International Accounting Harmonization Adopting Universal Informatio
International Accounting Harmonization analyzes the differences between national accounting rules and international accounting methods, showing that when firms adopt international accounting standards they achieve significantly higher positive coefficient
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International Accounting Harmonization Adopting Universal Information Methods for a Global Financial System
Jeno Beke
INTERNATIONAL ACCOUNTING HARMONIZATION
Copyright © Jeno Beke, 2013. Softcover reprint of the hardcover 1st edition 2013 978-1-137-37530-8 All rights reserved. First published in 2013 by PALGRAVE MACMILLAN® in the United States—a division of St. Martin’s Press LLC, 175 Fifth Avenue, New York, NY 10010. Where this book is distributed in the UK, Europe and the rest of the world, this is by Palgrave Macmillan, a division of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire RG21 6XS. Palgrave Macmillan is the global academic imprint of the above companies and has companies and representatives throughout the world. Palgrave® and Macmillan® are registered trademarks in the United States, the United Kingdom, Europe and other countries. ISBN 978–1–349–47730–2 ISBN 978–1–137–37434-9 (eBook) DOI 10.1057/9781137374349 Library of Congress Cataloging-in-Publication Data is available from the Library of Congress. A catalogue record of the book is available from the British Library. Design by Newgen Knowledge Works (P) Ltd., Chennai, India. First edition: December 2013 10 9 8 7 6 5 4 3 2 1
Contents List of Illustrations 1. Introduction Previous Related Literature: A Review
vii 1 6
2. Classification of Accounting Systems European Accounting System US GAAP International Accounting Standards International Accounting Organizations Hungarian Accounting System
11 15 21 44 48 54
3. The Influencing Factors of Accounting Harmonization Legal System Financing Methods Taxation System Inflation
73 74 75 76 77
4. Problems Caused by Accounting Diversity Preparation of Consolidated Financial Statements The Universal Information Methods’ Role in Performance Assessment Access to Foreign Capital Markets Lack of High-Quality Accounting Information
79 79 80 82 82
5. Economic Factors of Accounting Harmonization 85 Role of International Accounting Harmonization in the Division of Labor 85
vi
Contents
International Accounting Harmonization and Financial Innovation The Effects of International Accounting Harmonization on the Transaction Costs International Accounting Harmonization Decreases Costs of Capital 6. Comparative Statistical Analysis The Accounting Peculiarities of the Member States of the European Union The Accounting Peculiarities of Countries Outside of the European Union Evaluation of Certain Accounting Standards 7. Effects of Universal Information Methods on Company Performance Universal Accounting Methods and Company Performance Effects Universal Accounting Methods and Earnings Management Universal Accounting Methods and P&L Effects Universal Accounting Methods and Value Relevance Empirical Results Discussions 8. International Accounting Standardization Process Basic Features and Methods of the Empirical Research Findings and Evaluation
88 90 94 99 100 109 112 119 125 129 132 133 137 139 147 148 151
9. Su
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