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Bean Counters of the World, Unite?

Bean Counters of the World, Unite? Merrill Lynch, Pierce, Fenner & Smith Inc. One possible model for harmonization of international accounting practices is to clone a successful national system of financial reporting for use worldwide. We Americans may understandably feel that our own practices deserve consideration as the prototype for others to adopt. If nothing else, our nation has devoted immense resources to devising and implementing fair and honest accounting procedures. Nevertheless, certain conspicuous flaws force us to acknowledge that financial reporting does not yet function perfectly in the United States. A close look reveals that a number of U.S.issuers of public securities do not file financial statements. Of those that do, a distressingly large number do not report on time. Regrettably, some of the companies that file promptly file fraudulent statements. Many more furnish unhelpful or misleading data. The examples discussed below should dispel any illusions that the American financial reporting system is ready for export, without undergoing a great deal of further refinement. Nonfilers Purchasers of the public securities of a U.S. corporation ordinarily expect to receive annual and quarterly financial statements, as required by the Securities and Exchange Commission Act of 1934. Under certain circumstances, though, they will be in for http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of International Financial Management & Accounting Wiley

Bean Counters of the World, Unite?

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Publisher
Wiley
Copyright
Copyright © 1992 Wiley Subscription Services, Inc., A Wiley Company
ISSN
0954-1314
eISSN
1467-646X
DOI
10.1111/j.1467-646X.1992.tb00023.x
Publisher site
See Article on Publisher Site

Abstract

Merrill Lynch, Pierce, Fenner & Smith Inc. One possible model for harmonization of international accounting practices is to clone a successful national system of financial reporting for use worldwide. We Americans may understandably feel that our own practices deserve consideration as the prototype for others to adopt. If nothing else, our nation has devoted immense resources to devising and implementing fair and honest accounting procedures. Nevertheless, certain conspicuous flaws force us to acknowledge that financial reporting does not yet function perfectly in the United States. A close look reveals that a number of U.S.issuers of public securities do not file financial statements. Of those that do, a distressingly large number do not report on time. Regrettably, some of the companies that file promptly file fraudulent statements. Many more furnish unhelpful or misleading data. The examples discussed below should dispel any illusions that the American financial reporting system is ready for export, without undergoing a great deal of further refinement. Nonfilers Purchasers of the public securities of a U.S. corporation ordinarily expect to receive annual and quarterly financial statements, as required by the Securities and Exchange Commission Act of 1934. Under certain circumstances, though, they will be in for

Journal

Journal of International Financial Management & Accounting – Wiley

Published: Mar 1, 1992

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