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A high quality account takes time, both because the causes of RBS's failure were complex and multifaceted and because of the need to respect due legal process and confidentiality constraints".
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The world was supposed to be moving to a single set of high quality accounting standards, ones that would make financial statements comparable around the world.
Our results have implications for standard setters, who must navigate special interests as they attempt to promulgate high quality accounting standards, and for users of financial statements who must consider how political forces shape generally accepted accounting principles.
Higher quality accounting standards are supposed to positively affect firms' reporting quality and to be of greater value to users of financial statements.
During the Period 3 from 2008 to 2015 when A share market was reporting quarterly using New CAS, mainland adopted New CAS, which is equivalent to IFRS and considered to be a higher quality accounting standard than Old CAS.
We hypothesized that ACs set up under obligation are more effective because: (a) Spanish Law establishes that these must meet certain requirements which should make them more useful tools; and (b) voluntary ACs could be "cosmetic" tools which are not formed with the real aim of issuing higher quality accounting information.
The good news is that switching is now easier than ever – and high-quality accounts are easily accessible.
Using more "sophisticated" models is what the G20 leaders mean by "high-quality" accounting standards.Hold on.
And by high-quality accounting standards, I mean standards that will result in the financial statements reflecting the actual economics of the underlying business transactions".
For more than a decade, politicians and regulators around the world have claimed to want a common set of high-quality accounting standards that applied globally.
Just last month, the Group of 20 countries reaffirmed support for "continuing work to achieve convergence to a single set of high-quality accounting standards".
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