the two proposals received strong support from interested parties. Recently, the IASB, after the FASB's decision to withdraw from the joint project and to develop a separate expected credit loss model based on a single measurement approach consisting in the sole recognition of lifetime expected credit losses, published a third proposal--Ahe so-called expected credit losses model (ED/2013/3 Financial Instruments: Expected Credit Losses).
文摘The International Accounting Standards Board (IASB) has established international standards (International Accounting Standards (lASs) and International Financial Reporting Standards (IFRSs)) to ensure more comparability and transparency and also higher-quality financial statements. The creation of such standards by the IASB aims at achieving harmonization of accounting practices among countries. The objective of this research is to show that in accordance with the expectations of international organizations, the adoption of IAS-IFRS increases the information content of financial statements and also to identify the key accounting variables that have been affected by this adoption. This article used a sample of year observations of 150 French firms which have adopted IAS-IFRS since 2005 as data to study the association relationship between accounting variables and stock returns before and after the adoption of IASs. The findings of this paper show that the application of IAS-IFRS as accounting standards increases the information content of accounting numbers. Dividends, long-term debts, equity, and revenue variables are most correlated with stock returns. Their information content has reached 80% after the adoption, while it was 30% before.
文摘This study represents empirical research that aims to investigate how the labor market for the financial-accounting segment in Romania requires professional and personal skills developed within the accounting education curriculum in the Romanian universities of this profile, or these produce young practitioners inappropriate from the curricular point of view to the employers' demands. The study develops a statistical analysis of frequencies, aiming to find an importance stratification of the professional and personal characteristics in the employers' demands. The study groups the job advertisements into three categories: for financial accounting, managerial accounting and audit, and seeks to identify specific curriculum descriptors for these categories of professional development. At the same time, the study does a frequency analysis of curriculum descriptors and job execution, comparatively to the management jobs, attempting to do a hierarchy of professional and personal skills, depending on the wording of notices by employers. The conclusions of the report attempts to be a synthesis of the study assumptions results that lead to the idea that the curricular programs of the universities of this profile, though responding in terms of theoretical knowledge, should be extended in practice, but particularly in the personal skills development, which are defining in a competitive selection process.