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The Practical Experience of Adapting to the International Accounting Standards

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  • Jeno BEKE

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    (University of Pecs, Faculty of Business and Economics, Hungary)

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    Abstract

    The multinational companies pay enormous money for making and auditing their accounting reports according to the different national regulations. For these multinational companies the aspects of maximizing the profit is significantly more important than the aspects of national interest or the geographical position. Because of this there is a demand for creating such accounting systems which are evaluating the holder’s economic results equally. Meanwhile the interpretation and adaptation of the financial information based on the different accounting methods are also expensive for the users of these reports. Therefore an authentic and standardized international account reporting system could form that business language, which would allow the comparison of the accounting information of each country. According to the business practice it is obvious that the usage of international accounting principles leads to a reduction of the information asymmetry between the owners and the managers. Previous international accounting references shown that because of this information asymmetry payment of the managers decreased, while the cost of equities rose and the economical and financial forecasts are less accurate.

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    Bibliographic Info

    Article provided by Faculty of Management, Academy of Economic Studies, Bucharest, Romania in its journal REVIEW OF INTERNATIONAL COMPARATIVE MANAGEMENT.

    Volume (Year): 11 (2010)
    Issue (Month): 1 (March)
    Pages: 110-123

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    Handle: RePEc:rom:rmcimn:v:11:y:2010:i:1:p:110-123

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    Related research

    Keywords: Value Based Management (VBM); International Financial Reporting Standards (IFRS); Anglo-Saxon system; accounting national policy; Hungary.;

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    1. Ball, Ray & Shivakumar, Lakshmanan, 2005. "Earnings quality in UK private firms: comparative loss recognition timeliness," Journal of Accounting and Economics, Elsevier, vol. 39(1), pages 83-128, February.
    2. Robert E. Verrecchia & Christian Leuz, 1999. "The Economic Consequences of Increased Disclosure," Working Paper Series: Finance and Accounting 41, Department of Finance, Goethe University Frankfurt am Main.
    3. Bushman, Robert M. & Piotroski, Joseph D., 2006. "Financial reporting incentives for conservative accounting: The influence of legal and political institutions," Journal of Accounting and Economics, Elsevier, vol. 42(1-2), pages 107-148, October.
    4. Barth, Mary E. & Landsman, Wayne & Lang, Mark, 2007. "International Accounting Standards and Accounting Quality," Research Papers 1976, Stanford University, Graduate School of Business.
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