Essay: Accounting Reporting Criteria

Sample Essay

Regulatory bodies around the world continue to stress the importance of presenting and reporting reliable and accurate information to stakeholders of a company. There are several differences in presentation criteria of the United States and other parts of the world. There are several factors which result in variances in accounting information and influence accounting practices and some of these factors include differences in accounting standards, regulatory requirements and intensity of enforcement, legal environment, ownership patterns and variances in tax laws (Nobes, 1992).

The Financial Accounting Standards Board – FASB formulates and issues standards in the United States whereas the International Accounting Standards Board – IASB issues standards for accounting practices in other parts of the world. The differences in tax framework of United States and other countries also cause differences in reporting procedures. Although differences are present in standards, laws and a regulation, this does not necessarily imply that the whole process of accounting as the basic concepts and techniques of accounting are similar for companies operating anywhere in the world.

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