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Perspective: International accounting standards in the post‐cold war era
Author(s) -
Cherry Paul G.
Publication year - 1991
Publication title -
journal of corporate accounting and finance
Language(s) - English
Resource type - Journals
eISSN - 1097-0053
pISSN - 1044-8136
DOI - 10.1002/jcaf.3970020410
Subject(s) - accounting , mark to market accounting , accounting information system , accounting standard , business , international financial reporting standards , financial accounting , perspective (graphical) , international market , finance , international trade , computer science , artificial intelligence
To remain competitive in the post—Cold War era, enterprises will need to have quick and easy access to international markets. They will have to adapt their systems and procedures so that they can produce the financial information required in each market. At present, this means, in effect, keeping several sets of records so that financial results can be reconciled using the host market's accounting practices. This can be costly and time‐consuming. In conjunction with securities regulators, the International Accounting Standards Committee has undertaken a major initiative to develop the single set of internationally acceptable standards of financial reporting needed in today's international markets. These efforts are summarized in this article.