Accounting Standards Information Paper

Running head: ACCOUNTING STANDARD 1

ACCOUNTING STANDARD INFO 2

Accounting Standard Information

Accounting Standard Information

Annotated Bibliography

Du, P. J. J. (2012). German corporate governance in international and European context. Heidelberg: Springer-Verlag Berlin Heidelberg.

According to this book, corporate governance entails an enterprise system that is free. Here, the author shows how the German corporate governance is conducted in a free and fair manner. The book covers the German corporate governance and law comprehensively, while at the same time providing European and international perspectives on the corporate governance topic. The book goes on to highlight the various reforms needed to improve the international accounting standards. The changes are aimed at enabling the international standards to conform to some of the requirements of individual nations. To prove its claims, the book has integrated a documentary acting as a proof of what entails good corporate governance.

George, T. T., Campbell, D.R. & Doupnik, T.S. (2009). IFRS: Beyond the Standards. http://www.journalofaccountancy.com/issues/2009/feb/ifrsbeyondthestandards.html.

According to this article, a momentum has been building for the convergence of global standards since the European Union in 2002 regulation mandated IFRS to be used in EU public companies and executing the Norwalk Agreement by the International Accounting Standards Board (IASB) and FASB. At the moment, more than 100 nations have adopted IFRS and several economically important countries such as the United States and Japan have come up with programs aimed at converging their accounting standards with IFRS. At the same time, there are some nations which have adopted various versions of IFRS which vary from those published by the IASB. The article goes on to say that the SEC in 2007 extended the question beyond the mere convergence through accepting the English language version of the IFRS standards by foreign issuers without undergoing reconciliation.

Godfrey, J. M., & Chalmers, K. (2007). Globalization of accounting standards. Cheltenham, UK: Edward Elgar.

According to this book, the early years of the 21st century and 1990s have witnessed immense globalization. Advances in information technology have led to improved communications which have in turn resulted in a reduction in the transaction costs and an increase in economies of scale. These developments have enabled firms to operate on international basis thereby facilitating the adoption of international accounting standards by most nations. The reason behind the adoption is that globalization affects the manner in which firms across the world report their financial transactions. As a matter of fact, it changes how companies reported their earnings and reported financial position of many public sector entities and enterprises.

Greuning, H. ., & Koen, M. (2001). International accounting standards: A practical guide. Washington, DC: World Bank.

According to this book, leading international organizations such as the International Monetary Fund and World Bank launched an initiative to strengthen the financial architecture across the world in response to the 1998 global financial crisis. This action has increased the International Accounting Standards thereby promoting financial transparency financial reporting and harmonizing the standards necessary to support the modern day globalized financial markets. The World Bank is urging national regulators, for instance, the Germany officials in charge of financial institutions to accept the International Accounting Standards (IAS) in preference to coming up with their accounting practices. It is important for nations to allows IASs as a result of their flexibility in incorporating various international practices and broad international acceptance. At the same time, World Bank also receives IASs as a platform for preparing financial statements it gets from borrowers on the use of the Bank’s credit and loans.

References

Du, P. J. J. (2012). German corporate governance in international and European context. Heidelberg: Springer-Verlag Berlin Heidelberg.

George, T. T., Campbell, D.R. & Doupnik, T.S. (2009). IFRS: Beyond the Standards. http://www.journalofaccountancy.com/issues/2009/feb/ifrsbeyondthestandards.html.

Godfrey, J. M., & Chalmers, K. (2007). Globalization of accounting standards. Cheltenham, UK: Edward Elgar.

Greuning, H. ., & Koen, M. (2001). International accounting standards: A practical guide. Washington, DC: World Bank