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Globalisation of Accounting Standards

Edited by Jayne M. Godfrey, Dean, College of Business and Economics, The Australian National University and Keryn Chalmers, Swinburne University of Technology, Australia
In this book, Jayne Godfrey and Keryn Chalmers explore the intricacies of the globalisation of accounting standards – arguably one of the most significant business developments of the wider globalisation process during the past two decades. They examine the key issues and implications of this harmonisation of accounting standards from the perspectives of a diverse range of worldwide stakeholders.
Extent: 328 pp
Hardback Price: $151.00 Web: $135.90
Publication Date: 2007
ISBN: 978 1 84542 852 5
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  • Business and Management
  • International Business
  • Economics and Finance
  • International Accounting
  • International Business
In this book, Jayne Godfrey and Keryn Chalmers explore the intricacies of the globalisation of accounting standards – arguably one of the most significant business developments of the wider globalisation process during the past two decades. They examine the key issues and implications of this harmonisation of accounting standards from the perspectives of a diverse range of worldwide stakeholders.

Globalisation of Accounting Standards shows that globalisation approaches differ significantly because countries seek to maintain varying degrees of sovereignty over their regulations. International differences in economic, political, legal, religious and social characteristics also affect globalisation approaches and, in turn, influence national accounting standard-setting agendas. The book explores why countries relinquish their existing national accounting standard-setting regimes to join the global movement. It also seeks to resolve questions such as: To what extent are national incentives altruistic, economic, political or social? Who are the winners and losers in the process?

This authoritative book is thoroughly researched and expertly informed. Written by both academics and regulators, it tackles a critical and controversial issue in the globalisation movement. As such, it will be of great interest to a wide-ranging audience including: international, national, private and public sector standard-setters, economic regulators, accounting academics and political economists and strategists.
‘. . . a wonderful expose of the issues underpinning the movement towards a single, global, set of accounting standards. With the world poised on the brink of adopting a single set of international accounting standards, the contribution of Globalisation of Accounting Standards to economic policy development around the world could not be more timely or more valuable. Accounting standards globalisation implications extend far beyond the mere reporting of financial statements. This book thoroughly investigates economic, social, religious, and political implications sensitively and fairly. It should be essential reading for policymakers, standard-setters, academics; indeed for all students of international business and politics.’
– Tsuguoki Fujinuma, Japanese Institute of Certified Public Accountants (JICPA) and the past president of the International Federation of Accountants (IFAC)

‘This book charts the past and the present, and suggests some future directions in the accounting standards globalisation process. In doing so, it explains that the effects of globalising accounting standards are far broader and deeper than many would consider. Contributing authors are drawn from around the globe, and from academia and national and/or international standard-setting backgrounds. They apply a range of theories and research methods to provide a wealth of knowledge, experience and insight to issues faced at political, theoretical and practical levels as different countries work towards global accounting standards. I commend this book to all readers seeking insights into the depth and breadth of issues relating to the globalisation of accounting standards.’
– From the foreword by Sir David Tweedie, Chairman, International Accounting Standards Board
Contributors: D. Alexander, K. Chalmers, G.L. Clark, J.-F. des Robert, A. Du Plessis, I. Edwards, S. Evraert, J.C. Gaa, J.M. Godfrey, T. Hebb, C. Koga, I. Langfield-Smith, D.-M. Lu, W. Lu, P. Mazzola, H.P. Möller, R. Narayanaswamy, N.M. Nasir, R. Picker, L. Pozza, A. Provasoli, G. Rimmel, P. Schelluch, K.M. Stevenson, D.L. Street, J. Struweg, A. West, D. Wójcik, A. Zainol, W.-G. Zhang
Contents:

Foreword

1. Globalisation of Accounting Standards: An Introduction
Jayne M. Godfrey and Keryn Chalmers

2. Institutional Investors and the Language of Finance: The Global Metrics of Market Performance
Gordon L. Clark, Tessa Hebb and Dariusz Wójcik

3. The IASB: Some Personal Reflections
Kevin M. Stevenson

4. Globalisation of Accounting Standards: A UK Perspective
David Alexander

5. The US Role in the Globalisation of Accounting Standards
Donna L. Street

6. The Place of Canada in Global Accounting Standard Setting: Principles Versus Rules Approaches
James C. Gaa

7. Too Special to Go Global? Too Small to be Special? An Insight into Australia’s Decision to Adopt IFRS and the Consequences for its own Standard Setting and Application
Ruth Picker

8. The Role of National Standard Setters in the Standards Developing Process: The Italian Experience
Angelo Provasoli, Pietro Mazzola and Lorenzo Pozza

9. French Accounting Revolution: Implementing IFRS in French Companies
Serge Evraert and Jean-François des Robert

10. Accounting Regimes and their Effects on the German Stock Market
Hans Peter Möller

11. Globalisation of Accounting: Implications for Australian Public Sector Entities
Keryn Chalmers, Jayne M. Godfrey, Ian Langfield-Smith and Wei Lu

12. Convergence of Chinese Accounting Standards with International Standards: Process, Achievements and Prospects
Wei-Guo Zhang and De-Ming Lu

13. Accounting Harmonisation and Diffusion of International Accounting Standards: The Japanese Case
Chitoshi Koga and Gunnar Rimmel

14. The Impact of Globalisation of Accounting Standards on India
R. Narayanaswamy

15. Globalisation of Financial Reporting: An Islamic Focus
Norita Mohd Nasir and Aniza Zainol

16. Globalisation and Accounting Reforms in an Emerging Market Economy: A Case Study of South Africa
Iain Edwards, Peter Schelluch, Adel du Plessis, Jean Struweg
and Andrew West

Index