Rise in international trade and capital flows has caused an increasing economic integration. Due to these types of developments there’s been a worldwide homogenising effect upon many customs, practices and institutions. In business life it led amongst other things to a wish to harmonise Accounting Standards among countries.
Our objective is to answer the question: What’s the international harmonisation procedure for Accounting Standards, what is its status quo and how important is the International Accounting Standard Board (IASB) in it? In order to fulfil this goal, we’ve selected a descriptive approach, that is dependant on secondary data from textbooks, articles and homepages.
Result: The international harmonisation of Accounting Standards is a process, that can bring international Accounting Standards into some kind of agreement, in order to accomplish a common set of principles, based on which financial statements from various nations are prepared. With the assistance of the IASB of the European Union (EU), 7000 European companies have to use International Accounting Standards (IAS) beginning 2005. In addition, the long existing rejection of IAS of the U.S. seems to change. Co-ordination of agendas of both standard-setting boards (IASB and Financial Accounting Standard Board (FASB) are already launched. We deduce, that the IASB performs an important role in the field of international harmonisation. This may be described with accomplishments of the IASB, as for instance the International Organisation of Security Commissions (IOSCO) Endorsement, EU regulation or the recent agreement of FASB and IASB to co-ordinate their work.
Contents: International harmonisation process of Accounting Standards
1 Introduction
1.1 Background
1.2 Problem
1.3 Purpose
1.4 Scope
1.5 Limitations
1.6 Structure
1.7 Target group
2 Methodology
2.1 Perspective
2.2 Our methodological approach
2.2.1 Data reduction
2.2.2 Data display
2.2.3 Conclusion Drawing and Verification
2.3 Thoughts and Reflections
2.3.1 Theory versus Practice
2.3.2 Questions to our thesis
3 Differences in International Accounting Practices
3.1 Causes of differences in International Accounting
3.1.1 Legal system
3.1.2 Provider of finance
3.1.3 Taxation
3.1.4 National culture
3.1.5 Other influences
3.2 Classification of Accounting Practices
3.2.1 Nobe`s Classification of Accounting Practices (1980)
3.2.2 Nobe`s Classification of Accounting Practices (1998)
3.2.3 Gray´s cultural classification of Accounting Practices
3.3 Conclusion
4 Process of international harmonisation of Accounting Standards
4.1 Harmonisation of Accounting Standards
4.1.1 Mutual recognition
4.1.2 Reconciliation
4.1.3 Standardisation
4.2 Reasons for the harmonisation process
4.2.1 Advantages for preparers
4.2.2 Advantages for users
4.3 International Accounting Standard Board
4.3.1 Structure
4.3.2 Aims
4.3.3 International Accounting Standards
4.4 Harmonisation Process of Accounting Standards
4.4.1 Pre-stage of the harmonisation process
4.4.2 Harmonisation process between 1973 –1987
4.4.3 Harmonisation process between 1987 – 1993
4.4.4 Harmonisation process between 1993 -1998
4.4.5 Harmonisation process 1998 and onwards
4.5 Conclusion
5 Discussion about the harmonisation process
5.1 Role of the IASB in the harmonisation process
5.1.1 Work efforts and achievements
5.1.2 Weaknesses of the IASB
5.1.3 Challenges of the IASB
5.1.4 Conclusions about the role of the IASB
5.2 Status quo of harmonisation process and future perspectives
5.3 Critics on the harmonisation process
5.4 Conclusion
6 Our contribution
6.1 Reflections
6.2 Further Suggestions
6.3 Concluding Remarks
7 References
7.1 Books
7.2 Articles
7.3 Web-sites
8 Appendix…
Source: Linköping University
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