Tuesday, January 10, 2012

OVERVIEW OF IMPORTANT INTERNATIONAL ORGANIZATIONS PROMOTING ACCOUNTING CONVERGENCE

Six organizations have been crucial players in setting international accounting standards and in promoting international accounting harmonization:
international accounting standards and in promoting international accounting



  1. International Accounting Standards Board (IASB)
  2. Commission with the European Union (EU)
  3. International Organization of Securities Commissions (IOSCO)
  4. International Federation of Accountants (IFAC)
  5. United Nations Intergovernmental Working Group of Specialists on International Standards of Accounting and Reporting (ISAR), element of United Nations Conference on Trade and Development (UNCTAD)
  6. Organization for Economic Cooperation and Development Working Group on

Accounting Standards (OECD Working Group) The IASB represents private-sector interests and organizations. The EU Commission, referred to as the European Commission (EC), the OECD Operating Group, and the ISAR are political entities that derive their powers from international agreements. IFAC’s major activities contain issuing technical and professional guidance and promoting the adoption of IFAC and IASB pronouncements. IOSCO promotes high standards of regulation, such as harmonized accounting and disclosure standards for crossborder capital raising and trading.

Also significant may be the World Federation of Exchanges (WFE), the trade organization for regulated securities and derivative markets worldwide. The WFE promotes the skilled small business development of financial markets. Among the WFE’s objectives is always to establish harmonized standards for company processes (such as financial reporting and disclosure) in cross-border trading in securities, including cross-border public offerings. Numerous regional accounting organizations (e.g., the ASEAN Federation of Accountants, the Nordic Federation of Accountants) participate in cross-country normal setting inside their respective regions. The Fédération des Authorities Comptables Européens (FEE: Federation of European Accountants) represents national accounting bodies in Europe. Other regional organizations consist of the Fédération des Bourses Européennes (FESE: Federation of European Securities Exchanges) as well as the Committee of European Securities Regulators (CESR), consisting of secu ities marketplace regulators from EU member nations.


SEE ALSO:
A SURVEY OF INTERNATIONAL CONVERGENCE

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