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Essay / Research Paper Abstract
This 5 page paper looks at the way in which the accounting practices in these countries compare. With both countries being members of the single European market it may be expected that the accounting standard would be the same, but as this paper demonstrates similarities do exist, but they are by no means identical. The bibliography cites 5 sources.
Page Count:
5 pages (~225 words per page)
File: TS14_TEitalyac.rtf
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Unformatted sample text from the term paper:
cross boarder investment, this means that there is an increasing requirement for investors and other interested parties to be able to look at the accounting practices between different countries. If
we look to the European Union then there are many accounting conventions that are beginning to be adopted internationally, but each country is still slightly different. Indeed in many cases
the interpretation may be different between two companies in the same country. If we look to compare two countries such as the United Kingdom and Italy we can see that
there are both similarities as well as differences. In the United Kingdom the Accounting Standards Board is the regulating framework that sets
the standards, In Italy the equivalent is the Consiglio Nazionale dei Dottori Commercialisti (CNDC) and the Consiglio Nazionale dei Ragionieri (CNR). The CNR is the equivalent of the USs Financial
Accounting Standards Board (FASB) and the UKs Accounting Standards Board (ASB) in that the CNR is the major standard setting body of Italian accounting (Watts, 1996, Radebaugh, 1993).
If we look at the two environments there are also similarities, the United Kingdom has a flexible approach with many statutory regulations regarding issues such
as what should goo into the annual accounts, but there are also many aspects that are self regulatory and not built into the legislation, aspects such ads the many different
accounting standards and the way different items are dealt with on the balance sheet should be dealt with on line with the standards, but are not laid out by the
legislation. This give a company some flexibility in which approach to take when preparing accounts. The accounts should be seen as a true and fair picture of the trading status
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