No uniformity without comparability

Article Abstract:

The International Financial Reporting Forum met in Washington, D.C. in June 1989, to debate the International Accounting Standards Committee's (IASC) comparability project. The general consensus was that comparability would be greeted favorably by the international capital markets. One underlying theme of the conference was that if the IASC does not provide a private sector articulated method of comparability in the immediate future, less desirable alternatives will be created by the necessities of the marketplace or by government intervention. Non-IASC methods of comparability could marginalize financial reporting in the capital markets, an undesirable situation for the accounting profession. The possible entrenchment of national standards will and intervention by non-IASC standard-setters will reduce the chances for harmonization and increase the risk of losing the major features of the Anglo model, which are private sector standard setting and fair reporting.

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RAR and IAS: will the twain meet?

Article Abstract:

Russia has been making an effort to modernize its accounting system by embracing several market-oriented practices. During the Soviet era, the measurement of business results and the valuation of business enterprises were governed by the Russian Accounting Regulations (RAR). This accounting regime continues to be applied in many companies. While Westerners can easily identify many of RAR's flaws, such as the failure to account for inflation and inadequate disclosure of profit and loss detail and contingencies, the Russian system has integrity in its own way. It requires thorough physical inventory and promotes consistency in financial reporting. Despite these benefits, Russian accounting undoubtedly needs to be changed. A proposed approach is to gradually integrate it with International Accounting Standards (IAS). A comparison of RAR and IAS is presented.

Russia

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International Accounting Standards IAS 36: Impairment of Assets

Article Abstract:

International Accounting Standards (IAS) No 36, 'Impairment of Assets,' provides guidelines for reporting information on impairment on all assets. It presents the procedures undertaken by companies to ensure that their assets are not carried beyond their recoverable amount. IAS 36 supersedes all the relevant requirements included in IAS 9 (Research Development Costs), IAS 16 (Property, Plant and Equipment) and IAS 22 (Business Combinations). The new standard is applicable to all impaired assets except inventories, deferred tax assets, assets resulting from construction contracts, assets arising from employee benefits and financial assets covered by IAS 32, 'Financial Instruments: Disclosure and Presentation.'

Accounting and auditing, Assets (Accounting)

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