5 edition of Special Seminar on International Tax Issues, May 10, 1993. found in the catalog.
Sponsored by the International Fiscal Association, Canadian Branch.Title on spine: IFA Seminar, 1993.
|The Physical Object|
|Pagination||xvi, 59 p. :|
|Number of Pages||59|
nodata File Size: 5MB.
That method is similar to accounting required by U. Nonetheless, the observations about differences between IASC standards and U. GAAP, has noted a number May 10 situations involving the inclusion of reconciling items that appear to be the result of non-compliance with home country GAAP rather than a difference between the home country or IASC basis of accounting and U. High Quality Accounting Standards High quality accounting standards are critical to the development of a high quality global financial reporting structure.
Therefore, quality controls within audit firms that rely on separate national systems may not be effective in a global operating environment. Katz, Secretary, Securities and Exchange Commission, 450 Fifth Street, N. The presentation and content of information provided in the consolidated financial statements related to entities in which the parent company has an interest will differ significantly from that which would have been presented if the entities had not been consolidated.
Corporations and borrowers look beyond their home country's borders for capital. acceptance and continuance of clients and engagements;• GAAP, nor would they be comparable to the financial statements of an enterprise following IASC standards that chose not to revalue its assets.
Investors benefit when they have the ability to compare the performance of similar companies regardless of where those companies are domiciled or the country or region in which they operate. Recent events in the United States have highlighted the importance of high quality auditing standards and, at the same time, have raised questions about the effectiveness of today's audits and the audit process.
Primarily, the basis for the project was limited to the comparison of accounting standards; it did not seek to observe the actual application and enforcement of those standards. We note, however, that IOSCO currently is exploring further work on improving auditing requirements. Second, the IASC has been encouraged to develop standards that provide transparent reporting and can be applied in a consistent May 10 comparable fashion worldwide.
transition provisions that permit unrecognized minimum pension and employee benefit obligations see IAS 19 ;• Under this approach, when alternative treatments are specified such as benchmarks and allowed alternativeswe may specify one treatment as acceptable, while retaining the reconciliation requirement to those financial statements that employ the unacceptable treatment. Accordingly, while the accounting standards used must be high quality, they also must be supported by an infrastructure that ensures that the standards are rigorously interpreted and applied, and that issues and problematic practices are identified and resolved in a timely fashion.
Is there another mechanism for enhancing our access to audit working papers and witnesses outside the United States? Opinion 18 generally requires the use of the equity method. The three criteria set forth in that statement remain the criteria that will guide our assessment of the IASC standards.
IAS 11 requires the revenue-cost approach. That conclusion is not new, nor is it unique to this report. See "World Bank Warns Big Five Over 1993. Audit Standards," Financial Times, October 19, 1998, page 1.
Lack of Requirements or Guidance Comparability also is impacted when either the IASC standard or the closely related U.