Financial Statements & Quaccess
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Financial statements and accounting pronouncements are used by stakeholders in organizations·shareholders, employees, creditors, investors, suppliers, customers·to evaluate a company's performance and potential. When companies were based in the same country as their stakeholders, following the accounting regulations of that country provided few problems. Standards were necessary·particularly for publicly traded companies·to ensure that comparisons could be made among different companies while the same "definitions" were in place for the "language" of business regardless of who prepared financial statements. As business has become increasingly global, however, the differences in standards among various countries has become more obvious and, in some cases, troublesome. The United States has general accepted accounting principles that apply to its publicly-traded companies; because of the size and complexity of the American market, these standards have also been implemented in other countries, as well. In Europe, however, different national standards have remained in place until 2005, when a single standard was imposed on European companies. This research considers the importance of financial statements in general, the international standards imposed by the European Union, whether Quaccess should adopt these international standards, and whether governments should be involved in the imposition of accounting standards.SHOULD QUACCESS MOVE TOWARD INTERNATIONAL STANDARDS?
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on as possible (McDonnell 12).
One of the key areas that will not be addressed quickly is that of auditing financial statements under the new international regulations. Although auditors are being trained in the new standards, the differences between national standards and the new international standards are significant enough to require considerable retraining in this area. Auditors will be trained in the new regulations, but there is some doubt as to how effective audits will be during the first months of the implementation. As a result, some analysts expect that financial statements·even audited financial statements·may be viewed with suspicion until greater confidence develops in the audit process under the new standards (Colman 9).
Quaccess is an American company that has a large·60 percent·international client base. The company uses international sources of financing, and has operations in six different markets. At this point, the company follows SEC and FASB regulations in the United States, but it is monitoring the implementation of international standards. Some within the organization are eager to adopt these standards believing that it will give the company more credibility in the international market. Others ar
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Some common words found in the essay are:
EU Regulations, European Union, SEC FASB, Quaccess American, United Kingdom, , Board GASB, STANDARDS Governments, STANDARDS Quaccess, Norris C3, international standards, financial statements, accounting standards, american company, american standards, european standards, financial reporting, standards american, european union, adopt international standards, adopt international, financial reporting standards, european standards american, financial statements companies, international accounting standards,
Approximate Word count = 2461
Approximate Pages = 10 (250 words per page)
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