Atul Bansal, Principal ,M. Patel College of Business and Management S.
Securities and Exchange Commission. Concept release; request for comment.
With the activities and interests of investors, lenders and companies becoming increasingly global, the Commission is increasing its involvement in a number of forums to develop a globally accepted, high quality financial reporting framework. Our efforts, at both a domestic and international level, consistently have been based on the view that the only way to achieve fair, liquid and efficient capital markets worldwide is by providing investors with information that is comparable, transparent and reliable.
That is why we have pursued a dual objective of upholding the quality of financial reporting domestically, while encouraging convergence towards a high quality global financial reporting framework internationally. In this release, we are seeking comment on the necessary elements of such a framework, as well as on ways to achieve this objective.
One aspect of this is seeking input to determine under what conditions we should accept financial statements of foreign private issuers that are prepared using the standards promulgated by the International Accounting Standards Committee.
Comments should be received on or before May 23, Please send three copies of your comments to Jonathan G. You also may submit your comments electronically at the following e-mail address: All comment letters should refer to File No.
S; you should include this file number in the subject line if e-mail is used. Comment letters can be inspected and copied in our public reference room at Fifth Street, N.
These developments have been attributable, in part, to dramatic changes in the business and political climates, increasing global competition, the development of more market-based economies, and rapid technological improvements.
At the same time, the world's financial centers have grown increasingly interconnected. Corporations and borrowers look beyond their home country's borders for capital.
An increasing number of foreign companies routinely raise or borrow capital in U.
This globalization of the securities markets has challenged securities regulators around the world to adapt to meet the needs of market participants while maintaining the current high levels of investor protection and market integrity. Our efforts to develop a global financial reporting framework have been guided by the cornerstone principle underlying our system of regulation -- pursuing our mandate of investor protection by promoting informed investment decisions through full and fair disclosure.
Financial markets and investors, regardless of geographic location, depend on high quality information in order to function effectively. Markets allocate capital best and maintain the confidence of the providers of capital when the participants can make judgments about the merits of investments and comparable investments and have confidence in the reliability of the information provided.
Because of increasing cross-border capital flows, we and other securities regulators around the world have an interest in ensuring that high quality, comprehensive information is available to investors in all markets.Essays; International Accounting Standards; International Accounting Standards view of the IASB and an invitation for comment (International Accounting Standards Board, n.
d.). The fourth step is the publication of an exposure draft. We will write a custom essay sample on The History of the World in Six Glasses; Lincoln Movie.
- In the world of international finance there are two major accounting systems; GAAP, which stands for Generally Accepted Accounting Principles, and IFRS, which stands for International Financial Reporting Standards.
The United States prefers GAAP while the European market, as well as many other countries, prefers IFRS. The Necessity Of Adoption Of International Accounting Standards. Accounting standards act as an important role in the business world, ensuring the different accounting information users get the comparable, reliable and unbiased accounting information.
International Accounting Standards Board Essay Sample. The (IASB) is the International Accounting Standards Board, they are the board responsible for setting the International Accounting Standards used by more than countries throughout the world.
The board is made up of 14 international members and is based in London. The International Accounting Standards Board (IASB) is an independent, privately funded accounting standards agency with headquarters in London.
The board members represent nine countries and come from a variety of backgrounds as well as bring diverse credentials and experiences to the board. It involves international comparative analysis, accounting needs for international financial markets and the harmonizing of the world wide accounting and financial reporting through political, organizational, professional and thought setting standards.