Changes in Equity Markets in the Major Developed Countries and Overview of the Book

Abstract

AbstractThis chapter provides an introduction to recent and likely future trends in financial reporting in the United States, Europe, Japan, and in the international arena (through reporting standards set by the International Accounting Standards Board). It sets the stage by providing a brief overview of changes in equities markets around the world, which have led to global participation. It is this trend toward globalized investing that has given rise to calls for a single set of global accounting standards. A central thesis of this book is that these calls are misplaced, that global accounting standards are not necessary and are not likely to remain unified even if initially adopted.