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论文作者:英语论文论文属性:职称论文 Scholarship Papers登出时间:2012-04-23编辑:lena ding点击率:10752
论文字数:1758论文编号:org201204230938012994语种:英语 English地区:澳大利亚价格:免费论文
关键词:Woolworths Ltdfinancial analysis
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6.1.2 The United States
The Securities and Exchange Commission (SEC) was a supporter towards a uniform accounting standard in the world. They suggested officially that US corporations should adopt IFRS by the end of 2014. However, they have turned their view to the opposite side after the financial crisis. The ambiguous treatment methods on special propose vehicle and credit instruments remained the concern of SEC officials on adopting IFRS for US corporations. Moreover, they suggested that it incurred a huge cost for companies to change the accounting method.
6.1.3 Canada
The Canadian Accounting Standards Board made a major change in 2005. They decided to adopt IFRS rather than the U.S. GAAP. The board has announced a fixed deadline of 2011 for companies to adopt IFRS in 2007. IFRS will be required for interim reports for public listed companies.
6.1.4 Korea
A domestic version of the Generally Accepted Accounting Principles (GAAP) has been adopted by Korean companies before the Asian Financial Crisis at the dawn of the last decade. However, the International Monetary Fund (IMF) advised Korean companies to improve transparency in accounting. Ever since the suggestion by the IMF, Korean companies have investigated to integrate their financial statements to international standard. They started planning and came to adopt IFRS gradually.
6.2 Comparison of adopting IFRS before and after the crisis
6.2.1 Adoption of IFRS – the cases of the United States
With the green light from the SEC, U.S. corporations were welcome to the new accounting standards instead of U.S. GAAP. With the intensification of the globalization, more and more U.S. corporations seek business from overseas. Overseas investments account for an increasing portion of top line and bottom line of the financial statements for US corporations. According to a survey done by the U.S Treasury, overseas equity investment showed a big jump in this decade. Equity investment in Europe doubled in 3 years time between 2003 and 2006. Therefore, there was an urgent need for them to adopt IFRS to give investors more transparency on their financial positions.
Before the financial crisis, the SEC took an aggressive position on the harmonization of IFRS. It offered a road map to migrate GAAP to IFRS that would lead to all public companies reporting under IFRS by 2014. Multinational companies were given permission to adopt IFRS before the purposed deadline.
However, in a recent speech by SEC Director of Corporate Finance, White, he claimed that the IFRS should not be considered as the universal accounting standard. In his speech, White (2008) commented that He also commented that the SEC cannot see ‘a single rationale for why the Commission should be looking at IFRS for U.S. companies’. This indicated that without a strong support from the regulatory body, US corporations stepped backward to a further integration of accounting standards after the crisis.
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