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Critics claim FASB changes to mark-to-market accounting were made to accommodate "banks with toxic assets on their books. However, others from within the accounting profession assert that the mark-to-market system in fact provides greater transparency and stability by applying similar values to similar assets, regardless of whether they were bought or created internally by a firm. Others say mark-to-market provides the most practical choice when valuing most assets, if there is understanding of the long-term effects, and obligation to a global position. A report from the Harvard Business Review agreed that the mark-to-market accounting is not the direct cause of the financial crisis, but the lack of knowledge related to accounting standards by investors fueled the fire.

Some industry professionals support development of a single, globally-shared set of accounting standards. Convergence proponents assert that a single set of standards would make it easier and more cost-effective for large multi-national corporations to report using one set of financial reporting standards for all countries. Supporters also argue that a single set of standards would give investors access to crucial information more quickly and increase opportunities for international investments, resulting in economic growth. Other professionals, however, are opposed to wholesale convergence of a single set of international accounting standards.

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Biographies of all IASB members current and past (alphabetical)

CFOs are also against converging to one set of standards, because of the associated cost. From Wikipedia, the free encyclopedia. This article has an unclear citation style. The references used may be made clearer with a different or consistent style of citation and footnoting. April Learn how and when to remove this template message. Norwalk , Connecticut. Major types. Key concepts.

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Selected accounts. Accounting standards. Financial statements. Financial Internal Firms Report. People and organizations. Accountants Accounting organizations Luca Pacioli. Main article: Norwalk Agreement. Main article: Accounting Standards Codification. The New York Times. Retrieved 26 April Retrieved Intermediate Accounting 5th Edition. Retrieved on May 6, Retrieved 30 April Retrieved 16 July Journal of Accounting and Public Policy.

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  • Retrieved 1 November Retrieved 16 November Norwalk: FASB. Retrieved on April 28, Memorandum of Understanding, "The Norwalk Agreement". Retrieved March 17, Retrieved 24 April Wiley GAAP codification enhanced. Wall Street Journal.

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    Smith Bio". Retrieved 25 April Global Public Policy Symposium. Archived from the original on International Council of Securities Associations. Retrieved September 8, At present, all companies and banks in Russia are required to prepare their financial statements in accordance with IAS. Hong Kong is an important international financial hub. Its stock market ranks second largest in Asia and eight largest in the world in terms of market capitalization.

    Philippines have also adopted national standards that are identical to IFRS from Singapore has adopted many accounting standards from IFRS that essentially word for word. Japan, the major player in the global capital market and the second largest capital market in the world, is a strong supporter of IASB. In Egypt, Egyptian Accounting standards have prepared to comply with international accounting standards except for certain minor differences to adopt Egyptian economic environment.

    Kuwait adopted IAS as its national standards. Therefore, all Kuwaiti companies are following IAS for the purpose of listing. In Iran, all companies to be listed in Iranian Stock exchange must have to follow Iranian accounting principles. Similarly all companies must have to follow Iranian accounting principles, if they want to be listed in Tel Alive Stock exchange.

    On January 1, , more than 1, Chinese companies switched to new accounting standards that brought their books in line with international norms. Chinese companies are increasingly looking overseas for funds and acquisitions. Adopting international standards will make this easier by increasing their transparency and credibility.

    Today the world of accounting feels that International Accounting Standards should be that language, as it is the only set of standards that has been prepared through wide international consultations and participations. Now it is realized that, barring very few, almost all countries of the world are interested to follow IAS as their accounting standards. USA is the only main country reluctant to adopt it. Now question arises what will happen if super-power of the world and a highly developed economy like USA does not adopt IAS?

    With the relatively tighter regulation in the US, several large companies are understood to be evaluating other capital markets that accept IFRS Memani, While such situations provide an opportunity for IFRS to flourish, it would still be inappropriate to stay limited to that perspective. Issues and challenges in adopting global accounting standards In spite of all, achieving global convergence in accounting standards is not an easy task. There are a number of issues to overcome. This is definitely a problem. IASC merely enjoys observer status in the meetings of the G4, and cannot vote.

    Even when the standards are only slightly different, the US accounting body treats them as a big difference, the idea being to show that their standards are the best.

    The development of the Australian accounting standards after the end of the G4+1

    Second, accounting standards have been developed in different countries under different legal, economic, social and cultural environments. For this reason there exists such diversity in accounting standards among the countries through the globe. If convergence is to be achieved, it is first necessary to arrive at an agreement as to the central objective of financial reporting. The IASB standards are oriented to serve the needs of investors and capital markets. Countries that have a different financial reporting philosophy would find it extremely difficult to converge their domestic standards with International Financial Reporting Standards.

    Third, the quality of financial reporting depends on the quality of accounting standards as well as the effectiveness of the process by which those standards are implemented. Adequate regulatory and other supports are necessary to ensure proper implementation of standards. Implementation of accounting standards is not an easy task. In spite of convergence, there is no assurance that they will be implemented with same amount of vigor in every jurisdiction.

    Last, convergence of accounting standards with international approach will inevitably raise the questions of rules versus principles. IASB standards are principles-based. Thus the countries that have rules-based standards are expected to experience considerable difficulty in converging their standards with IFRS. Accountants say that the challenge for China, as it scrambles to meet the accounting shift deadline, will lie in getting its over-1, listed companies to establish the appropriate financial reporting systems and in training enough qualified accountants by January. The risk is that some of these companies may fail to make the transition on time.

    The current Indian accounting standards are of good quality in most instances and in fact, are practically the same as IASs. The statutory audit was the only enforcement mechanism till This Board has been releasing standards from time to time. Moreover, the Board has also prepared a comparative statement listing the IAS with corresponding Indian Accounting Standards, and also the standards which are irrelevant in the context of present economic and business scenario Chowdhury, In India, since the ASB is not yet functional, the accounting standards as pronounced by the ICAI are adaptable by every entity whose financial statements are subject to audit.

    But the progress of formulation of accounting standards has been very slow as compared with the developments at international levels. However, some of the accounting standards in India conform to the International Accounting Standards. Still there are significant variations between these two.

    International Accounting Standard Board I IASB - International Financial Reporting Standards - IFRS

    Efforts are on to counterpart Indian accounting standards with the IAS. A study of their variations would be crucial for bridging the gaps Reddy, For India, the multiplicity of standard setters leads to delay and lack of direction.

    Globalisation of Accounting Standards - Google Books

    It may be noted that in several important areas, when the Indian Standards are implemented, the accounting treatment in these areas could lead to differences in the restatement of accounts in accordance with IAS. Some of these areas include: a Consolidated financial statements, b Accounting for income taxes, c Financial Instruments and d Intangible Assets. Another reason for the prevailing divergent accounting practices in the Indian Accounting Standards is the provisions of the Income Tax Act and Indian Companies Act They do not go together.

    Sometimes, the prescriptions are contradictory on a similar issue. This action by itself is not the sore point but the failure to keep pace with the changes and simultaneously not allowing scope for someone else to do it is disturbing. A study of the requirement of company law regarding the financial statements reveal several lacunae like earning per share, information about future cash flows, consolidation, mergers, acquisitions etc.

    Section 2 of the I. Act has empowered the Central Government to prescribe accounting standards. The standards prescribed so far constitute a rehash of the related accounting standards prescribed by ICAI for corporate accounting. On a close scrutiny of these standards one is left wondering about the purpose and value of this effort. Examples are application of prudence substance over form, adherence to principles of going concern etc.

    It is also in the process of issuing a standard on the accounting policies for mutual funds. It appears as if several authorities in India are keen to have a say in the matter of framing accounting rules of measurement and reporting. When the whole world is adopting one language, it will be simply impossible on the part of India to hold it out for a too long period.

    The Finale A sound, unbiased, and transparent financial accounting and reporting thereof is a critical underpinning of our highly participative and complex capital markets, our economic well-being, and our way of life. Prevailing laws of the land significantly contribute to the variances between accounting standards of one country with the other. As we know that it is an age of globalization, there is no conceptual boundary among the nations.

    Thus, the attainment of a single set of accounting and reporting standards is the demand of the time. We will fall behind if this convergence process takes more time. The vision of convergence in accounting world may inspire many minds but in the practical field it is a very formidable task. Many of the initial hurdles have been overcome and much progress towards convergence of accounting principles and procedures among countries has already been achieved.

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    Convergence initiatives are now working much more effectively than ever before. Differences are still there but they are narrowing. It is expected that the pace of progress in the sphere of convergence will accelerate further in the coming years. Bearing in mind the pace of the current global development on convergence, substantial convergence is targeted for across global capital markets.

    References Chowdhury, A. Compliance with accounting standards in India, why and how? Hati, W. Integrating accounting standards — A step towards harmonization. Madan V. Memani, R.