Standards are quite voluminous and detailed because

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Unformatted text preview: ounting Standards Board (ASB) which publishes Financial Reporting Standards (FRS). USA US financial accounting and reporting is in the Anglo-Saxon model and hence has many similarities to accounting in such countries as the United Kingdom and Australia, and it is largely consistent with standards promulgated by the IASC. Financial statements are supposed to present fairly the financial position and results of the company in conformity with generally accepted accounting principles. Accounting is regulated by a private sector body, the Financial Accounting Standards Board, but a governmental agency, the Securities and Exchange Commission, underpins the authority of the standards. Standards are quite voluminous and detailed because of the litigiousness of US society and the intense competition among accounting firms for business. 34 REFERENCES Alexander, D., and Archer, S. (editors) (1995) European Accounting Guide, Harcourt Brace, UK, 2nd edition, 1570 pages. Alhashim , D.D. and Arpan, J.S. (1992) International Dimensions of Accounting, PWS Kent USA, 2nd...
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This note was uploaded on 05/02/2013 for the course ECONOMIC economics taught by Professor Economics during the Fall '13 term at Elmont Memorial High School.

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