国际会计 International Accounting 知识点总结 第二章

Chapter 2 Harmonization Financial Reporting Standards Globally第二章全球统一财务报告准则、包含定义、压力、 障碍、参与的组织、场景、现有证据等。

Chapter 2 Harmonization Financial Reporting Standards Globally

• 1. Definition
  • Concept
    • Accounting Harmonization
      • A movement away from total diversity
    • Accounting Standardization
      • A movement towards uniformity
  • Rationale Arguments
    • FOR
      • Major differences in accounting practices act as a barrier to capital flowing, hamornization will enhance comparability of financial statements, thus making them easier to use across countries.
    • AGAINST
      • Full harmonization is Not practical nor truly valuable
      • Investors can make investment decisions without the presence of international accounting standards.
      • Differences in the environment in countries.
        • Economic
        • Political
        • Legal
        • Cutural
      • Western Domination
        • Accounting Colonialism
• 2. Pressure
  • Investors Groups
    • They perceive that it can lower the cost of investing abroad and enhance their ability to make effective decisions across borders.
  • Multinational Companies
    • The can get additional benefits from harmonization
    • the reduced cost of preparing consolidated financial statements
    • ease in monitoring subsidiaries abroad
    • more meaningful managerial accounting reports
    • more relevant performance evaluation methods
  • Regulators
    • Reduce the higher costs that monitor compliance by foreign firms
    • Require foreign firms to provide financial statements conform to the host country's requirements.
    • Aimed at streamlining and harmonizing financial reporting requirements for cross-border listings.
  • Securities Industries and Stock Exchanges
    • In order to make their stock exchages more attractive to foreign companies
    • They support facilitating the listing process and reducing differences in financial reporting requirements globally.
  • Developing Countries
    • Provide a low-cost option for developing countries.
    • Saves developing countries from having to provide expensive reconciliations to the GAAP of foreign providers of capital.
• 3. Obstacles
  • ①Nationalism
  • ②The perceived negative impact countries.
  • ③The absence of strong professional accounting bodies in a number of countries.
  • ④The divergence between the needs of large multinationals and smaller business entities in development countries.
  • ⑤Difficulties in coordinating change among the large number of IASC members.
  • ⑥Emotional resisitance to change proposed.
• 4. Organizations Involved
  • IASC
    • International Accounting Standards Committee
    • 1973
  • IFAC
    • International Federation of Accountants
    • 150 member organizations, 103 countries, 2 million accountants
    • Aimed at harmonizing auditing practices globally
  • IOSCO
    • International Organization of Securities Commission
    • 1983
  • UN
    • United Nations
  • OECD
    • Organization for Economic Cooperation and Development
• 5. Scenarios
  • Bilateral or mutual agreements 双边/多边协定
    • MDS (The Multijurisdictional Disclosure System)
      • US
      • Canada
  • World-class issuer (NYSE) 世界级发行人 (蓝筹股)
  • The IASC/IOSCO Initiative
    • GAAP is issued by the IASC and supported by IOSCO.
  • The G4+1 Alternative
    • G4
      • Australia, Canada, UK, US
    • +1
      • IASC
    • 1993
    • Alternative
      • New Zealand
• 6. Current Evidence
  • Global Level
    • the number of stock exchanges accept IAS
    • the number of companies reporting under IFRS
  • Regional Level
    • EU (European Union) 欧盟
    • ASEAN (Association of South East Asian Nations) 东盟