This paper assesses current regulatory and accounting developments in the OECD area against their purported goals. It specifically considers the different approaches to valuing pension liabilities and questions the possibility of convergence between funding and business accountants' valuation...

Insurance contracts often - or even regularly - contain both an insurance component and a so-called deposit component, i.e., they combine insurance coverage with a certain kind of saving process. Due to this feature insurance contracts are difficult to report on in financial statements and...

Business Combinations is the first completed joint convergence project of the FASB amp; IASB. The new business combinations standards converge US GAAP and IFRS in all but the calculation of non-controlling interests. Although the accounting community widely acknowledges the benefits of...

This paper seeks to determine the impact of NASB Act 2003 on compliance with accounting standards on employee retirement benefits (SAS 8) in Nigeria. The population of the study is the 182 firms quoted on the first -tier market of the Nigerian Stock Exchange (NSE). The study utilizes data from a...

The introduction of an impairment test for goodwill under IFRS is seen as another step toward moving financial accounting and reporting from its traditional historical cost paradigm to one of fair value. This regulatory change has been the subject of a growing body of literature which has often...

We complement recent research (Ball et al. 2003) which suggests that country-level incentives (i.e. legal origin and the level of capital market development) are the main determinants of the quality of financial reporting. Using a newly developed Brazilian Corporate Governance Index (BCGI) we...

Is Accounting Standard 22 (AS 22) on 'Accounting for taxes on income', insofar as it relates to deferred taxation, inconsistent with and ultra vires the provisions of the Companies Act, 1956, the Income-tax Act, 1961 and the Constitution of India? This was the question before the Apex Court of...

In February 2007 the International Accounting Standards Board (IASB) published its draft International Financial Reporting Standard for Small and Medium-sized Entities ('IFRS for SMEs'). It aims to provide a simplified, self-contained set of rules based on the present set of IFRS but adapted for...

Firms listed on stock exchanges within the European Economic Area are required to report consolidated financial statements according to IFRS from 2005. The firms that adopted IFRS in 2005 were also required to restate their 2004 financial statements from national GAAP to provide comparable...

In a lot of countries, not only one but several sets of accounts have to be prepared and disclosed by (holding) companies. This paper inquires into possibly different economic functions of these sets of accounts by looking at the German dual financial reporting system, in which company (single)...