By Barry Elliott
A balanced and accomplished textual content which allows scholars across the world to obtain the considered necessary wisdom and abilities in accounting, along an intensive realizing of foreign Accounting criteria.
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Additional resources for Financial Accounting, Reporting & Analysis: International Edition (2nd Edition)
9 US GAAP Given that it will take some time for the harmonisation and standardisation efforts described above to take effect, it is important to be aware of the structures that determine financial reporting in other countries, to have an awareness of areas of potential difference in the recognition or measurement of financial statement items and areas where practice might change in future. The USA has the largest economy in the world and is also an attractive source of capital for foreign companies.
QXD 25/10/05 16:02 Page 17 Financial reporting – evolution of international standards • 17 development expenditure will eventually become apparent when sales growth is not as expected by the market. Mandatory standards will impose systematic ongoing regulation, which should prevent serious loss to the entity and those who rely on the annual accounts when making credit, loan and investment decisions. There is a tension between the desire that standards should not be a comprehensive code of rigid rules and the desire to regulate accounting practices that are imaginatively devised by directors and their financial advisers to create a picture that they may consider true and fair – but which others may not.
This framework has to be supported by national legislation or accounting standards to provide the detailed regulation that leads to comparability within countries. Consequently, these national practices can then counteract the harmonisation efforts of the Directives. One solution would be to have a European Accounting Standards Board. QXD 25/10/05 16:02 Page 12 12 • Regulatory framework – an attempt to achieve uniformity meant that such a board has not been established. At the end of 1995, it was decided that the European Union could play a more active role in the IASC with a view to using IASs to support the Directives.