Closing the culture gap
Article Abstract:
Georges Barthes has been selected to chair the International Accounting Standards Committee (IASC), beginning in 1988. Barthes is the first IASC chairman from a non-Anglo Saxon country. The appointment of the French accountant, who is the senior partner of Frinault-Fiduciaire and KMG International, may help the IASC develop international standards. One of the Committee's stumbling blocks in the past has been non-acceptance of proposed standards by European Continent accountants and societies. Barthes discusses the gap between self-regulating accounting in the Anglo-Saxon countries and governmentally mandated accounting regulations in the so-called "written law" countries, of which is France is one. Barthes believes the task of developing and implementing international accounting standards is not insurmountable, because the arguments do not focus on good versus bad accounting practices, but on how many good accounting practice alternatives should be available under the IASC standards.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1987
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Foreign currency exposure and risk management
Article Abstract:
The text of Statement on Management Accounting - Study 2 is printed. It was prepared by the Financial and Management Accounting Committee of the International Federation of Accountants. The statement provides managers with a systematic approach to exchange rate problems. Background information is given concerning currency markets, international trade, exchange rates and their implications for businesses. Foreign currency exposure is defined and the types of exposure are identified. Currency risk is defined and the assumptions and measurements used to assess risk are discussed. Techniques for managing risk are described, including forecasting, internal and external actions. The accounting treatment of foreign currency transactions and tax considerations for foreign currency gains and losses are discussed.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1987
User Contributions:
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