TITLE

GLOBALIZATION AND ITS IMPACT

AUTHOR(S)
Livingston, Phil
PUB. DATE
December 2002
SOURCE
Financial Executive;Dec2002, Vol. 18 Issue 9, p6
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
The article comments on the role of the International Accounting Standards Board (IASB) in setting accounting standards in the United States. Corporate scandals such as the failure of Enron and WorldCom negatively affected the reputation of the Financial Accounting Standard Board (FASB). However, a joint project involving IASB and FASB will determine the best accounting standards which will be based on the generally accepted accounting principles (GAAP). The IASB agenda includes proposals to reconsider stock-option expensing, the last in, first out or LIFO accounting method, and the treatment of extraordinary items. FASB chairman Robert Herz and Pulitzer Prize winner Thomas Friedman are mentioned.
ACCESSION #
8710167

 

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