Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello

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Disclosure Requirments
The International Organization of Securities Commissions (IOSCO) is a group of top securities administrators from about 50 countries.he Securities and Exchange Commission (SEC) is a member of IOSCO.OSCO is a primary supporter of the internationalization of financial reporting standards through the International Accounting Standards Board (IASB).t a recent meeting, a discussion of the pros and cons of internationalizing financial reporting standards included the following arguments:
Pro:
Having the same accounting standards for external financial reporting for all securities markets will reduce misunderstandings and create comparable information.or example, investors will be able to compare the financial reports of similar companies located in the United States with those located in China and decide where best to allocate their investments.ne set of accounting standards will also save corporations money because they will not need multiple sets of books to track their international operations.
Con:
Requiring companies that list on all global securities exchanges to use the same external re­porting requirements will mislead investors.or example, in countries where the majority of investment funds come from banks in the form of long-term borrowing, debt to equity ratios will look very different than those of comparable U.S.irms.ccounting information must reflect its environment.esides, as all business becomes global, reporting requirements will naturally evolve to what investors demand.
Instructions
Write a one-page summary reflecting your opinion about the value of harmonizing accounting standards for global equity markets.upport your opinions by referencing comparable cross-country companies you have located on the Internet.