Question: Distinguish between harmonization standardization convergence
Distinguish between harmonization, standardization, convergence, adoption and EU endorsement.
Answer to relevant QuestionsUsing the reconciliations of this chapter and the information in Chapter 2, comment on the adjustments necessary when moving from German or UK to US or IFRS accounting in 2004/5?Explain why it is necessary to define 'asset' or 'expense' from first principles, but not both. Why has the IASB chosen to define the former?Discuss the causes of differences in financial reporting and its regulation (giving relevant examples of the effects) between your own country and the United States.Why do the US and France have stock exchange regulators as accounting standards enforcement bodies, whereas the UK does not?Is there a connection between the amount of political lobbying in a country and the degree of independence of the standard-setter from (a) Government departments, (b) The accountancy profession?
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