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Required: critically evaluate the following statement: Accounting regulation is at a crossroads : many believe that we need a
Finance & Accounting
Pages 5 (1255 words)
Name: Tutor: Course: Date: University: Accounting Regulation is at Crossroads Introduction In the recent past, there have been alterations in accounting regulations, as a result, of development of International Financial Reporting Standards. In September 2002, FASB and IASB agreed to work collectively, in consultation with other regional and national agencies, to remove the disparities between U.S.
109). Also, companies operating in a certain country experienced difficulties while comparing their financial performance with foreign companies in the same industry. Consequently, users, preparers and regulators of financial reports recognized the need to develop a universal accounting regulation, which will ensure a universal disclosure framework (McEwen 2009, p. 110). This paper seeks to examine whether we require a universal recognized disclosure framework, which will offer guidance to preparers and regulators towards superior material disclosure. Disclosure Framework Full revelation principle is relevant to the concept of materiality. This principle necessitates that the entire material information has to be revealed in financial declarations either on the face of monetary reports or in the notes of monetary declarations (Bellandi 2012, p. 4). On January 2013, IASB (International Accounting Standards Board) released some of the outcomes of an investigation carried out lately on monetary information disclosures. Respondents to the survey recognized various aspects, which contribute to the problem of disclosure. The IASB received responses from 225 respondents across North America, Asia and Africa. ...
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