By Parmod Chand,Christopher Patel
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Additional resources for Achieving Global Convergence of Financial Reporting Standards. Implications from the South Pacific Region
A more recent classiﬁcation by Mueller et al. (1994) has four zones of inﬂuence: British–American, Continental, South American, and Mixed economy. 3. , 2002). 4. The fourth, Ernst and Young, is represented by Deloitte Touche Tohmatsu. 5. Reporting entity is a concept used in Australia to denote all entities that are required to prepare general purpose ﬁnancial reports under the Corporations Act 2001. 6. The AASB outlined its proposals in Exposure Draft (ED) 151 Australian Additions to and Deletions from IFRS, which was issued in November 2006, and considered constituents’ responses to ED 151 in early 2007.
International Convergence of Financial Reporting Standards 25 To facilitate the adoption of IFRS from the beginning of 2005, the IASB had established a ‘‘stable platform’’ of new and revised standards in March 2004. However, there had been numerous developments in the IASB standard setting arena since March 2004. New standards, such as IFRS 6 Exploration for and Evaluation of Mineral Resources, were issued and a number of existing standards amended. These developments have farreaching implications, especially in countries that have already adopted the IFRS.
1 Developing such ﬁnancial reporting standards seems to be a legitimate role for the IASB and its forerunner the IASC. 2 Prima facie, the IFRS project an aura of objectivity by transcribing complex ‘‘local reality’’ into universal recognizable and acceptable information (Saravanamuthu, 2004, p. 296). ’’ Assuming that IFRS are relevant to all societies, the factors causing the differences among the nations are regarded as too simplistic and are seen to be easily effaced. This view fails to acknowledge that even with the establishment of a single set of ﬁnancial reports, institutional differences in infrastructure, culture, legal requirements, and socioeconomic and political systems between nations have contributed to the large scale of international differences in ﬁnancial reporting (Ampofo & Sellani, 2005; Nobes & Parker, 2004; Radebaugh & Gray, 2002; Saudagaran, 2004; Schultz & Lopez, 2001).