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Accounting Standards-Internationalization

October 19, 2007

Analysis of:IASB Warns Europe on Accounting Standards | www.ft.com

A standard is meant for an acceptable content presented in a specified manner for better understanding. Professional bodies tend to elicit views of their members' analyse and format the majority opinions into a document which is then termed as Standard. There are two issues according to me:- Issue A 1. Different bodies assume that what that body by majority agrees should be the standard not only for that body but also to be universal 2. The environment in which different bodies work is different and views of one body need not necessarily be that of others. Issue B 1. All of us resist change and resist more when that is thrusted by another (Others) 2. A creative mind always look for something new The multiplicity of Standards, like Accounting standards and International Accounting standards, IFRS, etc., only creates more of resistance. What is really required is the conrtent and not the format. A simple format which encourages more voluntary disclosures will be practical.

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