Worldwide Financial Reporting The Development and Future of Accounting Standards

by Benston, George J.; Bromwich, Michael; Litan, Robert E.; Wagenhofer, Alfred

• ISBN13: 9780195305838
• ISBN10: 0195305833
• Format: Hardcover
• Copyright: 2006-04-13
• Publisher: Oxford University Press

Summary

International accounting standards tend to converge, as do auditing,enforcement and corporate governance, whereas trading of equity shares remainsessentially national. The book provides a thorough analysis of what informationinvestors really need, how financial accounting systems developed and theircurrent requirements in major commercial countries, and examines current issues,particularly the benefits and costs a single or multiple accounting standards,the bases for accounting standards, and limitations to accounting disclosure infinancial statements.

Table of Contents

1. Changes in Equity Markets in the Major Developed Countries and Overview of the Book	3	(14)
2. Why and How Audited Financial Accounting Statements Are Useful	17	(22)
3. Auditing and Accounting Standards: Their Roles and Usefulness to Independent Public Accountants and Investors	39	(10)
4. Corporate Financial Reporting and Regulation in the United States	49	(33)
Appendix: Financial Disclosure by and Audits of Non-Public Companies	80	(2)
5. Corporate Financial Reporting and Regulation in the United Kingdom	82	(24)
6. Corporate Financial Reporting and Regulation in Germany	106	(28)
7. Corporate Financial Reporting and Regulation in the European Union	134	(27)
8. Corporate Financial Reporting and Regulation in Japan	161	(26)
9. Corporate Disclosure Diversity: A Comparative Assessment	187	(38)
Appendix: International Financial Reporting Standards Compared to U.S. GAAP Standards	213	(12)
10. Global Financial Reporting Standards: Their Establishment and Enforcement	225	(32)
11. Summing Up and Charting a Future for Standard Setters	257	(30)
Notes	287	(20)
References	307	(14)
Index	321