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Essay / Research Paper Abstract
This 8 page paper looks at the move towards international accounting standards, examining the arguments such as the need for ‘internationalisation’ and the balance between the need for regulation and interference in business decision-making. The paper considers whether or this is placing a strain on the accounting framework and changing the way businesses make business rather than only accounting decisions. The bibliography cites 8 sources.
Page Count:
8 pages (~225 words per page)
File: TS14_TEIFRS01.rtf
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Unformatted sample text from the term paper:
are fears that companies will change the way that they run as their operations will be reflected differently in the resulting annual reports. It is argued that although the financial
analysts may look in great depth at the annual account, the only real figures that they take notice are the returns assets and debts, changes that impact on these may
result in a company changing the way it works to minimise these impacts. Claude Bebear, the Chairman of Axa has said of the system that "It pushes companies to do
false accounting. It pushes them to do bad things, to do crime" (Davies, 2005). The argument is that the IFRS is a shift away from principle based accounting and
towards rules based accounting. Rules may make things clearer and give less leeway for the way accounts are presented, but it may also be argued as moving away from giving
a fair picture of the company, as seen with IAS 39 (Finance Week, 2005). The move towards international standard is generally welcomed in principle at least, so that there is
harmonisation and a level playing field. The support given towards international accounting standards has been argued as a commons sense approach, good for business and investors, and has
even been criticised in terms if the way the International Accounting Standards Board (IASB) is not accountable due to the lack of political control (Hargreaves and Tricks, 2004). However,
this separation between politics and accounting may not be as clear as this criticism indicates and the development of international accounting standard may be seen as politically as well as
commercial driven. There are many bodies that agree with the need for a single standard to be adopted internationally.
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