International Accounting Rules

One of the many issues we address in our textbook is the role of international accounting standards and issues. In January the IASB reported that it and the Accounting Standards Board of Japan had agreed to take steps towards international convergence. This is one more imporatnt move towards an international set of standards. Given that almost all listed companies in the European Union must adopt and apply International Financial Reporting Standards to their consolidated financial statements beginning in 2005, it is important that accounting majors become familar with international issues. I will try to highlight more items as we go forward.