Global reporting standards: The Esperanto of accounting

Article Abstract:

Many experts are trying to introduce common global standards or a universal set of accounting standards for finances and accounting through International Financial Reporting Standards (IFRS). However, these efforts are similar to the efforts of introducing Esperanto as a global language of communication, which failed miserably and therefore, imposing uniform standards on the world would be considered as a step backward.

United States, International aspects

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Bring back Prudence

Article Abstract:

An evaluation of the present model of financial reporting finds it can be even worse than other valuation methods in the decision usefulness and stewardship functions of accounting. The need for prudence in financial reporting and competition among alternative sets of standards is highlighted.

Financial accounting

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In the round

Article Abstract:

The article discusses the ICAEW's assessment of the first application of IFRS for the European Commission.

Institute of Chartered Accountants in England and Wales

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