Worldwide Financial Reporting: The Development and Future of Accounting Standards

Worldwide Financial Reporting: The Development and Future of Accounting Standards

Volumn , Issue , 2006, Pages 1-327

  Benston, George J ^a   Bromwich, Michael ^b   Litan, Robert E ^c,d   Wagenhofer, Alfred ^e  

^a EMORY UNIVERSITY   (United States)

^b LONDON SCHOOL OF ECONOMICS   (United Kingdom)

^c BROOKINGS INSTITUTION   (United States)

^d EWING MARION KAUFFMAN FOUNDATION   (United States)

^e UNIVERSITY OF GRAZ   (Austria)

Author keywords

Accounting standards; Assets; Auditing standards; Capital markets; Corporate governance; Economic values; Fair value; Financial markets; Globalization; Liabilities

Indexed keywords

EID: 84920422578     PISSN: None     EISSN: None     Source Type: Book    
DOI: 10.1093/0195305833.001.0001     Document Type: Book

References (257)

1. AAA (American Accounting Association) Financial Accounting Standards Committee, 2003. "Implications of Accounting Research for the FASB's Initiatives on Disclosure of Information about Intangible Assets." Accounting Horizons 17, 175-185.
2. Aboody, D., M. E. Barth, and R. Kaznik, 1999. Revaluations of fixed assets and future firm performance. Journal of Accounting and Economics 26, 161-191.
3. Accounting Standards Board, 1999. Statement of Principles for Financial Reporting. London.
4. Ahmadjian, C. L., 2001. "Changing Japanese Corporate Governance." Working Paper, Columbia Business School: Tokyo, Japan.
5. Alexander, Volbert, and Martin T. Bohl, 2000. "Ausprägungen von Finanzsystemen." In: Jürgen von Hagen and Johann Heinrich von Stein, eds. Obst and Hintner: Geld-, Bank- und Börsenwesen, 40th ed. Stuttgart:Schäffer-Poeschel, 447-470.
6. Allen, F., and D. Gale, 2000. Comparing Financial Systems. Cambridge, MA:MIT Press.
7. American Institute of Accountants, 1932-1934. Audits of Corporate Accounts, Correspondence between the Special Committee on Co-operation with Stock Exchanges of the American Institute of Accountants and the Committee on Stock List of the New York Stock Exchange.
8. Aoki, M., and G. Saxonhouse, eds., 2000. Finance, Governance and Competitiveness in Japan. Oxford: Oxford University Press.
9. Arbeitskreis Bilanzrecht der Hochschullehrer Rechtswissenschaft, 2002. "Zur Fortentwicklung des deutschen Bilanzrechts." Betriebs-Berater 57, 2372-2381.
10. ASBJ, 2003. Our Stance on Convergence, Accounting Standards Board of Japan. Tokyo, Japan, 24 April.
11. Baetge, Jörg, Hans-Jürgen Kirsch, and Stefan Thiele, 2003. Bilanzen, 7th ed. Düsseldorf: IDW-Verlag.
12. Ball, R., 2001. "Infrastructure Requirements in the Area of Accounting and Disclosure Policy." 4th Brookings-Wharton Conference Proceedings. Washington: Brookings Institute.
13. Ball, R., A. Robin, and J. Shuang Wu, 2003. "Incentives versus Standards:Properties of Accounting Income in Four East Asian Countries." Journal of Accounting and Economics 36, 235-270.
14. Barr, Andrew, and Elmer C. Koch, 1959. "Accounting and the SEC." George Washington Law Review 28, 181-182.
15. Barth, M. E., and G. Clinch, 1996. "International Accounting Differences and Their Relation to Share Prices: Evidence from U.K., Australian, and Canadian Firms." Contemporary Accounting Research 13, 135-170.
16. Barth, M. E., and G. Clinch, 1998. "Revalued Financial, Tangible, and Intangible Assets: Associations With Share Prices and Non-Based Value Estimates." Journal of Accounting Research 36, 199-223.
17. Barth, M. E., G. Clinch, and T. Shibano, 1999. "International Accounting Harmonization and Global Equity Markets." Journal of Accounting and Economics 26, 201-235.
18. Baums, T., ed., 2001. Bericht der Regierungskommission Corporate Governance. Köln: Otto Schmidt-Verlag: (English summary available at http://www.shearman.com/documents/government_panel.pdf.)
19. Bay, W., and H.-G. Bruns, 1998. "Multinational Companies and International Capital Markets." In P. Walton, A. Haller and B. Raffournier, eds. International Accounting. London: International Thomson Business Press, 336-355..
20. Beasley, Mark S., Joseph V. Carcello, and Dana R. Hermanson, 1999. Fraudulent Financial Reporting: 1987-1997: An Analysis of U.S. Public Companies, Research Commissioned by the Committee of Sponsoring Organizations of the Treadway Commission, Jersey City, NJ: AICPA (American Institute of Certified Public Accountants).
21. Beason, D., and J. James, 1999. The Political Economy of Japanese Financial Markets: Myths versus Reality. Houndmills, Basingstoke, UK: Macmillan.
22. Benston, George J., 1969A. "The Effectiveness and Effects of the SEC's Accounting Disclosure Requirements." In Henry G. Manne, ed. Economic Policy and the Regulation of Corporate Securities. Washington DC: American Enterprise Institute for Public Policy Research, 23-79.
23. Benston, George J., 1969B. "The Value of the SEC's Accounting Disclosure Requirements." Accounting Review 44, 515-532.
24. Benston, George, J., 1975. "Accounting Standards in the U.S. and the U.K.:Their Nature, Causes and Consequences." Vanderbilt Law Review, 235-268.
25. Benston, George J., 1979/1980. "The Market for Public Accounting Services:Demand, Supply and Regulation." The Accounting Journal, 1-46. Republished (with small changes) in the Journal of Accounting and Public Policy, 1985 (Spring), 33-79.
26. Benston, George J., 1982. "Accounting and Corporate Accountability." Accounting, Organizations and Society 7, 87-105. Rejoinder, 1984, 417-419.
27. Benston, George J., 2003A. "The Regulation of Accountants and Public Accounting Before and After Enron." Emory Law Journal, 52 (Summer), 1325-1351.
28. Benston, George J., 2003B. "The Quality of Corporate Financial Statements and Their Auditors Before and After Enron." Policy Analysis, 497 (Nov. 6). Washington DC: CATO Institute.
29. Benston, George J., 2005. "Fair-Value Accounting: A Cautionary Tale from Enron." Working paper, Goizueta Business School, Emory University.
30. Benston, George J., Michael Bromwich, Robert E. Litan, and Alfred Wagenhofer, 2003. Following the Money: TheEnron Failure and the State of Corporate Disclosure. AEI-Brookings Joint Center for Regulatory Studies, Washington DC: Brookings Institution Press.
31. Benston, George J., Michael Bromwich, and Alfred Wagenhofer, 2005. "Principles- vs. Rules-based Accounting Standards: The SEC's Report and The FASB's Standard Setting Strategy." Working paper, Emory University.
32. Bhagat, Sanjai, and Bernard S. Black, 2001. "The Non-Correlation Between Board Independence and Long-Term Performance." Journal of Corporation Law 27, 231-273.
33. Biddle, G. C., and S.M. Saudagaran, 1991. "Foreign Stock Listings. Benefits, Costs, and the Accounting Policy Dilemma." Accounting Horizons 5 (September), 69-80.
34. Bloom, R., S. Long, and M. Collins, 1994. "Japanese and American Accounting: Explaining the Differences." Advances in International Accounting 6, 265-284.
35. Blume, Marshall E., 2002. "The Structure of the U.S. Equity Markets." Brookings-Wharton Papers on Financial Services, 35-59,.
36. Board, J., C. Sutcliffe, and S. Wells, 2001. Orderly Markets: A Report to the Financial Services Authority. London: Financial Services Authority (FSA).
37. Bordo, Michael D., Barry Eichengreen, and Douglas A. Irwin, 1999. "Is Globalization Today Really Different from Globalization a Hundred Years Ago?" Brookings Trade Forum, 1-51,.
38. Botosan, C. A., and M. A. Plumlee, 2002. "A Re-examination of Disclosure Level and the Expected Cost of Equity Capital." Journal of Accounting Research 40, 21-40.
39. Briault, C., 1999. The Rationale for a Single National Financial Services Regulator. Occasional Paper Series, no. 2. London: Financial Services Authority (FSA), May.
40. Bromwich, Michael, 1992. Financial Reporting, Information and Capital Markets, London: Pitman.
41. Bromwich, Michael, 2001. "Angels and Trolls: The ASB's Statement of Principles of Financial Reporting." The ACCA/BAA Distinguished Academic 1999 Lecture. British Accounting Review, 33, 47-72.
42. Bromwich, Michael, 2004. "Aspects of the Future in Accounting: The Use of Market Prices and 'Fair Values' in Financial Reports." In Christian Leuz, Dieter Pfaff, and Anthony Hopwood, eds. The Economics and Politics of Accounting:International Perspectives on Research Trends, Policy, and Practice. New York: Oxford University Press, 32-57..
43. Brown, Philip, and Ann Tarca, 2001. "Politics, Processes and the Future of Australian Accounting Standards." Abacus 37, 267-296.
44. Buckle, M., and J. Thompson, 1998. The UK Financial System. Manchester:Manchester University Press.
45. Cadbury Report, 1992. Report on the Financial Aspects of Corporate Governance. London: Gee Publishing, 1 December.
46. Cairns, D. W., 2000. International Accounting Standards Survey 1999. Available at www.cairns.co.uk/surveys.asp.
47. Cairns, D. W., 2001. International Accounting Standards Survey 2000. Available at www.cairns.co.uk/surveys.asp.
48. Cairns, D. W., and C. Nobes, 2000. The Convergence Handbook: A Comparison Between International Accounting Standards and UK Financial Reporting Requirements, London: The Institute of Chartered Accountants in England and Wales.
49. CESR, 2005. Draft Technical Advice on Equivalence of Certain Third Country GAAP and on Description of Certain Third Countries Mechanisms of Enforcement of Financial Information. Consultation Paper, Paris, April.
50. Chambers, R. J., 1966. Accounting, Evaluation and Economic Behavior. Englewood Cliffs, NJ: Prentice Hall.
51. Choi, F. D. S., and R. M. Levich, 1990. The Capital Markets Effects of International Accounting Diversity. Homewood, IL: Dow Jones-Irwin.
52. Choi, F. D. S., and R. M. Levich, 1996. "Accounting Diversity." In B. Steil, ed. The European Equity Markets. London: European Capital Markets Institute, 259-320..
53. Choi, Frederick D. S., Carol A. Frost, and Gary K. Meek, 1999. International Accounting, 3rd ed. Upper Saddle River, NJ: Prentice Hall.
54. Christensen, J. A., and Demski, Joel S., 2003. Accounting Theory: An Information Content Perspective. McGraw-Hill.
55. Claessens, Stijn, Daniela Klingebiel, and Sergio L. Schmukler, 2002. "The Future of Stock Markets in Emerging Economies." In Robert E. Litan and Richard Herring, eds. Brookings-Wharton Papers on Financial Services. Washington DC: The Brookings Institution, 167-212. Available at http://www1.fee.uva.nl/fm/PAPERS/Claessens/futureofstock.pdf).
56. Clark, P. K, P. H. Hinton, E. J. Nicholson, L. Storey, G. G. Wells, and M. G. White, 2003. The Implications of Fair Valued Accounting For General Insurance Companies. Sessional Meeting Paper, Institute of Actuaries and Faculty of Actuaries, March. Available at www.actuaries.org.uk/files/pdf/sessional/sm030324pdf.
57. Clarke, F., Dean, G., and Oliver, K., 2003. Corporate Collapse: Accounting, Regulatory and Ethical Failures, 2nd ed. Cambridge: Cambridge University Press.
58. Clews, Henry, 1908. Fifty Years on Wall Street. New York: Irving Publishing.
59. CLRG [Company Law Review Group], 2001. Company Law Review: Final Report, London: Department of Trade and Industry, July. Available at http://dti.gov.uk/cld/reviews.condocs.htm.
60. Committee of Wise Men on the Regulation of European Securities Markets, 2001. Final Report (Lamfalussy Report). Brussels, 15 February.
61. Committee on Corporate Governance, 1998. Committee On Corporate Governance: The Combined Code. London: Gee Publishing.
62. Competition Commission, 1999, British Telecommunications plc. A report on a reference under section 13 of the Telecommunications Act 1984 on the charges made by British Telecommunications plc for calls from its subscribers to phones connected to Cellnet and Vodafone and Reports on references under section 13 of the Telecommunications Act 1984 on the charges made by Cellnet and Vodafone for terminating calls from fixed-line networks. Available at www.competition-commission.org.uk.
63. Conference Board, 2003. Commission on Public Trust and Private Enterprise, Findings and Recommendations, Part 2: Corporate Governance. New York, January 9.
64. Co-ordinating Group on Audit and Accounting Issues, 2003. Final Report to the Secretary of State for Trade and Industry and the Chancellor of the Exchequer. London: Department of Trade and Industry, January.
65. d'Arcy, Anne, and Dieter Ordelheide, 2001. "A Reference Matrix." In Ordelheide, Dieter, and KPMG, eds. Transnational Accounting, 2nd ed., Houndmills, Basingstoke, UK, and New York: Palgrave, 1-101.
66. d'Arcy, Anne. 2001. "Hat sich die internationale Bilanzierung für den Neuen Markt bewährt?" In Adolf G. Coenenberg and Klaus Pohle, eds. Internationale Rechnungslegung. Stuttgart: Schäffer-Poeschel, 165-177..
67. Daines, R., 2001. "Does Delaware Law Improve Firm Value?" Journal of Financial Economics 62, 525-558.
68. Dale, R., 1996. Risk and Regulation in Global Securities Markets. Chichester, UK: John Wiley.
69. Danish Ministry of Science, Technology and Innovation, 2003. Intellectual Statement Guidelines: The New Guideline. Copenhagen.
70. Defliese, Philip L., 1958. Influence of SEC on Accounting Principles and Procedures and the Practice of Accounting. Accounting Papers of the 12th Annual Conference of Accountants, University of Tulsa, pp. 65-76.
71. Delaney, Patrick R., Barry J. Epstein, Ralph Nach, and Susan Weiss Budak, 2001. Wiley GAAP 2002. New York: AICPA.
72. Deloitte, 2004. IAS Plus: Key Differences Between IFRSs and US GAAP, Special Edition, June. Available at www.iasplus.com.
73. Department of Trade and Industry, 2001. A World Class Competition Regime, Cm 5233.
74. Department of Trade and Industry, 2003. Review of the Regulatory Regime of the Accountancy Profession, Report to the Secretary of State for Trade and Industry. London: Department of Trade and Industry, January.
75. Department of Trade and Industry, 2005. The Companies Act, 1985 (Operating and Financial Review and Director's Report, etc.) Regulations 2005. London: The Stationary Office.
76. Dewing, I. P., and P. O. Russell, 2004. "Accounting, Auditing and Corporate Governance of European Listed Countries: EU Policy Developments Before and After Enron." Journal of Common Market Studies 42, 289-319.
77. DiPiazza, S. A., and R. G. Eccles, 2002. Building Public Trust. New York: Wiley.
78. Dodd, David L., 1930. Stock Watering. New York: Columbia University Press.
79. Domowitz, Ian, and Benn Steil, 2001. "Innovation in Equity Trading Systems:The Impact on Trading Costs and the Cost of Equity Capital." In Benn Steil, David Victor, and Richard Nelson, eds. Technological Innovation and Economic Performance. Princeton: Princeton University Press.
80. dti (Department of Trade and Industry), 2001. The Company Law Review Steering Group. Modern Company Law: For a Competitive Economy, Final Report, two volumes. London: Department of Trade and Industry, July.
81. dti (Department of Trade and Industry), 2004. Company Law: Draft Regulations on the Operating and Financial Review and Directors' Report:A Consultative Document. London: Department of Trade and Industry, May. Available at www.dti.gov.uk/cld/condocs.htm.
82. Dye, R. A., and S. Sunder, 2001. "Why Not Allow FASB and IASB Standards to Compete in the U.S.?" Accounting Horizons 15, 257-271.
83. Eccles, R. G., R. H. Herz, E. M. Keegan, and D. M. W. Philips, 2001. Value Reporting Revolution: Moving Beyond the Earnings Game. New York: John Wiley.
84. Edwards, E. O., and P. W. Bell, 1961. Theory and Measurement of Income, Berkeley and Los Angeles: University of California Press.
85. Edwards, Jeremy S. S., and Klaus Fischer, 1994. "An Overview of the German Financial System." In Nicholas Dimsdale and Martha Prevezer, eds. Capital Markets and Corporate Governance. Oxford: Clarendon, 257-283.
86. Elsas, Ralf, and Jan P. Krahnen, 2004. "Banks and Relationships with Firms." In Jan P. Krahnen and Reinhard H. Schmidt, eds. The German Financial System. London: Oxford University Press, 197-232..
87. European Central Bank, 2001. The Euro Equity Markets. August.
88. European Central Bank, 2004. Fair Value and Accounting and Financial Stability. Occasional Paper Series No. 13, April. Available at www.ecb.int/pub/pdf/scpops/ecboccp13pdf.
89. European Commission, 2000A. EU Financial Reporting Strategy: The Way Forward. COM(2000) 359 of 13 June 2000. Brussels.
90. European Commission, 2000B On Quality Assurance for the Statutory Audit in the European Union: Minimum Requirements. Commission Recommendation 2001/256/EC of 15 November 2000. Brussels.
91. European Commission, 2001A. Recognition, Measurement and Disclosure of Environmental Issues in the Annual Accounts and Annual Reports of Companies. Commission Recommendation 2001/453/EC of 13.06.2001. Brussels.
92. European Commission, 2001B. "Toward an EU Regime on Transparency Obligations of Issuers Whose Securities Are Admitted to Trading on a Regulated Market," International Market DG, July 11.
93. European Commission, 2002. Statutory Auditors' Independence in the EU: A Set of Fundamental Principles. Commission Recommendation 2002/590/EC of 16 May 2002. Brussels.
94. European Commission, 2004. Proposal for a Directive of the European Parliament and of the Council on Statutory Audit of Annual Accounts and Consolidated Accounts and Amending Council Directives 78/660/EEC and 83/349/EEC. COM/2004/0177 final, 16 March 2004. Brussels.
95. European Union, 2001. A study on systems of civil liability of statutory auditors in the context of a Single Market for auditing services in the European Union. January. Available at http://europa.eu.int/comm/internal_market/en/company/audit/docs/auditliability.pdf.
96. European Union, 2003. Accounts Modernisation Directive: Directive 2003/51/EC amending Directives on the annual and consolidated of certain types of companies, banks and other financial institutions and insurance undertakings, 18 June. Available at http://europa.eu.int/eur-lex/pri/em/oj/dat/2003/l_178/l_17820030717en00160022.pdf.
97. FASB (Financial Accounting Standards Board), 1999. The IASC-U.S. Comparison Project: A Report on the Similarities and Differences between IASC Standards and U.S. GAAP, 2d ed., edited by Carrie Bloomer. Norwalk, CT: FASB.
98. FASB (Financial Accounting Standards Board), 2002. Proposal: Principles- Based Approach to US Standard Setting. Norwalk, CT: FASB.
99. FASB (Financial Accounting Standards Board), 2003. Original Pronouncements, Accounting Standards as of June 1, 2003, Vol. II FASB Statements of Standards, 101-150, New York: John Wiley & Sons, Inc.
100. FASB (Financial Accounting Standards Board), 2004. Proposed Statement of Financial Accounting Standards, Fair Value Measurement. Norwalk, CT: FASB.
101. Fearnley, S., R. Brandt, and V. Beattie, 1998. Financial Reporting Review Panel: An Analysis of its Activities in Financial Reporting Today: Current and Emerging Issues. London: Accountancy Books.
102. Fédération des Experts Comptables Européens, 1997. Comparative Study on Conceptual Accounting Frameworks in Europe. Brussels, May.
103. Fédération des Experts Comptables Européens, 1998. Setting the Standards:Statutory Audits in Europe. Brussels, June.
104. Fédération des Experts Comptables Européens, 2000. Accounting Standard Setting in Europe. Brussels, December.
105. Fédération des Experts Comptables Européens, 2001A. Enforcement Mechanisms in Europe. Brussels, April.
106. Fédération des Experts Comptables Européens, 2001B. Proposal on International Standards on Auditing in the EU. Brussels, November.
107. Fédération des Experts Comptables Européens, 2002. Discussion Paper on Enforcement of IFRS Within Europe. Brussels, April.
108. Financial Executives International, 2001. Quantitative Measures of the Quality of Financial Reporting. FEI Research Foundation, PowerPoint presentation. Available at www.fei.org.
109. Financial Reporting Council, 2003. The Combined Code. London: Financial Reporting Council.
110. Financial Services Authority (FSA), 1997. Financial Services Authority: An Outline. London: FSA.
111. Financial Services Authority (FSA), 2000A. A New Regulator for the New Millennium. London: FSA.
112. Financial Services Authority (FSA), 2000B. Summary Annual Report, 1999/2000. London: FSA.
113. Financial Services Authority (FSA), 2001. Annual Report, 2000/2001. London:FSA.
114. Financial Services Authority (FSA), 2002. Annual Report, 2001/2002. London:FSA.
115. Flower, J., with G. Ebbers, 2002. Global Financial Reporting. Houndsmills, Basingstoke, UK: Palgrave Macmillian.
116. Forum of European Securities Commissions, 2001. Standards and Rules for Harmonizing Core Conduct of Business Rules for Investor Protection. Paris, February.
117. Foster, John M., and L. Todd Johnson, 2001. "Why Does the FASB Have a Conceptual Framework?" Understanding the Issues, August. Norwalk, CT:FASB.
118. Frankel, Jeffrey A., 2001. "Assessing the Efficiency Gains from Further Liberalization." Conference volume in honor of Ray Vernon. Efficiency, Equity and Legitimacy: The Multilateral Trading System at the Millennium. Washington DC: Brookings Institution Press.
119. Frost, C. A., and M. H. Lang. 1996. "Foreign Companies and U.S. Securities Markets: Financial Reporting Policy Issues and Suggestions for Research." Accounting Horizons 10, March, 95-109.
120. GAO (General Accounting Office), 2002. Financial Statement Restatements:Trends, Market Impacts, Regulatory Responses, and Remaining Challenges. GAO-03-138, October.
121. Garten Task Force, 2001. Strengthening Financial Markets: Do Investors Have the Information They Need? Report of an SEC-Inspired Task Force, May.
122. Gebhardt, Günther, and Aaron A. Heilmann, 2004. "DRS 4 in der Bilanzierungspraxis-ein Beispiel für die Missachtung Deutscher Rechnungslegungsstandards." Der Konzern 2, 109-118.
123. Geneva Association, 2004. "Impact of a Fair Value Financial Reporting System on Insurance Companies." Geneva Papers on Risk and Insurance:Issues and Practice 29, 51-581.
124. Gordon, W., 1999. "A Critical Evaluation of Japanese Accounting Changes Since 1997." Available at http://wgordonweb.wesleyan.edu/papers/jaccount.htm.
125. Greenbury Report, 1995. Directors' Remuneration: Report of a Study Group (Chaired by Sir Richard Greenbury). London: Gee Publishing, July 17.
126. Griever, William L., Gary A. Lee, and Francis E. Warnock, 2001. "The U.S. System for Measuring Cross-Border Investment in Securities: A Primer with a Discussion of Recent Developments." Federal Reserve Bulletin October, 633-650.
127. Group of Ten, 2001. Report on Consolidation in the Financial Sector (January). Available on the websites of the Bank for International Settlements (www.bis.org), the International Monetary Fund (www.imf.org), and the Organization for Economic Cooperation and Development (www.oecd.org).
128. Hail, Luzi, and Christian Leuz, 2003. International Differences in Cost of Capital: Do Legal Institutions and Securities Regulation Matter? University of Pennsylvania, working paper, September.
129. Haller, Axel, and Peter Walton, 1998. "Country Differences and Harmonization." In Peter Walton, Axel Haller, and Bernard Raffournier, eds. International Accounting. London: International Thomson Business Press, 1-30..
130. Haller, Axel, 2002. "Financial Accounting Developments in the European Union: Past Events and Future Prospects." European Accounting Review 11(1), 153-190.
131. Hamada, K., 2000. "Explaining the Low Litigation Rate in Japan." In M. Aoki and G. Saxonhouse, eds. Finance, Governance and Competitiveness in Japan. Oxford: Oxford University Press.
132. Hampel Report, 1998. Committee on Corporate Governance: Final Report. London: Gee Publishing, July 28.
133. Harris, M. S., and K. A. Muller III, 1999. "The Market Valuation of IAS versus US-GAAP Accounting Measures Using Form 20-F Reconciliations." Journal of Accounting and Economics 26, 285-312.
134. Hayakawa, S., 1996. Japanese Financial Markets. Abington: Gresham Books.
135. Healy, P. M., and K. G. Palepu, 2003. "The Fall of Enron." Journal of Economic Perspectives 17, 3-26.
136. Helliwell, John, 1998. How Much Do National Borders Matter? Washington DC:Brookings Institution Press.
137. Herring, Richard J., and Robert E. Litan, 1995. Financial Regulation in the Global Economy. Washington DC: Brookings Institution Press.
138. Hicks, J. R., 1946. Value and Capital. Oxford: Clarendon Press.
139. Hicks, J. R., 1979. "The Concept of Business Income." Greek Economic Review (December). Reprinted in Hicks, J. R., 1983. Classics and Moderns:Collected Essays on Economic Theory, Vol. III. Oxford: Blackwell.
140. Higgs, D., 2003. Review of the role and effectiveness of non-executive directors. London: Department of Trade and Industry, January.
141. High Level Group of Company Law Experts, 2002. A Modern Regulatory Framework for Company Law in Europe. Final Report (Winter Report). Brussels, Nov. 4.
142. Hilzenrath, David S., 2001. "Auditors Face Scant Discipline; Review Process Lacks Resources, Coordination, Will." The Washington Post A.1 ff, Dec. 6.
143. Hiramatsu, K., 2000. Changes in Accounting Systems of Japan after 1999 Financial Crisis. Working paper, Kwansei Gakuin University.
144. Hiramatsu, K., 2001. Debate on the Reform of Corporate Governance in Japan: with an Accounting Perspective. Working paper, Kwansei Gakuin University.
145. Hoffman, L., and Arden, M, 1983. Counsel's Opinion on 'true and fair'. The Accounting Standards Committee, Joint Opinion. Sept. 13.
146. Hoffman, L., and Arden, M., 1984. "Supplementary Joint Opinion, 20 March." Reproduced in PricewaterhouseCooper's Manual of Accounting: The Guide to UK Accounting Law and Practice, 2001. London: Gee, pp. 2051-2056.
147. Horiuchi, A., 1995. Financial Sector Reforms in Postwar Japan: An Overview. Working paper, University of Tokyo.
148. Horton, J., and R. Macve, 2000. " 'Fair Value' for Financial Instruments: How Erasing Theory is Leading to Unworkable Global Accounting Standards for Performance Reporting." Australian Accounting Review 21, July 2, 26-39.
149. Hoshi, T., and A. Kashyap, 2001. Corporate Financing and Governance in Japan: The Road to the Future. Cambridge, MA: MIT Press.
150. IASB (International Accounting Standards Board), 2005. International Financial Reporting Standards (IFRSs). London.
151. International Accounting Standards Committee Foundation (IASCF). Review of the Constitution: Proposals for Change. London, November.
152. International Federation of Accountants (IFAC), 2003. Rebuilding Public Confidence in Financial Reporting: An International Perspective. New York.
153. International Organization of Securities Commissions (IOSCO), 1998. Objectives and Principles of Securities Regulation. September.
154. International Organization of Securities Commissions (IOSCO) [undated]. Investor Protection in the New Economy. Technical Bulletin.
155. International Organization of Securities Commissions (IOSCO), 2000. IASC Standards: Assessment Report. Report of the Technical Committee of the International Organization of Securities Commissions. May.
156. JFSA (Japanese Financial Services Authority), 2004. Evolving Japanese GAAP:High Quality Accounting Standards. Japanese Financial Services Agency, April 19.
157. Japanese Institute of Certified Public Accountants, 1999. Corporate Disclosure in Japan: Accounting. Tokyo: JICPA.
158. Japanese Institute of Certified Public Accountants, 2004, Oversight and Independence of the CPA Auditing in Japan. Tokyo: JICPA.
159. Joshua, D., and Tobias J. Moskowitz, 1999. "Home Bias at Home: Local Equity Preferences in Domestic Portfolios." Review of Financial Studies 7, 2045-2073.
160. JWG (Joint Working Group of Standard Setters), 2000. Financial Instruments and Similar Items. London: Accounting Standards Board.
161. JWGBA (Joint Working Group of Banking Association on Financial Instruments), 1999. Accounting for Financial Instruments for Banks. Available at www.fbe.be/pdf/accounting/pdf.
162. Kang, J., and A. Shivadasani, 1995. "Corporate Restructuring During Performance Declines in Japan." Journal of Financial Economics 38, 29-58.
163. Kaushik, Surenda K., and Massime Santicchia, 2002. Capital Flows, Global Equity Market Diversification, Volatility and Policy Responses. Unpublished manuscript (on file with the authors).
164. Klein, April, 1998. "Firm Performance and Board Committee Structure." Journal of Law and Economics 41, 137-165.
165. Köhler, A. G., K.-U. Marten, D. Schlereth, and A. Crampton, 2003. "Praxisbefragung: Erfahrungen von Unternehmen bei der Umstellung der Rechnungslegung von HGB auf IAS/IFRS oder US-GAAP." Betriebs-Berater 58, 2615-2621.
166. KPMG, 2004. Sarbanes-Oxley Section 404: An Overview of the PCAOB's Requirements. April.
167. Krahnen, Jan P., and Reinhard H. Schmidt, eds., 2004. The German Financial System. London: Oxford University Press.
168. Küting, Karlheinz, 1993. "US-amerikanische und deutsche Bilanzierung im Vergleich-unter besonderer Berücksichtigung der Konzernrechnungslegung und des Daimler-Benz-Listing in New York." Betriebswirtschaftliche Forschung und Praxis 45, 357-379.
169. La Porta, R., F. Lopez-de-Silanes, A. Shleifer, and R. Vishny, 2000. "Investor Protection and Corporate Governance." Journal of Financial Economics 58, 3-27.
170. La Porta, Rafael, Florencio Lopez-de-Silanes, Andrei Shleifer, and Robert Vishny, 1998. "Law and Finance." Journal of Political Economy 106, 1113-1155.
171. Lang, M., J. S. Raedy, and M. H. Yetman, 2003. "How Representative Are Firms That Are Cross-Listed in the United States? An Analysis of Accounting Quality." Journal of Accounting Research 41, 363-386.
172. Leffson, Ulrich, 1988. Wirtschaftsprüfung, 4th ed. Wiesbaden: Gabler.
173. Leuz, C., 2003. "IAS Versus U.S. GAAP: Information Asymmetry-Based Evidence from Germany's New Market." Journal of Accounting Research 41, 445-472.
174. Leuz, Christian, and Robert E. Verrecchia, 2000. "The Economic Consequences of Increased Disclosure." Journal of Accounting Research 38, SUPPLEMENT (1), 91-124.
175. Leuz, Christian, and Jens Wüstemann, 2004. "The Role of Accounting in the German Financial System." In Krahnen, Jan P., and Reinhard H. Schmidt, eds. The German Financial System. London: Oxford University Press, 450-481.
176. Lev, B., and P. Zarowin, 1999. "The Boundaries of Financial Reporting and How to Extend Them." Journal of Accounting Research 37 (SUPPLEMENT), 353-385.
177. Lev, Baruch, 2001. Intangibles: Management, Measurement and Reporting. Washington DC: Brookings Institution Press.
178. Levich, Richard M., 2001. The Importance of Emerging Capital Markets. Brookings-Wharton Papers on Financial Services, 1-45..
179. Levitt, Arthur, 1998. The Numbers Game. Remarks to New York University Center for Law and Business, September 28. Available at www.sec.gov/news/speeches/spch/220.txt.
180. Levitt, Arthur, 2002. Take on the Street. New York: Pantheon Books.
181. Lewis, Karen K., 1999. "Trying to Explain Home Bias in Equities and Consumption." Journal of Economic Literature 37, 571-608.
182. Litan, Robert E., Paul Masson, and Michael Pomerleano, eds., 2001. Open Doors: Foreign Participation in Financial Systems in Developing Countries. Washington, DC: Brookings, IMF and World Bank.
183. Maines, Laureen A., Eli Bartov, Patricia Fairfield, Eric D. Hirst, Teresa E. Ianoconi, Russell Mallett, Chatherine M. Schrand, Douglas J. Skinner, and Linda Vincent, 2003. "Evaluating Concept-Based vs. Rules-Based Approaches to Standard Setting." Accounting Horizons 17, 73-90.
184. McKinnon, J. L., 1986. The Historical Development of and Operational Form of Corporate Reporting Regulation in Japan. New York: Garland Publishing.
185. McKinsey, 2002. McKinsey Global Investor Opinion Survey on Corporate Governance. July.
186. Ministry of Finance (MOF), 1977. Financial System Reform: Towards the Early Achievement of Reform. June 13.
187. Mofsky, James S., 1971. Blue Sky Restrictions on New Business Promotions. New York: Mathew Bender.
188. Mulford, Charles W., and Eugene E. Comiskey, 2002. The Financial Numbers Game: Detecting Creative Accounting Practices. John Wiley & Sons, Inc.
189. Myners, Paul, 2001. Review of Institutional Investment. London: H.M. Treasury.
190. Nelson, M., J. Elliott, and R. Tarpley, 2002. "Evidence from Auditors About Managers' and Auditors' Earnings Management Decisions." The Accounting Review 77 (SUPPLEMENT), 175-202.
191. Nicolaisen, D. T., 2005. "A Securities Regulator Looks at Convergence." Northwestern University Journal of International Law and Business 25, 661-686.
192. Nippon Keidanren (Japanese Business Federation), 2003. Seeking International Collaboration on Accounting Standards, Policy Proposal. Tokyo: Nippon Keidanren, Oct. 17. Available at www.keidanren.or.jp/english/policy/2003/096/proposal.html.
193. Nippon Keidanren (Japanese Business Federation), 2004. "Re: Nippon Keidanren's response to 'Review of the Listing Regime," Letter, Tokyo:Japanese Business Federation, Jan 30.
194. Nobes, Christopher W., ed., 2000. GAAP 2000: A Survey of National Accounting Rules in 53 Countries.
195. OECD (Organisation for Economic Co-operation and Development), 1999. OECD Principles for Corporate Governance. Paris: OECD.
196. Ordelheide, Dieter, 1998. "Wettbewerb der Rechnungslegungssysteme IAS, US-GAAP und HGB." In Clemens Börsig and Adolf G. Coenenberg, eds. Controlling und Rechnungswesen im internationalen Wettbewerb. Stuttgart:Schäffer-Poeschel, pp. 15-53.
197. Ordelheide, Dieter, and KPMG, eds., 2001. Transnational Accounting, 2nd ed. Houndmills, Basingstoke, UK, and New York: Palgrave.
198. Ordelheide, Dieter, and Dieter Pfaff, 1994. Germany. European Financial Reporting. London and New York: Routledge.
199. Oser, Peter, Christian Orth, and Dominic Wader, 2003. "Die Umsetzung des Deutschen Corporate Governance Kodex in der Praxis." Der Betrieb 56, 1337-1341.
200. Palmrose, Zoe-Vonna, and Susan Scholz, 2002. "The Circumstances and Legal Consequences of Non-GAAP Reporting: Evidence from Restatements. Contemporary Accounting Research Conference. Panel on Audit Effectiveness: Report and Recommendations (Shawn F. O'Malley, Chair), 2000, The Public Oversight Board, Stamford, CT, Aug. 31. Available at www.probauditpanel.org.
201. Paton, W. A., and A. C. Littleton, 1940. An Introduction to Corporate Accounting Standards. Monograph No. 3, American Accounting Association.
202. Pecora, Ferdinand, 1939. Wall Street Under Oath. New York: Simon and Schuster.
203. Pellens, Bernhard, Franca Hillebrandt, and Björn Ulmer, 2001. "Umsetzung von Corporate-Governance-Richtlinien in der Praxis." Betriebs-Berater 56, 1243-1250.
204. PricewaterhouseCoopers, 2002. 2005: Ready or Not. London, June.
205. PricewaterhouseCoopers, 2003. Manual of Accounting: The Definitive Guide to GAAP in the UK, 2004. Including IFRS Comparisons, London: Gee Publishing Limited.
206. PricewaterhouseCoopers, 2004. Similarities and Differences-A Comparison of IFRS and US GAAP, February.
207. Prowse, S., 1991. "Corporate Governance in an International Perspective: A Survey of Corporate Control Mechanisms Among Large Firms in the US, UK, Japan and Germany." Financial Markets, Institutions and Instruments 4, 1-63.
208. PwC (PricewaterhouseCoopers), 2004. Trends in Corporate Reporting 2004:Towards Value Reporting.
209. Rappaport, Louis H., 1963. SEC Accounting Practice and Procedure, 2nd ed. New York: The Ronald Press.
210. Ripley, William Z., 1927. Main Street and Wall Street. Boston: Little Brown & Co.
211. Roberts, C., P. Weetman, and P. Gordon, 1998. International Financial Accounting: A Comparative Approach, London: Financial Times/Pitman Publishing. Chapter 15, 547-580.
212. Saudagaran, S. M., and G.K. Meek, 1997. "A Review of Research on the Relationship between International Capital Markets and Financial Reporting by Multinational Firms." Journal of Accounting Literature 16, 127-159.
213. Schilit, Howard, 2002. Financial Shenanigans: How To Detect Accounting Gimmicks & Fraud in Financial Reports, 2nd ed. New York: McGraw-Hill.
214. Schipper, Katherine, 2003. "Principles-based Accounting Standards." Accounting Horizons 17, 61-73.
215. Schmalenbach, Eugen, 1919. Grundlagen dynamischer Bilanzlehre. Leipzig:Glöckner.
216. Schmidt, Reinhard H., Andreas Hackethal, and Marcel Tyrell, 2002. "The Convergence of Financial Systems in Europe." Schmalenbach Business Review, Special Issue: German Financial Markets and Institutions: Selected Studies; Günter Franke, Günther Gebhardt, and Jan Pieter Krahnen, eds. 1, 7-53.
217. Schneider, Dieter, 1995. "The History of Financial Reporting in Germany." In Peter Walton, ed. European Financial Reporting. London: Academic Press, 123-155..
218. Schröer, Thomas, 1993. "Company Law and Accounting in Nineteenth- Century Europe: Germany." European Accounting Review 2, 335-345.
219. SEC (Securities and Exchange Commission), 2000. Concept Release:International Accounting Standards. February. Available at http://www.sec.gov/rules/concept/34-42430.htm.
220. SEC (Securities and Exchange Commission), 2003A. Report Pursuant to Section 704 of the Sarbanes-Oxley Act of 2002. Washington, DC, January.
221. SEC (Securities and Exchange Commission), 2003B. Interpretation:Commission Guidance Regarding Management's Discussion and Analysis of Financial Condition and the Results of Operations. Washington: US Securities and Exchange Commission, Dec. 19. Available at www.sec.gov/rules/interp./33-8350.htm.
222. SEC (Securities and Exchange Commission), 2003C. The SEC Summary by the Division of Corporate Finance of Significant Issues Addressed in the Review of the Periodic Reports of the Fortune 500 Companies. Available at www.sec.gov/divisions/corpfin/fortune500rep.htm.
223. Shiba, K., 2001. Corporate Disclosure in Japan. Working paper, Kansai University.
224. Shiba, K., and L. Shiba, 1997. "Japan." In R. Ma, ed. Financial Reporting in the Pacific Asia Region. Singapore: World Scientific Press.
225. Simmonds, Andy, and Oliver Azières, 1989. Accounting for Europe: Success by 2000 AD. London: Touche Ross.
226. Smith, Sir Robert, 2003. Audit Committees-Combined Code Guidance. London: Financial Reporting Council, January.
227. Someya, K. 1989. "Accounting 'Revolutions' in Japan." The Accounting Historians' Journal, 16(I), 75-86.
228. Sprouse, Robert T., 1966. "Accounting for What-You-May-Call Its." The Journal of Accountancy, October, 45-53.
229. Stationery Office, 2002. Modernising Company Law, Command Paper 5553. London: Stationery Office, July.
230. Steil, Benn, 2002. Building a Transnational Securities Market, New York:Council on Foreign Relations.
231. Stigler, George J., 1965. "The Dominant Firm and the Inverted Umbrella." The Journal of Law and Economics VIII (October), 117-172.
232. Storey, R. K., and S. Storey, 1998. The Framework of Financial Reporting Concepts and Standards. Norwalk: FASB.
233. Street, D. L., and S. J. Gray, 2001. Observance of International Accounting Standards: Factors Explaining Non-compliance. ACCA Research Report No. 74. London: Certified Accountants Educational Trust.
234. Study Group on the Internationalization of Business Accounting, 2004. Report on the Internationalization of Business Accounting. Tokyo: Ministry of Economy, Trade and Industry.
235. Sunder, S., 2002. "Regulatory Competition Among Accounting Standards Within and Across International Boundaries." Journal of Accounting and Public Policy 21, 219-234.
236. Tarafa, E., 2004. Testimony Concerning Global Markets, National Regulation and Cooperation. Testimony Before the House Financial Services Committee, Washington: The US Securities and Exchange Commission, May 13. Available at www.sec.gov/news/testimony/ts051304et.htm.
237. Tesar, Linda, and Ingrid Werner, 1998. The Internalization of Securities Markets since the 1987 Crash. Brookings-Wharton Papers on Financial Services, 281-349..
238. Theissen, Erik, 2004. "Organized Equity Markets." In Krahnen, Jan P., and Reinhard H. Schmidt, eds. The German Financial System. London: Oxford University Press, 139-162..
239. Thompson, Robert B., 2003. "Collaborative Corporate Governance: Listing Standards, State Law and Federal Legislation." Wake Forest Law Review 38, 961-982.
240. Valdez, S., 2000. Introduction to Global Financial Markets. Houndsmill, Basingstoke, Hampshire, UK: Palgrave.
241. Veda, K., 1990. "Are Japanese Stock Prices Too High?" Journal of Japanese and International Economics 3, 351-370.
242. von Werder, Axel, 2004. "Modernisierung der Mitbestimmung." Die Betriebswirtschaft 64, 229-243.
243. Wagenhofer, Alfred, 2005. Internationale Rechnungslegungsstandards-IAS/IFRS, 5th ed. Frankfurt: Redline Wirtschaft.
244. Wallman, S. H., 1996. The Future of Accounting and Financial Reporting: Part II, The Colorized Approach. Remarks to The American Institute Of Certified Public Accountants' 23rd National Conference, Washington DC, Feb. 15.
245. Walton, Peter, 1995. "International Accounting and History." In Peter Walton, ed. European Financial Reporting. London: Academic Press, 1-10..
246. Weil, Gotshal, & Manges, 2002. Comparative Study of Corporate Governance Codes Relevant to the European Union and Its Member States. Brussels, January.
247. Weirich, Thomas, 2000. "Analysis of SEC Accounting and Auditing Enforcement Releases." In The Panel on Audit Effectiveness Report and Recommendations, Public Oversight Board, Shaun F. O'Malley, Chair, August 31, Appendix F, 223-228.
248. White, Lawrence J., 2001. Reducing the Barriers to International Trade in Accounting Services. AEI Studies in Services Trade Negotiations, Washington, DC: The AEI Press.
249. Whitten, D., 2003. "The Debate Over Corporate Governance." Japan Inc. Magazine April. Available at www.Japaninc.net/article/php?articleID=1067.
250. Wirtschaftsprüferkammer, 2001. Bericht über die Berufsaufsicht 2000. Berlin:Beilage zu WPK-Mitteilungen 4/2001.
251. World Bank Policy Research Report, 1997. Private Capital Flows to Developing Countries: The Road to Financial Integration. New York: Oxford University Press.
252. World Bank, 2001A. Global Development Finance.
253. World Bank, 2001B. Global Economic Prospects and the Developing Countries.
254. Zaloom, E. A., 2002. Japanese Corporate Governance: Moving in the Right Direction or Dead in the Water? Research Institute of Economy, Trade and Industry, July 12. Available at www.rieti.so.jp.
255. Zambon, S. (coordinator), 2003. Study on the Measurement of Intangible Assets and Associated Reporting Practices. Commissioned by the European Commission, University of Ferrara, Italy. April.
256. Zeff, Stephen A., 1972. Forging Accounting Principles in Five Countries: A History and Analysis of Trends. Champaign, IL: Stipes.
257. Zeff, Stephen A., 2002. " 'Political' Lobbying on Proposed Standards: A Challenge to the IASB." Accounting Horizons, 16, 43-54.