Full of Eastern promise

Article Abstract:

Representatives from different countries participated in a panel discussion discussing the development of internationally acceptable standards. The participants concurred that international accounting standards are very much needed by the business community. European Federation of Financial Analysts' Societies Chmn David Damant explained that the most compelling reason for creating international standards is to reduce capital costs. International Accounting Standards Committee Chmn Michael Sharpe added that standards can produce more efficient global savings, which would be a big boost to countries such as China. Chinese Ministry of Finance's Feng Shuping reiterated this view, stating that the standards could help China in its transition to a market-oriented economy. The participants also discussed the steps being taken by the international accounting community to develop the desired standards.

Conferences, meetings and seminars, Panel Discussion, International Accounting Standards Board

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European accounting harmonisation

Article Abstract:

The European Commission (EC) issued an interpretative communication on accounting in Jan 1998 in its effort to facilitate the harmonization of accounting standards in Europe. The communication is a follow-up to its 1995 communication, which introduced a new accounting strategy to align the European Union's financial reporting law with the requirements of the international capital markets. The 1998 interpretation supports the 'soft' accounting harmonization approach proposed in the first interpretative communication and restates that companies in EU members may use international accounting standards in the preparation of their consolidated accounts. The document also reminds companies of the Fourth and Seventh Law Directives, which are the bases of European accounting law.

Accounting and auditing, International business enterprises, Multinational corporations, European Union

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