A Study on the Economic Consequences of the International Convergence of Accounting Standards

点击翻译按钮获取中文摘要

The Purpose of this research is to explore the international convergence of accounting standards and its economic consequences.Many companies around the world are using International Financial Reporting Standards (IFRS) promulgated by the International Accounting Standards Board (IASB). In accordance with the mandate of the European Commission (EC), from January 2005, regional or domestic companies in the European Union (EU) are required to prepare their consolidated accounts using International Accounting Standards (IAS) or IFRS.The Committee of European Securities Regulators (CESR) completed its assessment of the equivalence of accounting standards in the Canada, Japan and the United States of America (US) with IFRS and published the technical advice on equivalence of Canadian, Japanese and US GAAP. It found that Canadian, Japanese and US GAAP, taken as a whole, are equivalent to IFRS subject to some additional disclosures.To achieve the research purpose, the legal status of IFRS in the EU is examined and the convergence of accounting standards, from the political and historical point of view, is evaluated. In addition, case of the strategies of the international convergence of accounting standards in other nations, that is US, Japan, the Republic of Korea and the People's Republic of China, particularly were compared.According to this research, the Securities and Exchange Commission (SEC) and CESR and/or EC play an important role in the international convergence of accounting standards.As apart of this research, head investigator made a translation of Korea Accounting Institute (KAI) Research Report and the Standard of the Internal Accounting Control System in Korea into Japanese.