US and EC: harmonization through equivalence

Article Abstract:

Accounting regimes in the European Community (EC) are rooted in national differences in the practice of financial reporting. The European Commission has attempted to promote harmonization through directives. Directives typically stipulate minimum requirements and do not address a large number of accounting issues, leaving the regulatory bodies of member states leeway to determine standards. The US, on the other hand, has the most advanced regime of financial reporting in the world. The EC does not intend to emulate what it considers the US's overregulation, but to promote international financial reporting, the EC should require two sets of accounts: one prepared to domestic standards, and one prepared to a higher level of disclosure for international standards. The EC also should establish an overall regulatory authority equivalent to the US SEC.

Europe, Laws, regulations and rules, Accounting and auditing, European Union, Corporation reports, Company reports, European Community

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Moving forward

Article Abstract:

The International Accounting Standards Board and the US Financial Accounting Standards Board set out clear milestones to move towards convergence of International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP). Although there were differences between the boards, steps were taken on bigger conceptual issues and technical and controversial topics.

United Kingdom, United States, Product standards, safety, & recalls, Management dynamics, Management, International Accounting Standards Board, Company business management, Disclosure statements (Accounting), Financial Accounting Standards Board, Accounting standards

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IAS: the challenge for management

Article Abstract:

Adoption of international accounting standards may pose difficulties for many European businesses. Changed definitions of valuations of company assets and liabilities are expected to cause some strain on the reporting of financial performance.

European Union, Economic Programs, Administration of Economic Programs, Economic policy

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