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Essay / Research Paper Abstract
This 12-page paper discusses the mandatory convergence of many international countries and companies to the IAS standard of financial accounting. Topics covered include the benefits and disadvantage of convergence, and what the perceived impact is likely to be. Bibliography lists 8 sources.
Page Count:
12 pages (~225 words per page)
File: D0_MTiasbov.rtf
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Unformatted sample text from the term paper:
on balance sheets. Though accounting, in general, should be a straightforward activity - after all, how difficult can it be to report credits and debits - generally accepted accounting principles
and rules tend to vary from country to country. This has led to some confusion among multinational companies and those local companies that are wanting to do business internationally.
In an effort to stave off the confusion, attempts have been made to harmonize the principles, primarily set up by the International Accounting Standards
Board (IASB) through its International Accounting Standards rules. As of January 1, 2005, all publicly traded companies on various stock exchanges were expected to be in compliance with such rules,
as well as other companies that might do business internationally. While the jury is still out on what compliance has meant (or if its been followed), we can make some
assumptions, which well do in this paper. While the United States continues to use its own generally accepted accounting principals (GAAP), experts point
out that these are similar to what the IAS proposes (Reilly, 2004). Experts also point out that the main challenge tends to be in locations such as Europe (Reilly, 2004).
Despite the fact that much of Europe is united in terms of currency under the euro, many of the accounting rules (at least until January 1, 2005), were left up
to each of the individual member states for interpretation and development (Reilly, 2004). This has, according to experts, led to "a grab bag of often conflicting systems" (Reilly, 2004, C1).
For one thing, because international capital markets continue expanding globally, investors are in the unusual position of evaluating firms not only locally, but
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