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Worldwide Financial ReportingThe Development and Future of Accounting Standards$
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George J. Benston, Michael Bromwich, Robert E. Litan, and Alfred Wagenhofer

Print publication date: 2006

Print ISBN-13: 9780195305838

Published to Oxford Scholarship Online: February 2006

DOI: 10.1093/0195305833.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 08 December 2021

 Global Financial Reporting Standards: Their Establishment and Enforcement

 Global Financial Reporting Standards: Their Establishment and Enforcement

(p.225) 10 Global Financial Reporting Standards: Their Establishment and Enforcement
Worldwide Financial Reporting

George J. Benston (Contributor Webpage)

Michael Bromwich (Contributor Webpage)

Robert E. Litan (Contributor Webpage)

Alfred Wagenhofer (Contributor Webpage)

Oxford University Press

Standard setters are attempting to structure a single set of global accounting standards. This chapter examines the costs and benefits of such convergence and finds that it is not a viable solution. It outlines a system of “constrained competition” in standards, within which a small set of high-quality standards would offer the most feasible and flexible setting that would cope with increasingly global capital markets. Three alternatives of such competition — among countries, between exchanges, and competition at the firm level — are outlined and discussed. The chapter also discusses harmonization of audit oversight and enforcement worldwide, and stresses that quality assurance is more important than the convergence of accounting standards.

Keywords:   standard setting, globalization, accounting standards, auditing standards, enforcement, Sarbanes-Oxley Act

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