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Is there a future for one global set of generally accepted accounting principles ?
Member rating: No Rating | Words: | Submitted: Tue Jun 20 2006
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Introduction Now that Europe has fully established its own currency, the international competitiveness of the region is intensifying, particularly in relation to the United States. Accounting rules are in the process of converging into a single international standard. This involves two dominant forms namely the US GAAP and the International Financial Reporting Standards. In the EU all publicly traded companies must adopt them by 2005 and many other countries either have adopted them or plan to do so in the near future. Why accounting regulation? This essay will discuss the opportunities and possibilities of global accounting standards, which will most likely take the form of regulations as in EU directives. Therefore we will give a basic outline why accounting regulation exists. Although there are authors in favour of the free - market perspective, arguing that there will be private incentives to provide accounting information and therefore there is no need for accounting regulation...
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