Читать книгу Transparency in Financial Reporting - Ruth Ann McEwen - Страница 11

While transparency has generally focused on US GAAP, the planned convergence of US GAAP with standards provided by the IASB offers a unique opportunity to view transparency of financial reporting from two perspectives. US GAAP is often viewed as overly prescriptive, while standards promulgated by IASB are considered to be based more on general principles. Neither perspective necessarily guarantees transparency.

Convergence is being viewed as one method by which asset and liability reporting will be enhanced. The effects on earnings or comprehensive income have yet to be identified. Joint committees are examining differences between IFRS and US GAAP and selecting the reporting methods considered to yield higher quality results. Smaller reporting issues may be successfully resolved in this manner. More fundamental issues, especially relating to the propensity of US accountants to generate voluminous rules in order to reduce audit liability, are expected to generate much more controversy during the convergence process.