Chapter

 Summing Up and Charting a Future for Standard Setters

George J. Benston, Michael Bromwich, Robert E. Litan and Alfred Wagenhofer

in Worldwide Financial Reporting

Published in print March 2006 | ISBN: 9780195305838
Published online February 2006 | e-ISBN: 9780199783342 | DOI: http://dx.doi.org/10.1093/0195305833.003.0011
  Summing Up and Charting a Future for Standard Setters

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This chapter reiterates the major themes of the book and then further discusses a number of current key issues in financial reporting: that “fair values” based on estimates are unlikely to be seen as trustworthy and may be difficult, if not impossible, to verify; that financial reports can never provide all the information necessary for entity valuation; and that national differences in accounting requirements mean that any global set of accounting standards is likely to fragment in use. It suggests that a better approach is to entertain a small set of competitive international accounting standard regimes.

Keywords: assets; liabilities; fair values; OFR; operating and financial review; MD&A; management discussion and analysis; intangibles

Chapter.  13983 words. 

Subjects: Financial Markets

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