In six pages this paper examines international accounting standards and examines their benefits in light of the Enron debacle. Ten sources are listed in the bibliography.
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location may be international as well as national. There are many bodies that agree with the need for a single standard to
be adopted internationally. FASB along with many others all see it as necessary for international co-operation and understanding that financial reports can be seen as bases on the same set
of criteria., no matter what country the company is in. The different standards that exist in many countries may be seen
as causing confusion. Even in one country there is flexibility and latitude in a set of accounts, for example deprecation is often flexible (Elliott and Elliott, 1998). The guidelines will
give some degree of flexibility so that a set of accounts may be based on different practices. Therefore, even within the same country
it can be difficult to judge accounts on a like for like, but it is possible to understand the realm within which the results will fall. When we look to
the way in which the global economy is developing we can see that there is a very strong case for the use of international standards. It is only if there
are international standards that international stakeholders may be able to see accounts and to compare them. However, more importantly, we can argue that it is only with these types of
standards that we may even be reliant or have a relatively high degree of confidence on the accuracy and truthfulness of the accounts.
When we consider the International Accounting Standards Committee we see that they do not only lay down guidelines regarding how accounts should be prepared, but also ethical guidelines that