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Master's Thesis from the year 2006 in the subject Business economics - Accounting and Taxes, grade: 1.5, University of Applied Sciences Fulda, language: English, abstract: In recent years, the applicable accounting standards for companies changed considerably.
Until the 1990s, the development of accounting standards was mainly a
national responsibility. In consequence, the standards were influenced by national
factors. Therefore, there was much divergence among domestic accounting standards.
Only in recent years, there is a strong trend to the convergence of domestic
accounting standards. The International Financial Reporting Standards (IFRS)
play a major role in this convergence process. The IFRS have influence on the
convergence process in two ways. On the one hand, some countries require the
use of IFRS or an adjusted version of IFRS for all domestic companies or for
segments of domestic companies, for example listed companies. On the other
hand, some countries converge their domestic accounting standards with IFRS. In
a survey of fifty-nine countries conducted by the major accounting firms in 2002,
90% of these countries confirmed that they intend to adopt or converge with
IFRS. One of the most important decisions in this convergence process was the
passing of a regulation by the commission of the European Union (EU) in 2002.
This regulation requires that all listed companies in the EU must present their
consolidated financial statements in accordance with IFRS for financial years beginning
on or after 1 January 2005.
What are the reasons for this convergence process? The main reason is that companies
and investors increasingly conduct their operations on a global scale, but
the legal and regulatory frameworks for their reporting activities remain country
based. So, the companies have to apply many different accounting standards for
the reporting of their subsidiaries in different countries. On the one hand this incurs
additional costs for multinational companie
Until the 1990s, the development of accounting standards was mainly a
national responsibility. In consequence, the standards were influenced by national
factors. Therefore, there was much divergence among domestic accounting standards.
Only in recent years, there is a strong trend to the convergence of domestic
accounting standards. The International Financial Reporting Standards (IFRS)
play a major role in this convergence process. The IFRS have influence on the
convergence process in two ways. On the one hand, some countries require the
use of IFRS or an adjusted version of IFRS for all domestic companies or for
segments of domestic companies, for example listed companies. On the other
hand, some countries converge their domestic accounting standards with IFRS. In
a survey of fifty-nine countries conducted by the major accounting firms in 2002,
90% of these countries confirmed that they intend to adopt or converge with
IFRS. One of the most important decisions in this convergence process was the
passing of a regulation by the commission of the European Union (EU) in 2002.
This regulation requires that all listed companies in the EU must present their
consolidated financial statements in accordance with IFRS for financial years beginning
on or after 1 January 2005.
What are the reasons for this convergence process? The main reason is that companies
and investors increasingly conduct their operations on a global scale, but
the legal and regulatory frameworks for their reporting activities remain country
based. So, the companies have to apply many different accounting standards for
the reporting of their subsidiaries in different countries. On the one hand this incurs
additional costs for multinational companie
- Format: Pocket/Paperback
- ISBN: 9783869431239
- Språk: Engelska
- Antal sidor: 134
- Utgivningsdatum: 2012-03-16
- Förlag: Examicus Verlag