International Accounting Standards

Paper Summary:

The paper discusses the many advantages of having one global set of accounting standards that would improve the quality of financial reports and investment decisions. The paper looks at the IAS or International Accounting Standards proposal that will determine one set of accounting standards. The paper concludes that if the United States were to impose a broad and ill-defined system of accounting standards, companies would challenge every standard, trying to define the system in their favor.

Outline:
Pros And Cons Of Having One Global Accounting Standard
Preparers, Users and Regulators of the International Accounting Standards
Types of Companies; Listed vs. Unlisted, Large v. Medium v. small, Domestic v. International, Public v. Private
Political Process of Standard Setting; Rules Based, Principal Based
Examples of Three Different Countries; Compare Their Accounting Practices
Conclusion

From the Paper:

"The new electronic interdependence recreates the world in the image of a global village." (McLuhan (1962 (1996, p. 31). There are many advantages of having one global set of accounting standards that will provide society with a crucial service not only in the United States, but in other countries as well. In recent years there has been shameful accounting methods used in which billions of dollars in retirement wealth and investments have had great financial losses. Because of these slanderous actions, the integrity and the ability to survive these accounting services have been questioned. Globalizing international trade by using a set of global accounting standards has had a tremendous effect in the way business is conducted. (Pagiavlas 1)"

Sample of Sources Used:

• Iqbal, M. Zafar. "CPAs Must Stand Firm in Standard-Setting Process.", CaliforniaCPA, January 1, 2001.
• McLuhan , Marshall. (1962 (1996). The Gutenberg Galaxy, chapter gloss, p. 31,University of Toronto Press; The Columbia World of Quotations. New York: Columbia University Press, 9 May 2007. <http://wwe. http://www.bartleby.com/66/13/38513.html>.
• McNamara, Lawrence H., Jr.. "Tax accounting issues for foreign trusts: this two-partarticle describes tax accounting and reporting consequences of foreign and domestictrusts. Part I defines these trusts and discusses some advantages and disadvantages offoreign trust status.(part 1)", The Tax Adviser, June 1, 2006.
• Milholland, Jim. "International standards offer benefits.(Accounting standards:consultant's perspective)(International Financial Reporting Standards)", NationalUnderwriter Property & Casualty-Risk & Benefits Management, April 26, 2004.
• Pagiavlas, Notis A.. "Adoption of international accounting standards: antecedents,processes and outcomes, financial services management." Journal of Academy ofBusiness and Economics, February 1, 2003.

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