Fostering Accuracy And Transparency In Financial Reporting

By January 2012 all major economies, apart from the US, will provide financial reports using International Financial Reporting Standards (IFRS). This book sets out the key differences between IFRS and US GAAP from a practitioner's perspective, although financial analysts will also benefit from the material presented. The financial crisis has been attributed to, among other things, a perceived lack of transparency in the financial markets. In general, transparency implies an ability to see the reported results of an entity's financial activities clearly and to use these results in making investment decisions. At question is the belief that transparency in financial reporting will lead to transparency in financial markets. Unfortunately, this link may be more subjective than most of us wish. Ruth Ann McEwen presents an analysis of reporting issues affecting transparency under IFRS, compared with US GAAP, and suggests areas of concern for preparers and users of financial reports. Providing an invaluable guide for all accountancy professionals, the book also contains a technical analysis of major accounting issues raised by convergence, and indicates areas of interest during initial adoption of IFRS by US entities. This authoritative book provides all the essential information required for advanced practitioners and analysts at this critical juncture.

Business reporting in a post-apocalypse global marketplace Clearly, now is the time for creating an effective business-reporting model appropriate for the markets of the twenty-first century. Rather than start from scratch after the Enron-Andersen fiasco, two leading consultants from PricewaterhouseCoopers present a plan that supplements the current model, one in which executives, accountants, analysts, investors, regulators, and other stakeholders can truly embrace the spirit of transparency. The Future of Corporate Reporting highlights the best practices for global financial reporting, explaining the concept of "performance auditing," which focuses on the real performance of the business as opposed to technical adherence to GAAS. Eccles and Masterson also discuss the pros and cons of GAAP v. IAS, present new approaches to reforming financial reporting, and outline a twenty-first-century model of accounting that will improve markets and benefit shareholders.

Academic Paper from the year 2021 in the subject Business economics - Investment and Finance, grade: Post graduate, , language: English, abstract: This study investigated the principles and criteria for transparency and disclosure in financial reporting and the accountant’s contribution facilitating its implementation. Corporate governance stands upon several principles, raised from the Cadbury report, Principles of Corporate Governance, and Sarbanes-Oxley Act of 2002. It includes rights and equitable treatment of shareholders, interests of stakeholders, role and responsibilities of the board, integrity and ethical behavior, and disclosure and transparency. Disclosure and transparency are one of the principles of corporate governance that aims to inform the public of the roles and responsibilities of the board and management in order to provide stakeholders with a level of accountability. It also includes the implementation of procedures to independently verify and safeguard the integrity of the company’s financial reporting..