Are differences between East and West insurmountable barriers to standardising accounting rules internationally.
Back in November 2008, long before the accession of Barack Obama to the US presidency, world leaders gathered together under the G20 banner to forge a common response to the financial crisis.
As all accountants know, a lack of transparency in balance sheets has been named as a key culprit, and the G20 ordered action. And by the standards of international initiatives, this was to be carried out quickly, with many actions to be taken by 31 March.
Among these were global accounting standards bodies, enhanced guidance on securities valuation; and accounting standards organisations ‘significantly advancing’ work on fixing weaknesses in accounts and disclosures for off-balance sheet vehicles.
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