Pick a number: internationalizing U.S. accounting
(eBook)

Book Cover
Contributors:
Published:
New York, New York (222 East 46th Street, New York, NY 10017) : Business Expert Press, 2014.
Format:
eBook
Edition:
First edition.
ISBN:
9781606497319
Physical Desc:
1 online resource (x, 151 pages)
Status:
Ebrary (CCU)
Description

For many years, individual countries decided their own rules and regulations for company financial accounting and reporting. As the world became more global, problems began to arise. A company could make a profit for the year if the rules in its own country were applied, but this could turn into a loss if another country's rules were used. This did not make sense. Investors were hesitant to buy shares in foreign companies, companies were careful when the financial stability of foreign suppliers and customers could not be established, and companies wanting to list on a foreign stock exchange, for example, New York, experienced difficulties. To prevent this confusing and misleading state of affairs, attempts were made at the international level to agree on what the rules, known as accounting standards, should be for financial accounting and reporting. Those standards are now issued by the International Accounting Standards Board (IASB). Since 2002, the standard setter in the United States, the Financial Accounting Standards Board (FASB), has been actively engaged with the IASB in attempting to converge U.S. regulations with international accounting standards. These events are not only important to accountants, but to everyone who has been dealing with a company. This could be investors, employees, customers, banks, suppliers, and the tax authorities. If you are interested in the financial performance and status of a company, you need to understand the accounting rules, their changes, and the reasons they pursue an international set of standards.

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APA Citation (style guide)

Hussey, R., & Ong, A. W. M. (2014). Pick a number: internationalizing U.S. accounting. First edition. New York, New York (222 East 46th Street, New York, NY 10017), Business Expert Press.

Chicago / Turabian - Author Date Citation (style guide)

Hussey, Roger. and Audra Wei Ming., Ong. 2014. Pick a Number: Internationalizing U.S. Accounting. New York, New York (222 East 46th Street, New York, NY 10017), Business Expert Press.

Chicago / Turabian - Humanities Citation (style guide)

Hussey, Roger. and Audra Wei Ming., Ong, Pick a Number: Internationalizing U.S. Accounting. New York, New York (222 East 46th Street, New York, NY 10017), Business Expert Press, 2014.

MLA Citation (style guide)

Hussey, Roger., and Audra Wei Ming. Ong. Pick a Number: Internationalizing U.S. Accounting. First edition. New York, New York (222 East 46th Street, New York, NY 10017), Business Expert Press, 2014.

Note! Citation formats are based on standards as of July 2022. Citations contain only title, author, edition, publisher, and year published. Citations should be used as a guideline and should be double checked for accuracy.
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Language:
English

Notes

General Note
Part of: 2014 digital library.
Bibliography
Includes bibliographical references (pages 143-148) and index.
Restrictions on Access
Access restricted to authorized users and institutions.
Description
For many years, individual countries decided their own rules and regulations for company financial accounting and reporting. As the world became more global, problems began to arise. A company could make a profit for the year if the rules in its own country were applied, but this could turn into a loss if another country's rules were used. This did not make sense. Investors were hesitant to buy shares in foreign companies, companies were careful when the financial stability of foreign suppliers and customers could not be established, and companies wanting to list on a foreign stock exchange, for example, New York, experienced difficulties. To prevent this confusing and misleading state of affairs, attempts were made at the international level to agree on what the rules, known as accounting standards, should be for financial accounting and reporting. Those standards are now issued by the International Accounting Standards Board (IASB). Since 2002, the standard setter in the United States, the Financial Accounting Standards Board (FASB), has been actively engaged with the IASB in attempting to converge U.S. regulations with international accounting standards. These events are not only important to accountants, but to everyone who has been dealing with a company. This could be investors, employees, customers, banks, suppliers, and the tax authorities. If you are interested in the financial performance and status of a company, you need to understand the accounting rules, their changes, and the reasons they pursue an international set of standards.
Local note
Electronic reproduction. Ann Arbor, MI : ProQuest, 2015. Available via World Wide Web. Access may be limited to ProQuest affiliated libraries.
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Grouped Work ID:
14f98065-c34a-d8f3-70eb-298e772f6044
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Record Information

Last File Modification TimeJan 04, 2024 04:55:07 PM
Last Grouped Work Modification TimeMar 24, 2024 08:49:07 AM

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5050 |a 1. U.S. accounting regulation -- 2. The move toward international accounting -- 3. The U.S. engagement -- 4. Successes and failures -- 5. The disagreements -- 6. The end and the beginning -- Notes -- References -- Index.
506 |a Access restricted to authorized users and institutions.
5203 |a For many years, individual countries decided their own rules and regulations for company financial accounting and reporting. As the world became more global, problems began to arise. A company could make a profit for the year if the rules in its own country were applied, but this could turn into a loss if another country's rules were used. This did not make sense. Investors were hesitant to buy shares in foreign companies, companies were careful when the financial stability of foreign suppliers and customers could not be established, and companies wanting to list on a foreign stock exchange, for example, New York, experienced difficulties. To prevent this confusing and misleading state of affairs, attempts were made at the international level to agree on what the rules, known as accounting standards, should be for financial accounting and reporting. Those standards are now issued by the International Accounting Standards Board (IASB). Since 2002, the standard setter in the United States, the Financial Accounting Standards Board (FASB), has been actively engaged with the IASB in attempting to converge U.S. regulations with international accounting standards. These events are not only important to accountants, but to everyone who has been dealing with a company. This could be investors, employees, customers, banks, suppliers, and the tax authorities. If you are interested in the financial performance and status of a company, you need to understand the accounting rules, their changes, and the reasons they pursue an international set of standards.
588 |a Title from PDF title page (viewed on September 26, 2014).
590 |a Electronic reproduction. Ann Arbor, MI : ProQuest, 2015. Available via World Wide Web. Access may be limited to ProQuest affiliated libraries.
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653 |a conceptual frameworks
653 |a convergence
653 |a Financial Accounting Standards Board
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653 |a International Accounting Standards Board
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