Home >
Accounting >
Financial Reporting / IFRS / GAAP >
Financial Reporting and Global Capital Markets

Financial Reporting and Global Capital Markets A History of the International Accounting Standards Committee, 1973-2000

Author: Kees Camfferman; Stephen A. Zeff
Publisher: Oxford University Press
ISBN: 9780199296293
Published In: March 2007
Format: Hardback , 702 pages
Jurisdiction: International ? Disclaimer:
Countri(es) stated herein are used as reference only

Out of stock

Description
Contents
Author

Details

An important historical study which helps explain the evolution of the financial reporting standards at work today
An international survey of responses to international accounting harmonization
Examines both the technical accounting issues and the politics of international accounting standard setting
Draws on the archives of the IASC and interviews with key figures involved in its activities

Standardization and harmonization of accounting practices is a fundamental element of a global business environment. Achieving this is a complex process that involves technical and political negotiation. The International Accounting Standards Committee (IASC) was the organization that pioneered this process on a world-wide basis.

The IASC prepared the way for the International Accounting Standards Board (IASB) and its International Financial Reporting Standards, which since 2005 have held the dominant influence over the financial reporting of thousands of listed companies in the European Union, as well as in many other countries.

The forces and influences that shaped the formation of the IASB were intimately connected with the historical organization and operation of its predecessor, the IASC, and so to understand the standards enforced in financial reporting today, a historical understanding of the IASC is required. Financial Reporting and Global Capital Markets does just this. It examines the history of the IASC from 1973 to 2000, including its foundation, operation, changing membership and leadership, achievements and setbacks, the development of its standards, and its restructuring leading up to the creation of the IASB in 2001.

The book also studies the impact of the IASC's standards on national standard setting and on accounting practice in developed and developing countries, as well as the impact on the IASC of the policies and positions of the UN, the OECD, the US Securities and Exchange Commission, the International Organization of Securities Commissions, and the European Commission. It will be of vital interest to all concerned with accounting developments in a global environment, be they academics, policy-makers, or professionals.

Readership: Academics and researchers of accounting, corporate finance, corporate governnace, and securities market regulation; Accounting practitioners.

Foreword by Sir David Tweedie
Preface
1: Introduction and Overview
Part I: Origins
2: Origins of International Accounting Harmonization
3: The Founding of the IASC
Part II: 1973-87
4: The People and the Structure of the IASC
5: 'Compromise to Harmonise': Setting the IASC's Early Standards
6: The IASC Labours to Gain Recognition
7: The IASC Copes with its Political Environment
Part III: 1987-2000
8: The Changing Look of the IASC: People, Structure, and Funding
9: The IASC Fortifies its Standards: The Framework and the Comparability and Improvements Projects
10: Raising the Stakes: The IASC Responds to IOSCO and the SEC
11: Putting Teeth in Harmonization: The IASC Completes its 'Core' Standards
12: The World Wakes Up to the IASC
13: Towards a World Standard Setter: The Restructuring of the IASC
Appendix 1:Text of the 1973 Agreement and Constitution
Appendix 2: Chairman and Senior Staff
Appendix 3: Members of the Delegations to the IASC, 1973-2000
Appendix 4: Technical Projects, Exposure Drafts, and Standards
Appendix 5: Venues and Dates of Board Meetings
Appendix: Interviewees
Appendix: Use of and References to Unpublished Sources

Kees Camfferman, Professor of Financial Accounting, Vrije Universiteit Amsterdam, and Stephen A. Zeff, Herbert S. Autrey Professor of Accounting, Rice University