They manipulate. You smooth. I self-hedge

Article Abstract:

Michael Davies and Paul Davies (D&D) recently invited readers of Accountancy magazine to compare their professional judgment with that of 'the world's finest experts.' Readers were asked to analyze three case studies and to make a comparison between their own conclusions and the findings of the expert group, which was composed of officials of accounting standard-setting bodies from several countries and the International Accounting Standards Committee. The conclusions of the experts seemed to be misguided. D&D attributed the experts' apparent failure to correctly analyze the case studies to their flawed balance sheet paradigm. Although many accounting professionals may share D&D's doubts about the effectiveness of conceptual frameworks, most standard-setting bodies are already cognizant of the value of paradigms. Even if they have weaknesses, conceptual frameworks serve people by prompting them to reexamine their practices.

Models, Usage, Paradigm (Theory of knowledge)

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A pat on the back but time for a change?

Article Abstract:

The International Accounting Standards Committee (IASC) has implemented some two dozen standards after just 14 years' existence and a with a tiny staff of four. Non-English-speaking areas of the developed world show increasing favor toward Anglo-American accounting practices, partly because of the company law directives of the European Community and globalization of capital markets. For the large parts of the world where financial reporting is conducted according to other principles, IASC could better market its products by showing more sensitivity to alternative methods. Differences over the way in which Anglo-American models are applied also cause difficulties. The IASC needs to develop a new series of statements designed for Third World conditions and which can be adapted to local circumstances.

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The challenge of change: The IASC is facing up to the demands of a brave new world

Article Abstract:

The International Accounting Standards Committee is considering an ambitious standard-setting and maintenance agenda along with its key standards. There are considerable challenges in harmonizing finance reporting standards, and developing new metrics for non-financial performance measurement. The IASC's Strategy Working Party has been addressing ways of ensuring effective standards and standard-setting processes.

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