global issue
I should be guilty of dissembling if I were not to refer to the economic difficulties which have affected Japan recently along with several other countries. I assume that these difficulties have come as a shock to people in Japan because of their contrast with the prolonged period of economic success which preceded them. But they show, as history has shown so often, that the enjoyment of steady uninterrupted growth, over the very long term, is beyond the capacity of nations. Every country, no matter how successful, seems bound to experience setbacks. The history of the changing wealth of nations is the subject for a different speech by a different speaker. But accounting has a part to play, an important part, because of its role in making markets work effectively. And this is very much the subject for this speech and this speaker. Today, the central focus of accounting is surely the measurement of business performance. Over the last 200 years or so, the broad trend of economic development has been towards specialisation, large scale production, enabled by increasing domestic and international trade. Large scale production has depended on the growth of capital markets. Hence
Here we see a weakness in IASC's present structure. Our members are professional accounting bodies and in most leading economies, these bodies are not the national standard setters. People involved in national standard setting may be appointed to represent their country on the IASC Board, but this does not happen as a result of constitutional requirements. The national standard setters do not regard IASC as their international organisation. The Recognition of IASC's Standards , although other purposes remain important, the modern focus of accounting has come to be to serve the capital markets, to make those markets work efficiently. This process is not finished in any country of the world, much less internationally. The policy on international accounting harmonisation in Australia is particularly interesting. Australia has a strong national standard setter but, because of pressures from the Australian Stock Exchange and leading businesses, the national standard setter has adopted a special programme of harmonisation. It is reviewing all Australian accounting standards with the objective that compliance with Australian accounting standards will automatically secure compliance with international standards. Australian standards will not be identical to international standards: they may require additional information or they may eliminate certain options which are permitted under international standards, but they will secure compliance.
Some common words found in the essay are:
Accounting Standards, Daimler Benz, Japan Japan, Strategy Party, Securing IOSCO's, United IOSCO, Role IASC, Stock Exchange, , Japan Frankly, accounting standards, national standard, international accounting, international accounting standards, cross border, standard setters, national standard setters, capital markets, accounting rules, international standards, border listings, cross border listings, standards cross border, standards cross, global accounting standards,
Approximate Word count = 3262
Approximate Pages = 13 (250 words per page double spaced)
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