Developing countries always on the agenda

Article Abstract:

The International Accounting Standards Committee (IASC) is deeply concerned about the accounting needs of developing countries contrary to recent suggestions in the press. It has always consulted with Third World Nations and its work has always taken their needs into account. In 1989, the Committee embarked on a project to assess the financial reporting requirements of developing and newly industrialized economies. One outcome of this was the development of an international accounting standard for agriculture. The IASC also created a research team composed of research assistants from developing countries in Asia, Africa, Latin America and the Caribbean to examine accounting issues in the Third World and their possible solutions. In addition, the Committee recognizes the need for greater interaction between its board and the standard-setting bodies in developing nations.

Management, Services, Developing countries, International Accounting Standards Board

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IAS soft and IAS supersoft

Article Abstract:

An increasing number of Swiss companies are attempting to comply with international accounting standards (IASs). However, a 1995 survey conducted by the Swiss Assn for Financial Analysis and Portfolio Management reveals that only 39 of the top 57 companies in Switzerland have disclosure of compliance with IASs while 20 disclose compliance with EU directives. A closer analysis reveals that those companies that disclose compliance with IASs do not actually follow all IASs, as evidenced by incomplete disclosures in IAS financial statements. Another survey, covering 1996 annual reports of 10 major Swiss companies, reveals that all 10 disclose compliance with IASs while four disclose exceptions to the general statement. Moreover, certain accounting policies and disclosures that are counter to the intention of the IAS Committee were also found.

Switzerland, Surveys, Disclosure statements (Accounting)

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Shall we go Deutsche?

Article Abstract:

Deutsche Bank has the distinction of being the first financial institution in Germany to comply with International Accounting Standards (IAS). Its decision to apply these standards to its 1995 financial statements is significant and commendable since German banks were among the staunchest critics of IAS 30, 'Disclosures in the Financial Statements of Banks and Similar Financial Institutions.' The bank complied not only with IAS 30, but with other IAS as well. It implemented a number of changes, including the recomputation of pension provisions and the adoption of a new accounting policy on goodwill. Application of international standards has made Deutsche Bank's financial statements more transparent and comparable with other banks and financial institutions. It is hoped that other banks would follow the bank's lead.

Banking Institutions, Depository Credit Intermediation, DEPOSITORY INSTITUTIONS, Banking industry, Banks (Finance), Accounting and auditing, Deutsche Bank AG

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