Corporate Disclosure Diversity: A Comparative Assessment
Corporate Disclosure Diversity: A Comparative Assessment
While there are substantial differences in the regulatory regimes, cultures, economic history, nature of government, and institutions among the countries surveyed in the book, these countries have also faced common problems. This chapter provides a comparative assessment of how differences in some of these factors have affected accounting, auditing, and corporate governance. It shows that diversity in financial reports prevails worldwide, and discusses various ways used by companies and users of financial reports to cope with this diversity. The appendix illustrates accounting diversity by describing crucial differences among international financial rules and standards (IFRSs) and national standards, in particular, U.S. generally accepted accounting principles (GAAP).
Keywords: financial reporting, corporate governance, standard setting, enforcement, accounting standards, GAAP, generally accepted accounting principles, IFRS, international financial rules and standards
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