By Henk Langendijk, Dirk Swagerman, Willem Verhoog
The failure of present mechanisms to both are expecting the cave in of assorted businesses or cut down corrupt practises has stored the topic of exterior reporting to the fore. Is reasonable worth reasonable? monetary Reporting in a world viewpoint comprises contributions from many highly-respected members enthusiastic about exterior reporting, rules and conventional surroundings. Their contributions speak about the way forward for * legislation * software of criteria * supervision * audit present developments are mentioned, as are ways that the present regulatory atmosphere should be improved.With the hot IFRS rules entering strength in 2005, monetary reporting is determined toface radical adjustments. Is reasonable price reasonable? totally prepares readers for those adjustments and is a useful software for company financiers and institutional traders with an curiosity within the regulatory setting.
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Extra info for Is Fair Value Fair: Financial Reporting from an International Perspective
Example text
He is also in favour of adapting Dutch regulations to IAS. ’ The derogatory effect (Article 393, Part 4 of the Netherlands Civil Code) must be scrapped. This escape clause, which means that it is permissible to diverge from the detailed provisions of the law to give the required true and fair view, is ‘asking for trouble’. ’ Langendijk wants to move towards a system with a single method of valuation and a single method of estimation. Stringent rules must also be introduced for the profit and loss account.
This will never disappear unless human beings change completely, and this is not likely to happen. ‘As the functions of both accounting and auditing are absolutely The model of Black and Scholes is like Newtonian physics before Einstein was born 37 essential, the question now is whether the RA/CPA profession will fulfil these functions way into the future, or whether there is an opportunity for somebody else to take over the functions and perform them in a different manner. This is a little more difficult to answer.
Another fair value is the value of the human assets in a company, and that is not on the balance sheet at all. The first question therefore is: What is fair value? ‘Secondly, even if we valued every item on the balance sheet at the fair value that the user thought relevant for his or her purposes, we are still confronted with an industrial balance sheet. It is still talking about inventories, plant, and equipment. The current value of the tangible assets of the enterprise no longer interests me very much.