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The Spanish accounting system and international accounting harmonization

  • Jose Lainez
  • Jose Jarne
  • Susana Callao
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    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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    File URL: http://www.tandfonline.com/doi/abs/10.1080/096381899336168
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    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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    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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