Synopses & Reviews
Synopsis
The first edition of this book explained the efforts of the International Accounting Standards Board (IASB) to develop accounting regulations to be used worldwide. In 2002, progress was accelerated by the decision of Financial Accounting Standards Board (FASB) in the United States to converge their regulations with international standards. This second edition describes the successes and failures of the convergence project. The U.S. involvement brought about many changes in corporate financial reporting, but there were differences in opinions on specific issues. This resulted in the FASB, US focusing on its own regulations. We explain the main convergence achievements and also the differences leading to the end of the project. Our analysis reviews new developments in corporate reporting, including the issues of sustainability, governance, and integrated reporting.
Synopsis
Most US managers, possibly without knowing it, have some contact with International Accounting. Their own companies may use international accounting or have transactions with businesses using it. Over 100 countries have adopted International Accounting and this number is increasing. Foreign companies can list on the New York Stock Exchange using International Accounting instead of US GAAP. Finally, some of the concepts in International Accounting will find their way into the Management Accounting system used in your organization. This book sets out to explain in a non-technical way, why international accounting has spread globally, how it has influenced US accounting, the problems to be resolved, and the possible strategies the US can adopt. At his stage the US has not formally adopted International Accounting but it is here to stay. Its global acceptance has already impacted on the work US managers do and will increasingly do so. New to this Edition: -A thorough revision of Chapter Six, which will have a new title: "The Future of International Accounting"