Download Is Fair Value Fair: Financial Reporting from an by Henk Langendijk, Dirk Swagerman, Willem Verhoog PDF

By Henk Langendijk, Dirk Swagerman, Willem Verhoog

The failure of present mechanisms to both are expecting the cave in of varied businesses or scale back corrupt practises has saved the topic of exterior reporting to the fore. Is reasonable worth reasonable? monetary Reporting in a world standpoint includes contributions from many highly-respected contributors serious about exterior reporting, law and traditional environment. Their contributions talk about the way forward for * law * program of criteria * supervision * audit present tendencies are mentioned, as are ways that the present regulatory setting should be improved.With the hot IFRS laws entering strength in 2005, monetary reporting is determined toface radical adjustments. Is reasonable worth reasonable? totally prepares readers for those adjustments and is a useful software for company financiers and institutional traders with an curiosity within the regulatory setting.

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The financial reporting rules for central government have entered a transitional phase. The existing liabilities/cash accounting system is to be abandoned for a modified accrual system. A complete income and expenditure system is still a distant prospect. The rules on financial reporting by government agencies fall under public law. Changing these rules would automatically mean amending the law. That is something that a private organisation like the IFAC cannot enforce. Nevertheless, it does lobby extensively.

Nevertheless, the companies that are raising capital on the global capital markets are going to have to use global IASB standards. ‘It may sound like the IASB is in the driver’s seat. However, all accounting standards boards, including the IASB, are likely to become obsolete if their job continues to be to design general purpose, ‘‘onesize-fits-all’’ financial statements that no-one wants.

In addition, the incorporation of the unrealised results in the profit and loss account have not been properly elaborated in the JWG’s plans due to lack of time. On top of this, the JWG proposals for the valuation of debt in terms of market value and credit risk are inadequately developed. If the credit rating of a company falls, the market value of its debt decreases, resulting in a gain in the profit and loss account. This goes against all economic logic. The accountancy profession will change a lot because of all the new developments, and it is pretty obvious that this will be reflected in accountancy training courses.

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