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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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 Summing Up and Charting a Future for Standard Setters

 Summing Up and Charting a Future for Standard Setters

(p.257) 11 Summing Up and Charting a Future for Standard Setters
Worldwide Financial Reporting

George J. Benston (Contributor Webpage)

Michael Bromwich (Contributor Webpage)

Robert E. Litan (Contributor Webpage)

Alfred Wagenhofer (Contributor Webpage)

Oxford University Press

This chapter reiterates the major themes of the book and then further discusses a number of current key issues in financial reporting: that “fair values” based on estimates are unlikely to be seen as trustworthy and may be difficult, if not impossible, to verify; that financial reports can never provide all the information necessary for entity valuation; and that national differences in accounting requirements mean that any global set of accounting standards is likely to fragment in use. It suggests that a better approach is to entertain a small set of competitive international accounting standard regimes.

Keywords:   assets, liabilities, fair values, OFR, operating and financial review, MD&A, management discussion and analysis, intangibles

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