The IASC's long march towards harmonization
Article Abstract:
The International Accounting Standards Committee (IASC) made a number of significant accomplishments during its first board meeting in 1997. It adopted a standard on earnings per share, reached an agreement on the issue of segments, and explored a number of concerns, including goodwill, business combinations, impairment and intangibles. However, the real mark of the IASC's success would be acceptance of its work in the US. US SEC Chmn. Arthur Levitt had emphasized that SEC endorsement for the international standards is not assured. Nevertheless, IASC Deputy Chmn. Stig Enevoldsen is confident that IASC standards are of high quality and will be supported by the SEC. He acknowledges that the Americans think that their standards are superior, but he stresses that differences between national standards do not necessarily indicate that one is inferior to another.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1997
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US puts pressure on the IASC
Article Abstract:
The US Financial Accounting Standards Board and the Securities and Exchange Commission are encouraging the International Accounting Standards Committee (IASC) to accept accounting standards already established in the US. The IASC prefers voting from a board of experts, each representing a country or region.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1999
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Right idea, shame about the politics
Article Abstract:
Regulation of accounting by the International Accounting Standards Committee will be subject to a vote in Mar 2000 and approved with a 75% majority. Many US accountants favor standards proposed by the Financial Accounting Standards Board, but the best solution will be compromise, which appears unlikely.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1999
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