Towards some truly global standards

Article Abstract:

International Accounting Standards Committee (IASC) Chmn. Michael Sharpe has expressed his belief in the committee's ability to transform itself into the world's leading accounting standard-setting body with the support of national standard-setting organizations. However, to achieve this, the IASC must take a closer look at general concerns associated with the development and implementation of the international financial reporting standards, while dealing with an extremely busy work schedule at the same time. One of the biggest challenges it must meet is achieving a significant increase in the number of organizations that are reporting compliance with international accounting standards. In addition, it must be responsive to the needs of those firms that are already preparing their financial reports according to such standards, as well as of the users of these reports.

Management, Standardization, International aspects

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The crunch comes for international harmonisation

Article Abstract:

The comparability and improvements project undertaken by the International Accounting Standards Committee (IASC) is well underway. The project's objective is the betterment of international accounting standards through the requirement of improved disclosures and the limitation of choices of accounting treatment for similar transactions and events. The initial phase of the project dealt with 'Comparability of Financial Statements' (E 32), made public in Jan 1989. E 32 focused on 29 cases of current international standards' laxity with the choice of accounting treatment for like transaction. EC dealt with this problem in many cases by requiring the use of a single accounting treatment. The IASC Board is set to meet in Oct 1992 to study the draft revised standards on such issues as inventories, R&D activities and borrowing costs capitalization.

Professional organizations

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Harmonisation: Europe moves forward

Article Abstract:

The European Community (EC) Commission announced in January 1990 that the the EC would join the International Accounting Standards Committee (IASC) Consultative Group to facilitate the harmonization of EC-wide financial reporting standards. The use of IASC international accounting standards (IAS) will be beneficial to the UK and Irish business communities by eliminating barriers to entry in continental European markets and by reducing the costs of complying with local standards and preparing financial statements for overseas subsidiaries. By promoting the use of IAS, the ECC will promote the international benchmark of standards, thus facilitating the raising of capital throughout the world and easing the entry of Eastern European countries into the EC.

Accounting and auditing, European Union. European Commission, European Community

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