Lessons from across the Atlantic

Article Abstract:

The success of the Accounting Standards Board's proposed Operating and Financial Review (OFR) as a requirement in UK corporations' financial reports will rest on the ability of these companies to overcome their reluctance in disclosing what they consider as sensitive financial information. Consensus alone may not be enough to ensure effective implementation of the OFR based on the experiences of UK firms that have participated in the capital markets of the US. The proposed OFR concentrates on the areas of operating outcomes, financial needs and resources, and shareholders' return and value. The OFR is differentiated from its American counterpart, the Management's Discussion and Analysis of Financial Condition and Results of Operations, by the self-regulatory mechanism through which the OFR will be implemented.

Regulation misc. commercial sectors, Laws, regulations and rules, Accounting Standards Board, United States. Securities and Exchange Commission

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A new era of segment reporting: Companies have started to apply the revised international standard. But the changes aren't all for the better

Article Abstract:

IAS 14 (Revised), Segment Reporting will become effective for accounting periods starting on or after 01 July 1998, but many companies have already modified their segment reporting along the lines of IAS 14R. Some companies however, that claimed to comply with IASs in 1997, did not disclose the required IAS 14 original information. There are certain important differences between IAS 14R and the US standard SFAS 131, but the International Organization of Securities Commissions and the US Securities and Exchange Commission are to support the IASC approach for cross-border offerings.

Accounting

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Challenging times

Article Abstract:

The results of a survey of compliance with international accounting standards in financial reports from different countries is presented, with focus on the satisfactory level of use of the standards.

Surveys, International Accounting Standards Board

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