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Advanced Financial Accounting

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This is undoubtedly a demanding time for practitioners and students of financial reporting.
Accountants and business people in European Union countries need to master not only their
national regulations but also the rules of the International Accounting Standards Board.
Both sets of rules are voluminous, ever growing and presently undergoing a process of rapid
change as a consequence of the convergence programme designed to bring national and
international standards into line with one another.

The ASB, in the UK, has developed its Statement of Principles for Financial Reporting, a
conceptual framework designed to underpin the development of accounting standards
which adopts a rather different view from that of the accruals-based approach of traditional
financial accounting. However, some of the principles are inconsistent with present company
law and several of the Financial Reporting Standards in issue are inconsistent with the
Statement of Principles. Company law is presently under review, with the publication of a
White Paper which proposes major changes to the mechanism for setting and enforcing
accounting rules in the UK. Once the law is changed, then it will be necessary to change
numerous Financial Reporting Standards. It can perhaps be seen that the failure in the past
to develop a generally-agreed theory underpinning financial accounting is not without its
practical costs.

A 2002 EU Regulation requires all quoted companies in Europe to prepare their consolidated
financial statements in accordance with international standards, rather than national
standards, by the year 2005. Accounting rule setters in the various member states are
attempting, with varying degrees of enthusiasm, to achieve convergence between their own
standards and those of the IASB, but this process is difficult to achieve because of considerable,
often major, differences between the respective standards and because the IASB is itself
revising a large number of standards as part of its improvements project. National standard
setters are therefore in the uncomfortable position of shooting at a moving target.

The EU Regulation applies only to the consolidated financial statements of quoted companies,
although member states may permit, or require, the use of international standards in
the single-entity financial statements of those companies as well as in both the single entity
and consolidated financial statements of unquoted companies. At the time of writing it is
unclear whether the various member states will require universal application of international
standards or whether two sets of standards, national and international, will co-exist for
application to different financial statements in the same country. In the view of the authors,
even the consolidated financial statements of quoted companies in different EU countries
are unlikely to be comparable until long after 2005, let alone the financial statements of
unquoted companies.

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Ketersediaan

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Informasi Detail

Judul Seri

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No. Panggil

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Penerbit

London : Pearson Education Limited., 2004

Deskripsi Fisik

xiii, 720 Hlm.

Bahasa

English

ISBN/ISSN

0 273 65849 2

Klasifikasi

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Tipe Isi

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Tipe Media

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Tipe Pembawa

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Edisi

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Subjek

AKUNTANSI

Info Detail Spesifik

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Pernyataan Tanggungjawab

agus

Versi lain/terkait

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