Sitting on the fence

Article Abstract:

The decision by the UK Accounting Standards Boards (ASB) to remain neutral on the issue of historical cost and current cost accounting comes at a time when a resolution of the historical conflict is needed by the profession. The ASB, which said that it envisions a 'mixed measurement' system of accounting, opted to stay away from controversy and failed to provide the principled guidance needed by the accounting industry. Current value accounting, a technique that is increasingly being favored by the US Securities and Exchange Commission and the FASB, is capable of providing solutions to some US accounting issues including LIFO against FIFO, lower of cost or market, the anomalous accounting of loan impairment by creditors, differential profit recognition on marketable securities and the special treatment of losses and gains for premature debt payments.

Accounting Standards Board

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Guarding the globe

Article Abstract:

Members of the Federation des Experts Comptables Europeens (FEE) believe that environmental management is a new important factor to be considered in company management because environmental investments, environmental costs and environmental liabilities affect corporate annual accounts. Hence, the organization started promoting accountants' involvement in environmental issues and popularized the concept of environmental accountancy which considers the impact of environmental management and environmental costs on accountants' work. FEE also published a Global Reporting Initiative that contains environmental reporting guidelines, to lay the foundation for a new standard for environmental and sustainability reporting.

Accounting Methods, Services, Environmental auditing, Federation des Experts Comptables Europeens

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Germans alarmed by Anglo-Saxon influence

Article Abstract:

Harmonization trends in accounting have split the industry, particularly in Germany, with regard to IASs.

Germany, Accounting firms, Accounting services

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