International Accounting and Reporting Issues: 2004 Review - Unctad

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II. Overview of main recent developments in the area of corporate governance disclosure ..............................................................................30 III. Status of implementation of good practices on corporate governance disclosure at the company level ...............................................................34 A. Background and methodology............................................................34 B. Main outcomes of the survey .............................................................35 IV. The role of corporate governance disclosures in adding sustainable shareholder value......................................................................................43 A. Overview of findings of selected empirical studies ...........................43 B. Selected companies' feedback ............................................................44 V. Challenges on further improvement of corporate governance disclosures .. ..................................................................................................................45 VI. Conclusions..............................................................................................47 CHAPTER III.............................................................................................................50 IMPLEMENTATION OF INTERNATIONAL ACCOUNTING AND AUDITING STANDARDS..............................................................................................................50 ACRONYMS ...............................................................................................................53 I. Introduction and background ...................................................................54 II. Impediments to the successful implementation of international standards.. ..............................................................................................................55 A. Misunderstandings as to the nature of international standards............55 B. Lack of appropriate mechanisms for granting national authority to international standards..............................................................................56 C. Inconsistencies between international standards and the legal framework ................................................................................................58 D. Lack of appropriate linkages between general-purpose financial reporting and regulatory reporting ...........................................................59 E. Inappropriate scope of application of international standards.............60 F. Non-observability of compliance.........................................................62 G. Areas for improvement in the standards themselves...........................63 H. Mismatch between accounting and auditing requirements and market demands....................................................................................................63 I. Mismatch between accounting and auditing requirements and the capacity to comply ...................................................................................64 J. Mismatch between accounting and auditing requirements and domestic enforcement capacity................................................................................65 K. The special role of the international audit firm networks ...................66 III. The need for international consensus on a comprehensive framework of principles for the regulation of accounting and auditing..........................67 xiii
APPENDIX: Overview of the Accounting and Auditing ROSC Program ..................................................................................................................69 CHAPTER IV.............................................................................................................75 CHALLENGES AND SUCCESSES IN IMPLEMENTING INTERNATIONAL STANDARDS:ACHIEVING CONVERGENCE TO IFRSs AND ISAs....................75 Introduction ......................................................................................................75 Background ......................................................................................................77 Summary of Principal Findings and Basic Assumptions.................................80 Understanding the Meaning of International Convergence .............................81 Translation of the International Standards .......................................................86 Complexity and Structure of the International Standards ................................88 Frequency, Volume, and Complexity of Changes to the International Standards ..........................................................................................................90 Challenges for Small- and Medium-sized Entities and Accounting Firms......92 Potential Knowledge Shortfall .........................................................................94 Implications of Endorsement of IFRSs ............................................................97 Proposals for Actions by Stakeholders...........................................................100 Summary and Conclusions.............................................................................103 APPENDIX 1: LIST OF FOCUS GROUP MEETINGS, INTERVIEWS, AND RESPONDENTS105 APPENDIX 2: LIST OF QUESTIONS COVERED IN FOCUS GROUP MEETINGS, INTERVIEWS, AND WRITTEN SUBMISSIONS .............................................................107 CHAPTER V ............................................................................................................109 CORPORATE DISCLOSURES: SELECTED ISSUES............................................109 Corporate Governance Practices in Russian Companies ...........................................109 The Brazilian Challenges of Implementing IAS/IFRSs: The Analyst's View .........122 A Convergence of International Financial Reporting Standards: The Case of Thailand ................................................................................................................128 xiv
Page 3 and 4: NOTE Symbols of United Nations docu
Page 5 and 6: This volume presents the deliberati
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ACRONYMS A&A Accounting and Auditin
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Accounting Standards: Illustrations
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Comparability of National and Inter
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CHAPTER V CORPORATE DISCLOSURES: SE
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International Accounting and Reporting Issues: 2004 Review - Unctad

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