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SEC's Concept Release On International Accounting Standards - Papers Online

SEC's Concept Release On International Accounting Standards

This memo summarizes the issues presented in the SEC's concept release on International Accounting Standards. These issues include: the five elements of global financial reporting; exceptions to rules for foreign private issuers using accounting standards that differ from GAAP; and the three criteria for assessing the International Accounting Standards Committee. I will begin by summarizing the information provided in the concept release.

Summary of Concept Release

The purpose of the SEC's concept release was to address issues concerning International Accounting Standards. The increased globalization of companies has led to a dilemma for investors because accounting standards in ...

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that financial markets and investors around the world are dependent on high quality information that is consistent and reliable in order to function properly and make informed investments and decisions. (International Accounting Standards)

What are the five elements of a high quality global financial reporting structure?

1. Effective, independent, high quality accounting and auditing standard setters. These accounting standards are made up of a wide-ranging set of rules that demand a consistent, reliable, comparable and relevant data that aids investors, creditors and lenders and any other entities that make decisions regarding capital allocations. Accounting standards should be of good quality because the allocation of capital relies heavily on the accuracy of the financial information presented. (International Accounting Standards)

2. High quality auditing standards. Auditing is important because it allows for independent analysis of financial statements, which ...

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SEC's Concept Release On International Accounting Standards. (2015, July 23). Retrieved December 23, 2024, from http://www.essayworld.com/essays/SECs-Concept-Release-International-Accounting-Standards/104819

"SEC's Concept Release On International Accounting Standards." Essayworld.com. Essayworld.com, 23 Jul. 2015. Web. 23 Dec. 2024. <http://www.essayworld.com/essays/SECs-Concept-Release-International-Accounting-Standards/104819>

"SEC's Concept Release On International Accounting Standards." Essayworld.com. July 23, 2015. Accessed December 23, 2024. http://www.essayworld.com/essays/SECs-Concept-Release-International-Accounting-Standards/104819.

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PAPER DETAILS

Added: 7/23/2015 02:45:45 AM
Category: Economics
Type: Premium Paper
Words: 1021
Pages: 4

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