International Accounting Standards and Rules
Many countries use or are converging on the International Financial Reporting Standards (IFRS), established and maintained by the International Accounting Standards Board. In some countries, local accounting principles are applied for regular companies but listed or large companies must conform to IFRS, so statutory reporting is comparable internationally, across jurisdictions.
Read more about this topic: Generally Accepted Accounting Principles
Famous quotes containing the words accounting, standards and/or rules:
“I, who am king of the matter I treat, and who owe an accounting for it to no one, do not for all that believe myself in all I write. I often hazard sallies of my mind which I mistrust.”
—Michel de Montaigne (1533–1592)
“There are ... two minimum conditions necessary and sufficient for the existence of a legal system. On the one hand those rules of behavior which are valid according to the system’s ultimate criteria of validity must be generally obeyed, and on the other hand, its rules of recognition specifying the criteria of legal validity and its rules of change and adjudication must be effectively accepted as common public standards of official behavior by its officials.”
—H.L.A. (Herbert Lionel Adolphus)
“In really hard times the rules of the game are altered. The inchoate mass begins to stir. It becomes potent, and when it strikes,... it strikes with incredible emphasis. Those are the rare occasions when a national will emerges from the scattered, specialized, or indifferent blocs of voters who ordinarily elect the politicians. Those are for good or evil the great occasions in a nation’s history.”
—Walter Lippmann (1889–1974)