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Accounting Management by International Standards

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Critically evaluate and analyze the attached article and provide conclusion with the analysis.

Article title: Accounting Management by International Standards.
Source and Date of Publication: International Journal of Business and Management, Volume 5, Number 5 (May 2010), pages 36-43.
Name of the Author: Beke, Jeno.

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Accounting Management by International Standards Article Analysis:

Article title: Accounting Management by International Standards.
Source and Date of Publication: International Journal of Business and Management, Volume 5, Number 5 (May 2010), pages 36-43.
Name of the Author: Beke, Jeno.

Introduction:

As the business environment changes and the business increasingly become globalized and operating in an international scale and platform, standardized management accounting and controlling concepts that transcend national boundaries have increasingly been needed. There has been concern on the need of a internationalize Accounting and financial reporting standards to help in comparing of financial statements of countries from different countries and also to make it efficient and less costly for multinational companies when they are conducting financial reporting of their performance. In this article, Jeno Beke from the University of Pécs in Hungary, analyses the benefits of international accounting standards and the role that accounting standards that transcend national boundaries can play in globalization and harmonization of the accounting reporting standards and the effects of internationalizing accounting and financial standards on financial innovation, division of labor, cost of capital and cost of transactions in companies in the world, and in specific the multinational companies.

This topic is very important in view of the International Financial Reporting Standards that were launched in 2005 to enhance transparency and comparability between companies in different countries from the perspective of an investor and is especially important in view of the fact that the global business environment is rapidly transforming; becoming more digitized and boundary-less. If companies will be operating in one market place and also investing in various stock markets in the world, it is essential that the accounting management standards across borders be standardized to be able to compare the performance of companies based on uniform measure. Beke has presented the article in an objective easy to understand format.

Summary of the article:

In this article, Beke analyzes the benefits of international accounting standards and the role that accounting standards that transcend national boundaries can play in globalization and harmonization of the accounting reporting ...

Solution Summary

Accounting management by international standards are examined.

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International Accounting Standards Board (IASB)

Write a report, providing your responses to the required portion of the case. Be sure to properly cite all resources used to write your report. If you use an electronic source, include the URL. If you use an additional printed source please attach a copy of the data to your paper.

CASE:
A manager you work for is making a business trip to London. The manager has several meetings at the company's operating units in London. In addition, the manager is considering a visit to the International Accounting Standards Board (IASB) office in London. The manager has asked you to perform some research on the IASB so that he will have some background information for his visit. (Hint: A helpful search term is "International Accounting Standards Board"). Locate the following information and incorporate this information into a two- to three-page report.

REQUIRED PORTION:

a. Provide a brief history or discussion of the IASB, making sure to include the following additional facts:

(1) The role of the IASC Foundation.
(2) Structure of the IASB.
(3) Number of accounting standards currently published.
(4) Explanation of the steps involved in creating an international accounting standard in accordance
with due process.
(5) Local mailing address and phone number.

b. Briefly summarize the two most recent accounting standards issued by the IASB.

Be sure to properly cite all resources used to write your report. If you use an electronic source, include the URL. If you use an additional printed source please attach a copy of the data to your paper.

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