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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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 Global Financial Reporting Standards: Their Establishment and Enforcement

 Global Financial Reporting Standards: Their Establishment and Enforcement

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

George J. Benston (Contributor Webpage)

Michael Bromwich (Contributor Webpage)

Robert E. Litan (Contributor Webpage)

Alfred Wagenhofer (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/0195305833.003.0010

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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