Update: Harmonizing international accounting standards

✍ Scribed by Robert W. Rouse

• Publisher: John Wiley and Sons
• Year: 1998
• Tongue: English
• Weight: 364 KB
• Volume: 9
• Category: Article
• ISSN: 1044-8136
• DOI: 10.1002/jcaf.3970090410

✦ Synopsis

As efforts to adopt the euro as a common European currency progress, government and private standards setters have not been idle. They have been moving to "harmonize" global accounting standards. What has been happening? And where do U.S. standards setters stand? s efforts to adopt the euro as the common currency within the European A Economic Community progress, similar energies are being expended by governmental and private standard setting agencies throughout the world to "harmonize" international accounting standards. This article will review the current developments to create an acceptable core of accounting principles that may enhance access to all capital markets by global companies.

Mary Tokar, the Senior Associate Chief Accountant in the Office of the Chief Accountant (OCA) of the Securities and Exchange Commission (SEC), recently spoke at the second International Accounting Standards Conference in Belgium. Her speech, titled "What Is Going to Happen in the U.S.?" is the primary source for this article. Ms. Tokar, a former professional accounting fellow in OCA, serves as the staff member with primary responsibility for monitoring developments in the international accounting arena.