On the verge of change

Article Abstract:

Italian accounting standards are largely the result of civil law statutes and governmental tax rules. Only rarely are these standards the result of the accounting profession's involvement in financial regulation. Italian accountant standards are also non-compulsory in both legal and professional terms since they are not issued or mandated by the government. In the area of financial reporting, however, Italian accounting practice has become noteworthy. The primary reason for this is that Italian companies that are internationally listed will soon be allowed to depart from national accounting rules, provided they use international accounting standards that are compatible with the EU's directives. As a result, many Italian companies have begun preparing accounts that adhere to either US GAAP, as most large private companies have, or UK IASs, as some Italian banks have chosen to do.

Italy, Laws, regulations and rules, Accounting and auditing, International business enterprises, Multinational corporations, Practice, Accountants

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An accounting system in change

Article Abstract:

The German accounting system is known for its continental accounting tradition that is based on a creditor rather than a shareholder approach. It was found to employ a more conservative and secretive approach as compared to UK/US accounting system's user-based approach. Recently, however, a significant number of German companies have shifted to using either US accounting principles or International Accounting Standards (IAS). This shift has received official government encouragement. In fact, the German government passed a law in 1998 that permits German listed companies to prepare consolidated financial statement for domestic reporting purposes using US Generally Accepted Accounting Principles or IAS.

Accounting Methods, Germany, Economic policy

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The devil is in the detail

Article Abstract:

A report from a meeting of members of the International Accounting Standards Committee in the Summer of 2000, at Copenhagen, Denmark, is presented. The group discussed the European Union's plans to require all firms to use international accounting standards.

Planning, Conferences, meetings and seminars, International Accounting Standards Board, Copenhagen, Denmark (City)

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