An overview of the international accounting standards regulation

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An overview of the international accounting standards regulation

Overview[ edit ] The international convergence of accounting standards refers to the goal of establishing a single set of high-quality accounting standards to be used internationally, and the efforts of standard-setters towards achieving that goal.

Other companies are also allowed to use the IFRS, but most have chosen not to do so, and continue to use the UK accounting standards largely developed prior to Some short-term projects and the corresponding actions taken are listed below.

A joint exposure draft was published in Financial instruments with the characteristics of equity: For example, the FASB believes that "investors, companies, auditors, and other participants in the U.

For example, in senior partners at PricewaterhouseCoopers PwC called for convergence to be "shelved indefinitely" in a draft paper, calling for the IASB to focus instead on improving its own set of standards.

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For example, some critics are concerned that convergence will increase the use of fair value accounting. Principles-based standards allow for "different interpretations for similar transactions", [15] and have also been described as "less precise", [16] while rules-based standards contain more exceptions [15] and use bright-line rules and specific details to deal with "as many potential contingencies as possible".

Before the s, convergence took the form of harmonization, the reduction of differences between the various accounting standards used internationally. Inthe National Securities Markets Improvement Act became law; the act expressed support for convergence efforts and required the SEC to report to congress on progress towards convergence.The International Financial Reporting Standards Foundation is a not-for-profit corporation incorporated in the State of Delaware, United States of America, with the Delaware Division of Companies (file no: ), and is registered as an overseas company in England and Wales (reg no: FC).

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Standards. The PCAOB establishes auditing and related professional practice standards for registered public accounting firms to follow in the preparation and issuance of audit reports. The Yellow Book. The Generally Accepted Government Auditing Standards, also known as the Yellow Book, provides a framework for conducting high-quality .

The convergence of accounting standards refers to the goal of establishing a single set of accounting standards that will be used internationally.

An overview of the international accounting standards regulation

Convergence in some form has been taking place for several decades, and efforts today include projects that aim to reduce the differences between accounting standards.

Convergence is driven by several factors, including the belief that having a. Introduction.

About the Program

The purpose of this overview paper (hereafter ‘the paper’) is to assist companies who are thinking of choosing or have already chosen to apply Financial Reporting Standard (FRS. International Accounting Standards, Securities & Exchange Commission, and Globalization.

I. Introduction In the upcoming pages of this article, International Financial Reporting Standards (IFRS) and its related.

Reports on the Observance of Standards and Codes