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The Spanish accounting system and international accounting harmonization

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  • Jose Lainez
  • Jose Jarne
  • Susana Callao
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    Abstract

    During the last decade, Spanish accounting regulations have undergone significant changes as a result of the harmonization process that has been taking place at the international level. These changes fundamentally reflect the adaptation of the regulations to the EU directives, although the statements of the International Accounting Standards Committee (IASC) have also played a role. At a time when the possibility of a further reform to the Spanish regulations is the subject of debate, in order for these to be brought closer to the international criteria, this paper has the following objectives: to show the accounting alternatives that the current Spanish regulations offer to companies; to determine which of these alternatives are adopted in the majority by these companies, thus evaluating the level of internal homogeneity of the accounting practice; and, finally, to evaluate the degree of consensus of these practices with the accounting criteria of the IASC. The results show a lack of homogeneity at the national level with respect to specific accounting areas. Similarly, we find that the degree of consensus with the IASC criteria is no more than moderate if consideration is given only to the benchmark criteria, whilst it increases markedly if the allowed treatments are also considered.

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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal European Accounting Review.

    Volume (Year): 8 (1999)
    Issue (Month): 1 ()
    Pages: 93-113

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    Handle: RePEc:taf:euract:v:8:y:1999:i:1:p:93-113

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Lainez, Jose A. & Callao, Susana & Jarne, Jose I., 1996. "International harmonization of reporting required by stock markets," The International Journal of Accounting, Elsevier, vol. 31(4), pages 405-418.
    2. Leo van der Tas, 1992. "Evidence of EC financial reporting practice harmonization," European Accounting Review, Taylor & Francis Journals, vol. 1(1), pages 69-104.
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    Cited by:
    1. Malcolm Anderson, 2000. "Accounting History Publications 1999," Accounting History Review, Taylor & Francis Journals, vol. 10(3), pages 385-393.
    2. Ester Oliveras & Xavier Puig, 2005. "The Changing Relationship between Tax and Financial Reporting in Spain," Accounting in Europe, Taylor & Francis Journals, vol. 2(1), pages 195-207, January.
    3. Axel Haller, 2002. "Financial accounting developments in the European Union: past events and future prospects," European Accounting Review, Taylor & Francis Journals, vol. 11(1), pages 153-190.

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