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For many years, individual countries decided their own rules and regulations for company financial accounting and reporting. As the world became more global, problems began to arise. A company could make a profit for the year if the rules in its own country were applied, but this could turn into a loss if another country's rules were used. This did not make sense. Investors were hesitant to buy shares in foreign companies, companies were careful when the financial stability of foreign suppliers and customers could not be established, and companies wanting to list on a foreign stock exchange, for example, New York, experienced difficulties. To prevent this confusing and misleading state of affairs, attempts were made at the international level to agree on what the rules, known as accounting standards, should be for financial accounting and reporting. Those standards are now issued by the International Accounting Standards Board (IASB). Since 2002, the standard setter in the United States, the Financial Accounting Standards Board (FASB), has been actively engaged with the IASB in attempting to converge U.S. regulations with international accounting standards. These events are not only important to accountants, but to everyone who has been dealing with a company. This could be investors, employees, customers, banks, suppliers, and the tax authorities. If you are interested in the financial performance and status of a company, you need to understand the accounting rules, their changes, and the reasons they pursue an international set of standards.

Accounting --- Standards. --- Standards --- accounting standards --- conceptual frameworks --- convergence --- Financial Accounting Standards Board --- fraud --- International Accounting Standards Board --- Norwalk Agreement --- principles-based approach --- rules-based approach

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Scandals relating to manipulation and fraud have dominated much of the history of business and the accounting profession in America since its founding. Crooks, corruption, scandals, and panics have been regular features of the business landscape ever since, with regulations and the expansion of financial disclosure, auditing, and regulatory agencies following major debacles. Prior to the creation of the Securities and Exchange Commission (SEC) in the 1930s and the development of generally accepted accounting principles (GAAP), few accounting rules existed and it is difficult to identify "accounting" scandals. Consequently, the primary focus is the post-World War II period, when accounting manipulation and fraud can be identified based on specific accounting violations. The importance of this topic is demonstrated by the major accounting and finance scandals of the 21st century, some of the most destructive in our history.

Accounting fraud --- accounting fraud --- accounting standards --- auditors --- big 4 accounting firms --- corporate fraud --- earnings manipulation --- earnings quality --- Enron --- Sarbanes-Oxley act --- securities and exchange commission --- subprime meltdown --- transparency --- WorldCom

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The report contributes to the Mozambican authorities on reviewing the implementation of the government’s public accounting reform agenda.

Money and Monetary Policy --- International Economics --- Accounting --- Public Finance --- Monetary Policy --- International Agreements and Observance --- International Organizations --- Public Administration --- Public Sector Accounting and Audits --- National Budget, Deficit, and Debt: General --- National Budget --- Budget Systems --- Monetary economics --- International institutions --- Public finance accounting --- Financial reporting, financial statements --- Budgeting & financial management --- Monetary policy --- International organization --- Fiscal accounting and reporting --- Public financial management (PFM) --- Financial statements --- Budget execution and treasury management --- Budget execution processes --- Accounting standards --- International agencies --- Finance, Public --- Budget --- Budget process --- Mozambique, Republic of

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This Financial Sector Assessment Program report on People’s Republic of China–Hong Kong Special Administrative Region highlights that it has developed a sound framework for the regulation of securities markets, which exhibits a high level of implementation of the International Organization of Securities Commissions Principles. Both the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) are sophisticated regulators and have been able to leverage from domestic and international expertise to develop sound supervisory practices. Further, while traumatic, the Lehman minibond experience has led to material improvements in conduct supervision that have permeated both the SFC and the HKMA. Continuing efforts by the SFC to build up its capacity to identify and monitor emerging risks should increase the SFC’s ability to react in a timely manner to an evolving landscape, marked by an increased interconnection with the Mainland China, an active presence by international players and increased regional competition as an international finance center. It is important to consider translating the operational independence that the regulators have enjoyed into de-jure independence, through modifications in the current legal governance arrangements for both SFC and HKMA.

Fiscal policy -- China -- Hong Kong. --- Foreign exchange -- China -- Hong Kong. --- Hong Kong (China) -- Economic conditions. --- Hong Kong (China) -- Economic policy. --- International Monetary Fund -- China -- Hong Kong. --- Business & Economics --- Economic Theory --- Economic development. --- International finance. --- International monetary system --- International money --- Development, Economic --- Economic growth --- Growth, Economic --- Finance --- International economic relations --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Accounting --- Investments: General --- Investments: Futures --- Public Finance --- General Financial Markets: General (includes Measurement and Data) --- Public Administration --- Public Sector Accounting and Audits --- Auditing --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Investment & securities --- Management accounting & bookkeeping --- Financial reporting, financial statements --- Public finance accounting --- Securities --- Futures --- Financial statements --- Accounting standards --- Financial institutions --- Public financial management (PFM) --- Financial instruments --- Finance, Public --- Derivative securities --- Hong Kong Special Administrative Region, People's Republic of China

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Countries implementing International Financial Reporting Standards (IFRS) for loan loss provisioning by banks have been guided by two different approaches: International Accounting Standards (IAS) 39 and Basel standards. This paper discusses the different accounting and regulatory approaches in loan loss provisioning, and the challenges supervisors face when there are different perspectives and lack of guidance from IFRS. It suggests actions that supervisors can take to help banks meet regulatory and capital requirements and, at the same time, comply with accounting principles.

Banks and banking --- Accounting --- Financial statements --- Accounting and review services statements --- Accounting standards --- GAAP (Accounting) --- Generally accepted accounting principles --- Bank accounting --- Bank statements --- Accounting. --- Standards. --- Banks and Banking --- Finance: General --- Money and Monetary Policy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- General Financial Markets: Government Policy and Regulation --- Financial Institutions and Services: Government Policy and Regulation --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Financial services law & regulation --- Banking --- Monetary economics --- International Financial Reporting Standards --- Loan loss provisions --- Credit risk --- Credit --- Financial regulation and supervision --- Money --- Capital adequacy requirements --- State supervision --- Financial risk management --- Asset requirements --- Hong Kong Special Administrative Region, People's Republic of China