Poised for success?
Article Abstract:
The International Accounting Standards Committee (IASC) looks forward to achieving substantive progress in its task of securing greater harmonization of national accounting standards. According to the IASC's incoming chairman Michael Sharpe, several developments have contributed to the IASC's rising confidence in the progress of international harmonization. Among them are the pledge of closer cooperation given by the International Organization of Securities Commissions; the establishment of closer relationships with standard-setting bodies in individual countries; and the increasing use of IASC standards by influential countries such as Hong Kong, China and Switzerland. Sharpe, who assumes the IASC chairmanship in May 1995, will be joined at the helm of the IASC by Bryan Carlsberg who has been named its new secretary-general.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1995
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Towards rules of quality
Article Abstract:
The French accountancy profession issued a paper in May 1997 criticizing current accounting principles in France. The document pointed out that the principle of substance over form is not followed in French accounting rules. Moreover, the standard-setting procedure has failed to cultivate a general conceptual framework and a comprehensive set of standards is lacking in France, which may hinder the creation of financial reports that allow a fair assessment. As a solution to these and other problems, the paper recommends compliance with the requirements of international accounting statements. Conseil National de la Comptabilite Pres George Barthes promised to look into the issues raised in the paper to lead to the development of an exhaustive and qualitative set of rules for integrated accounts.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1998
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