Contents: Preface. List of contributors. 1. Indian accounting standards and practices - a descriptive study/Akash S.B. 2. Indian accounting standards: an overview/Debdas Rakshit and Jagannath Hati. 3. Accounting standards in Bangladesh: a conceptual and critical review/Nikhil Chandra Shil. 4. Accounting and auditing standards in Libya/Nasar Saleh Mohammad Ahmad and H. Gin Chong. 5. Accounting standards in Korea/Hyoik Lee and Soon Suk Yoon. 6. The financial reporting standards in Malaysia/Mohd. Ariff Bin Kasim. 7. The role of accounting standards for Indonesia Public Firms financial reports: comparison between international accounting standards and Indonesia accounting standards/Sekar Mayangsari. 8. Factors affecting the level of financial instrument disclosures of banks listed on the stock exchange of Thailand/Buntarika Jaikrajang. 9. Accounting standards in Malaysia/Ayoib Che Ahmad and Nor Zalina Mohammad Yusof. 10. Accounting standards in Turkey/Idil Kaya. 11. Towards excellence: harmonization of accounting standards/C.K. Hebbar, Yathish Kumar and K. Ashok Rao. 12. Urge to converge: the need of the hour/Bhagaban Das. 13. The global convergence of accounting standards: An assessment of emerging trends/Arun Kumar Basu. 14. Interventional financial reporting standards and convergence scenario/Alok Kumar Pramanik. 15. Segmental reporting: a closer look/Debdas Rakshit and Moumita Roy. Index.
The increasing integration of the world capital markets and the explosive growth of cross-border financial transactions in twenty first century have made it an imperative need to create a common world-wide language for communication of financial information. This present lack of a common accounting language imposes significant burdens on those financial regulators that have to deal with financial reports prepared under different frameworks. The existence of diverse financial reporting frameworks also creates problems for those involved in cross-border investing and cross-border security listings. There is a growing realization that a globally accepted common language will aid world economic growth by enhancing the efficiency of capital markets around the world. Convergence of accounting standards is the need of the hour for the purpose of maintaining the uniformity of accounting and reporting practice.
Keeping this in view an attempt has been made to edit a book on Accounting Standards and Convergence Scenario collecting contributions form some renowned authors of different countries on various aspects of national accounting standards of different countries as well as International Financial Reporting Standards.