Eleventh Edition. COMPARATIVE. INTERNATIONAL. ACCOUNTING.
Christopher Nobes and. Robert Parker. Financial Times. Prentice Hall is an
imprint of.
Eleventh Edition
COMPARATIVE INTERNATIONAL ACCOUNTING Christopher Nobes and Robert Parker
Financial Times Prentice Hall is an imprint of
Harlow, England • London • New York • Boston • San Francisco • Toronto Sydney • Tokyo • Singapore • Hong Kong • Seoul • Taipei • New Delhi Cape Town • Madrid • Mexico City • Amsterdam • Munich • Paris • Milan
Contents Contributors
xvi
Preface
xvii
Part I SETTING THE SCENE
1 5 ,itroduction
3
Contents Objectives 1.1 1.2 1.3 1.4 1.5
3 3
Differences in financial reporting The global environment of accounting The nature and growth of MNEs Comparative and international aspects of accounting Structure of this book
Summary References Useful websites Questions
4 5 15 18 22 '
24 24 26 26
Causes and examples of international differences
28
Contents Objectives
28 28
j
2.1 Introduction 2.2 Culture 2.3 Legal systems 2.4 Providers of finance * 2.5 Taxation ~ 2.6 Other external influences 2.7 The profession 2.8 Conclusion on the causes of international differences 2.9 Some examples of differences
29 29 32 33 37 39 40 41 42
Summary References Questions
50 51 54
VII
Contents
3 International classification of financial reporting
Introduction The nature of classification Classifications by social scientists Classifications in accounting Extrinsic classifications Intrinsic classifications: 1970s and 1980s Developments related to the Nobes classification Further intrinsic classification Is there an Anglo-Saxon group? Classification in an IFRS world A taxonomy of accounting classifications
56 57 57 59 60 64 70 . 71 73 73 74
Summary References Questions
75 75 77
4 International harmonization
79
Contents Objectives
79 79
4.1 4.2 4.3 4.4 4.5
80 81 84 93 96
Introduction Reasons for, obstacles to measurement of harmonization The International Accounting Standards Committee Other international bodies The International Accounting Standards Board
Summary References Useful websites Questions
100 101 103 104
Part II FINANCIAL REPORTING BY LISTED GROUPS i_
_____
„..
„___
i
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5 The context of financial reporting by listed groups
VIM
\ _„
__
I
107
Contents Objectives
107 107
5.1 5.2 5.3 5.4
108 108 110 113
Introduction Adoption of, and convergence with, IFRS IFRS in the EU IFRS/US differences
Contents
5.5 5.6 5.7
US convergence with and adoption of IFRS Reconciliations from national rules to US CAAP or IFRS Introduction to international financial analysis
Summary References Useful websites Questions
6 The requirements of International Financial Reporting Standards
117 119 120 122 123 125 125
126
Contents Objectives
126 127
6.1 Introduction 6.2 The conceptual framework and some basic standards 6.3 Assets 6.4 Liabilities 6.5 Group accounting 6.6 Disclosures
127 129 135 139 140 142
Summary References Further reading Useful websites Questions Appendix 6.1 An outline of the content of International Financial Reporting Standards
143 143 144 144 144
7 Different versions of IFRS practice
145
155
Contents Objectives
155 155
7.1 7.2 7.3 7.4 7.5
155 156 158 164 165
Introduction Motivations for different IFRS practice Scope for different IFRS practice Examples of different IFRS practice Implications „
Summary References Questions
8 Financial reporting in the United States Contents Objectives
166 166 167
168 168 169
IX
Contents
8.1 8.2 8.3 8.4 8.5 8.6 8.7 8.8 8.9
Introduction Regulatory framework Accounting standard-setters The conceptual framework Contents of annual reports Accounting principles Consolidation Audit Differences from IFRS
Introduction Modes and models of enforcement United States European Union West Pacific rim
Summary References Useful websites Questions
229 229 229 229 230 234 235 241 243 244 245 246
Contents
1 1 Political lobbying on accounting standards - US, UK, and international experience Contents Objectives
247 247 247
11.1 Introduction 11.2 Motivations for political lobbying 11.3 Political lobbying up to 1990 11.4 US political lobbying from 1990 11.5 Political lobbying of the IASC/IASB 11.6 Preparer attempts to control the accounting standard-setter 11.7 Political lobbying of the FASB's convergence with the IASB 11.8 Some concluding remarks Summary References / Useful websites Questions
248 250 252 262 265 270 272 274 275 275 277 277
|Part til HARMONIZATION AND TRANSITION IN EUROPE | AND EAST ASIA 12 Harmonization and transition in Europe
281
Contents Objectives 12.1 Introduction 12.2 Harmonization within the European Union 12.3 Transition in Central and Eastern Europe Summary References Useful websites Questions
