More accounting changes : financial reporting through the age of crisis and globalization / by Robert H. Herz, Columbia Business School, New York, NY, USA. [Electronic resource]
Idioma: Español Editor: Bingley, UK : Emerald Group Publishing Limited, 2016Edición: First editionDescripción: 1 online resource (xxv, 437 pages)Tipo de contenido:- text
- computer
- online resource
- 9781786356307
- 1786356309
- 9781786356291 (Ebook)
- HF5626 .H47 2016
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Descripciones mejoradas de Syndetics:
This volume, More Accounting Changes, is a revised and updated edition of Herz's earlier work, reflecting: developments in financial reporting (including those relating to international convergence of accounting standards); global developments regarding the use of International Financial Reporting Standards; current efforts at disclosure modernization and simplification by the SEC and FASB; a discussion of whether the U.S. is falling behind in corporate reporting ; the rise of 'Integrated Reporting'; the work of the Sustainability Accounting Standards Board (chaired by Michael Bloomberg); and recent regulatory developments emanating from the financial crisis and their interrelationship with financial reporting.
Includes bibliographical references (pages 405-407) and index.
1. My First 49 Years -- Jersey Boy -- Don't Cry for Me Argentina -- Rule Britannia -- The Early Accountant -- Hello Miami, Goodbye Miami (and PW), and Hello Boston (and Coopers & Lybrand) -- Return of the Prodigal Son -- The Roaring '80s and Bad Bob -- Poacher Turned Gamekeeper -- Professional Affairs -- A Merger of Equals and "The Dream Team" -- Could You See It Coming? -- Efforts to Improve and Expand Corporate Reporting -- The Jenkins Committee, Value reporting, and the FASB Business Reporting Research Project -- International Bob -- Unforgettable Events and a Fork in the Road -- Some Basics about the FASB.
2. Charting Course -- Improving Standard Setting -- Can We Make Things Simpler? -- Rationalizing the Structure of U.S. Accounting Standard Setting -- The Accounting Standards Codification -- Improving the Understandability of Standards -- International Convergence -- Setting Course.
3. Stock Option Controversies -- Take Two -- What's the Problem? -- Addressing the Accounting Issues in the Face of Pressure Politics.
4. International Convergence -- The Urge to Converge and Wherefore IFRS? -- What Does the Law Require? -- Views of Standard Setters on International Convergence -- The Norwalk Agreement -- Short-Term Convergence Projects -- Undertaking Major Joint Projects -- The 2005 SEC Staff "Roadmap" and the 2006 FASB-IASB MoU -- Conceptual Framework -- The SEC Eliminates the Reconciliation Requirement and Explores Potential Adoption of IFRSs in the United States -- Improve and Adopt IFRS -- The SEC Proposes a New "Roadmap" to IFRSs Adoption, and the FASB and IASB Update the MoU: Mixed Responses to the SEC "Roadmap"; Some Begin to Question America's Commitment to Global Accounting Standards; The G20 Leaders Push for Rapid International Convergence of Accounting Standards; The FASB and the IASB Respond to the G20 Call by More Than Redoubling the Convergence Effort; A Necessary Change in Plans; Waning of the Urge to Converge; In the Meantime, Back at the SEC; As the World Turns; So, Bob, What Do You Really Think about Convergence and IFRSs?; Nobody Said This Would Be Easy; Now Where?
5. The Financial Crisis -- Accounting Did Not Cause the Financial Crisis, and Accounting Will Not End It -- Were There Warning Signs? -- The Addiction to Off-Balance Sheet Accounting -- Off-Balance Accounting 101 -- Did They Qualify? -- SIVs, Conduits, and Other VIEs -- The Lehman Repo 105 and 108 Transactions -- Fair Value, Mark-to-Market Accounting, and Impairment of Financial Assets -- Some History -- Then Came the Crisis -- The Year 2008 Draws to a Close -- Into 2009 -- Congress Weighs In -- Our Response -- The World Goes On, But It's Not the Same -- Some Lessons Learned -- Measuring Financial Instruments : Amortized Cost versus Fair Value -- Continuing conceptual challenges.
6. Complexity -- Does it need to be so complex? -- The reporting scandals and the Sarbanes-Oxley Act of 2002 -- Conceptual controversy and complexity -- Suggestions on an overhaul of the accounting framework -- Can we handle a more principles-based system? -- A call to action -- CIFiR -- The FASB simplification initiative -- Disclosure overload -- The SEC undertakes a disclosure review project -- Can technology help? -- Private company reporting -- So where are we on complexity?.
7. Looking back and moving forward -- Proud accomplishments -- Opportunities for further improvement -- Some regrets, mistakes, and disappointments -- Changes in financial reporting: a challenging but necessary process -- Some words of advice to colleagues and successors -- Is the United States the leader in financial and corporate reporting? -- So now what, Bob? -- Sustainability reporting and the Sustainability Accounting Standards Board -- So what's in it for companies and investors? -- Is less more?
This volume, More Accounting Changes, is a revised and updated edition of Herz's earlier work (Accounting Changes), reflecting: developments in financial reporting; global developments regarding the use of International Financial Reporting Standards; current efforts at disclosure modernization and simplification by the SEC and FASB; and more developments in the field.
Tabla de contenidos provista por Syndetics
- Foreword(p. xi)
- Preface(p. xv)
- Acknowledgments(p. xxi)
- 1 My First 49 Years(p. 1)
- Jersey Boy(p. 2)
- Don't Cry for Me Argentina(p. 4)
- Rule Britannia(p. 6)
- The Early Accountant(p. 8)
- Hello Miami, Goodbye Miami (and PW), and Hello Boston and Coopers & Lybrand)(p. 13)
- Return of the Prodigal Son(p. 15)
- The Roaring '80s and Bad Bob(p. 17)
- Poacher Turned Gamekeeper(p. 21)
- Professional Affairs(p. 26)
- A Merger of Equals and "The Dream Team"(p. 31)
- Could You See It Coming?(p. 32)
- Efforts to Improve and Expand Corporate Reporting - The Jenkins Committee, ValueReporting, and the FASB Business Reporting Research Project(p. 33)
- International Bob(p. 38)
- Unforgettable Events and a Fork in the Road(p. 39)
- Some Basics about the FASB(p. 44)
- 2 Charting Course(p. 49)
- Improving Standard Setting(p. 57)
- Can We Make Things Simpler?(p. 62)
- Rationalizing the Structure of U.S. Accounting Standard Setting(p. 64)
- The Accounting Standards Codification(p. 66)
- Improving the Understandability of Standards(p. 70)
- International Convergence(p. 71)
- Setting Course(p. 73)
- 3 Stock Option Controversies - Take Two(p. 75)
- What's the Problem?(p. 80)
- Addressing the Accounting Issues in the Face of Pressure Politics(p. 88)
- 4 International Convergence(p. 113)
- The Urge to Converge and Wherefore IFRS?(p. 113)
- What Does the Law Require?(p. 114)
- Views of Standard Setters on International Convergence(p. 115)
- The Norwalk Agreement(p. 119)
- Short-Term Convergence Projects(p. 122)
- Undertaking Major Joint Projects(p. 125)
- The 2005 SEC Staff "Roadmap" and the 2006 FASBTASB MoU(p. 128)
- Conceptual Framework(p. 135)
- The SEC Eliminates the Reconciliation Requirement and Explores Potential Adoption of IFRSs in the United States(p. 137)
- Improve and Adopt IFRS(p. 145)
- The SEC Proposes a New "Roadmap" to IFRSs Adoption, and the FASB and IASB Update the MoU(p. 148)
- Mixed Responses to the SEC "Roadmap"(p. 151)
- Some Begin to Question America's Commitment to Global Accounting Standards(p. 152)
- The G20 Leaders Push for Rapid International Convergence of Accounting Standards(p. 154)
- The FASB and the IASB Respond to the G20 Call by More Than Redoubling the Convergence Effort(p. 155)
- A Necessary Change in Plans(p. 159)
- Waning of the Urge to Converge(p. 163)
- In the Meantime, Back at the SEC(p. 174)
- As the World Turns(p. 187)
- So, Bob, What Do You Really Think about Convergence and IFRSs?(p. 195)
- Nobody Said This Would Be Easy(p. 201)
- Now Where?(p. 204)
- Conclusion(p. 213)
- 5 The Financial Crisis(p. 215)
- Accounting Did Not Cause the Financial Crisis, and Accounting Will Not End It(p. 215)
- Were There Warning Signs?(p. 216)
- The Addiction to Off-Balance Sheet Accounting(p. 218)
- Off-Balance Accounting 101(p. 220)
- Did They Qualify?(p. 221)
- SIVs, Conduits, and Other VIEs(p. 224)
- The Lehman Repo 105 and 108 Transactions(p. 226)
- Fair Value, Mark-to-Market Accounting, and Impairment of Financial Assets(p. 229)
- Some History(p. 230)
- Then Came the Crisis(p. 234)
- The Year 2008 Draws to a Close(p. 244)
- Into 2009 - Congress Weighs In(p. 246)
- Our Response(p. 253)
- The World Goes On, But It's Not the Same(p. 256)
- Some Lessons Learned(p. 257)
- Measuring Financial Instruments - Amortized Cost versus Fair Value(p. 264)
- Some Arguments for Using Amortized Cost(p. 265)
- Some Arguments for Using Fair Value(p. 266)
- So, Who Is Right?(p. 267)
- Another Alternative(p. 269)
- Continuing Conceptual Challenges(p. 278)
- 6 Complexity(p. 281)
- Does It Need to Be So Complex?(p. 281)
- The Reporting Scandals and the Sarbanes-Oxley Act of 2002(p. 283)
- Conceptual Controversy and Complexity(p. 286)
- Asset and Liability View(p. 286)
- Revenue and Expense View(p. 287)
- My Opinion(p. 289)
- An Example(p. 290)
- Back to Concepts(p. 291)
- Theory and Practice(p. 292)
- Suggestions on an Overhaul of the Accounting Framework(p. 294)
- Can We Handle a More Principles-Based System?(p. 297)
- A Call to Action(p. 300)
- CIFiR(p. 303)
- The FASB Simplification Initiative(p. 310)
- Disclosure Overload(p. 312)
- The SEC Undertakes a Disclosure Review Project(p. 317)
- Can Technology Help?(p. 321)
- Private Company Reporting(p. 323)
- The Private Company Financial Reporting Committee, IFRS for SME's, and Other Initiatives(p. 325)
- Blue-Ribbon Panel(p. 329)
- FAF Working Group and Increased FASB Focus on Private Companies(p. 331)
- FAF Proposes Establishing a Private Company Standards Improvement Council(p. 332)
- The FAF Establishes the Private Company Council and a New Process for Setting Private Company Accounting Standards(p. 334)
- So Where Are We on Complexity?(p. 340)
- Conclusion(p. 349)
- 7 Looking Back and Moving Forward(p. 353)
- Proud Accomplishments(p. 362)
- Opportunities for Further Improvement(p. 366)
- Some Regrets, Mistakes, and Disappointments(p. 368)
- Changes in Financial Reporting - A Challenging but Necessary Process(p. 370)
- Some Words of Advice to Colleagues and Successors(p. 374)
- Is the United States the Leader in Financial and Corporate Reporting?(p. 380)
- So Now What, Bob?(p. 384)
- Sustainability Reporting and the Sustainability Accounting Standards Board(p. 392)
- So What's in It for Companies and Investors?(p. 400)
- Is Less More?(p. 402)
- References(p. 405)
- About the Author(p. 409)
- Index(p. 411)