Looking forward to 21st century accounting: national GAAPs are likely to decline, and independent compliance with IASs will replace them
Article Abstract:
Accounting standards all over the world are moving towards harmonization. This trend appears to be driven by the accountants' realization that capital markets require information that can be universally understood and that national rules have little credibility. In the UK, the future direction of accounting is likely to be towards the adoption of or alignment with the international accounting standards. The role of the Accounting Standards Board is expected to evolve such that its main functions would be to lead domestic and international discussions, present the British position to the international arena, and ensure the implementation of international standards in the UK. Other countries are likely to be headed in the same direction, although harmonization is not expected to be readily embraced by the Americans. The FASB is the oldest standard-setting body in the world and may not easily give up its own standards.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1997
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Accounting in the Netherlands (European Briefing) (column)
Article Abstract:
Accounting in the Netherlands is based on a prescriptive regime rooted in Roman law, but allows professional judgment and compares favorably with the Anglo-Saxon model. The Netherlands has adopted the European Commission's Fourth and Seventh Directives on accounting: all formats delineated by the Fourth Directive are allowed, but the most common formats are the vertical gross profit profit and loss account and the two-sided balance sheet. The Seventh Directive has introduced or confirmed many of the definitions of group accounts and parent-subsidiary relationships. Many major companies use current cost accounting methods, and many practices are based on a "stakeholder" approach rather than a "shareholder value" approach.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1991
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Online and bespoke
Article Abstract:
Large companies are increasingly using their websites for financial reporting, not only for statutory accounts but also for more detailed reports. The information reaches a larger number of people and can be personally tailored.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 2000
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