Financial accounting developments in the European Union: past events and future prospects

Haller, Axel

doi:10.1080/09638180220124770

Cited by 141 publications

(75 citation statements)

References 44 publications

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“…At the same time, the internationalization of capital markets, and particularly the increasing centrality of US stock exchanges for global capital flows, gave American accounting rules (US GAAP) a global reach and FASB, the American standard-setter, and the SEC more leverage in international standard-setting (Haller 2002). Both agencies viewed US GAAP as superior to IAS in terms of coherence and transparency, and they were not ready to list foreign companies on US stock exchanges unless these fulfilled the reporting requirements defined in US GAAP.…”

Section: Path Generation In the Transnational Void: Setting Internatimentioning

confidence: 99%

Overcoming path dependency: path generation in open systems

2007

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Studies on societal path dependencies tend to focus on mechanisms that anchor and stabilize national trajectories while paying less attention to transnational interactions and multilevel governance. This paper explores processes of path transformation in societies that are presumed to have the characteristics of open systems. Two pairs of case studies are presented and compared. The first illustrates institutional change through collision, when a national path meets with another. The second describes the emergence of transnational institutional paths and the impact of that process on national institutions and their (potential) transformation. The results indicate that path transformation often stems from a gradual succession and combination of incremental steps and junctures -change is gradual but consequential. They also point to increasing co-evolutionary interaction between national path transformation and transnational path creation. This implies a need for analytical tools that are adapted to the analysis of multi-level, nested processes of institutionalization and de-institutionalization. The paper suggests that the concept of path generation allows for a better specification of the conditions for change in existing societal paths and for the emergence of new paths in the case of open systems than the concept of path dependency.Path dependency is a frequently used concept in the social sciences. In the general sense (soft version), it refers to the idea that events occurring at an earlier point in time will affect events occurring at a later point in time. In a stronger sense, path dependency characterizes historical sequences in which contingent events set institutional patterns with deterministic

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Section: Path Generation In the Transnational Void: Setting Internatimentioning

confidence: 99%

Overcoming path dependency: path generation in open systems

2007

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“…Additionally, there are certain countries where the IFRS has replaced local accounting legislations in a specific manner. Such inconsistent expectations regarding when and how the IFRS should be applied makes financial reporting difficult to compare between industries [10]. Table 4 Summary of use of IFRS in some European countries [4] From the survey, we highlight the case in Slovenia and Bulgaria, where the IFRS has been imposed for all types of financial statements, including stand-alone statements of private companies.…”

Section: Ifrs Presence In Europementioning

confidence: 99%

Should Codification Emerge in IFRS? Does Form of Regulation Matter?

Andor

Rózsa

2013

APH

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The International Financial Reporting Standards (IFRS) is in the process of becoming globally recognised in stock exchanges alongside the Generally Accepted Accounting Principles in the United States (US GAAP). The IFRS and US GAAP have evolved based on the GAAP encompassed by the list of standards that constitute the structure of both accounting literatures. The structure that this article refers to as "standard-based" has been a traditional format for the IFRS and US GAAP in the past. Whereas the IFRS still maintains a standard-based literature structure, US GAAP standard setters of the Financial Accounting Standards Board (FASB) decided to depart from the standard-based tradition of editing accounting literature by redesigning the existing authoritative US GAAP literature into a single codified text, titled the Accounting Standards Codification (ASC). This paper focused on the structures of IFRS and US GAAP to understand whether the ASC enhances the application of US GAAP by professionals.The objective of this paper was to determine whether the structure of the ASC offers an appropriate alternative to the standard-based structure of IFRS -making IFRS a userfriendly accounting literature in Central Europe. We administered a survey as a tool to foster discussion and to identify the features offered by the ASC, which is similar in structure to statutory accounting traditionally adopted in Central Europe.

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“…Haller (2002) considers that there is no way for the harmonization of accounting rules. Jermakowicz et al (2007) showed that the majority of German companies that used IAS/IFRS did it only for the preparation of their consolidated financial statements.…”

Section: The Complexity Of Some Rules and Accounting Treatmentsmentioning

confidence: 99%