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The International Journal of Accounting Education and Research ILir ^': LIBRARY AT URbANM CHAMPAIGN LOQKSTACKS CENTRAL CIRCULATION BOOKSTACKS The person charging this material is re- library from sponsible for its return to the or before the which it was borrowed on Latest Date stamped below. underlining of books ore reoso«s Theft, mutltetlon, ond may rewit In dUmlssol from tor dls«lplln«ry oeHon ond Unlv«-»lty. tlie 333-8400 TO RENEW CALL TEUPHONE CENTER, URBANA-CHAMPAIGN UNIVERSITY Of ILLINOIS IIBRARY AT "7^ 2? SEP 2 1933 ^ffi^: ^992 $EP 7 9 1993 NOV 2 1993 Lt Buiix>i?J''i use ^ OCT 2 1993 ^':0 9 n 'QQ'V SEP 2 t992 DEC 03l9fi. below When renewing by phone, write new due date 78733 L162 previous due date. i^itrv rvyiv 1 i c i\ iti i I IN 1^ /^ v^ M L C L> U «.M I I VJ IN AINU KtitAKLM IN ACCOUNT (^ei^CVOE 4^^-~:2s \ '-'S'M^, II HERTZBERG - ^"="' c>j ;JAU /J, J ]•• 1052. " CLOTH COLOR \^ THRU SEW ON TAPE /, t^Y EDUCATION AND RESEARCH UNIVERSITY OF ILLINOIS AT URBANA-CHAMPAIGN CENTER FOR INTERNATIONAL EDUCATION AND RESEARCH IN ACCOUNTING OF THE COLLEGE OF COMMERCE AND BUSINESS ADMINISTRATION The Center for International Education and Research in Ac- counting was estabhshed to foster the international development of education and research in the accounting discipline, to provide a base for the international exchange of ideas and materials relating to accounting education, to encourage and assist both accounting faculty personnel and students from other countries to come to the University of Illinois at Urbana-Champaign for study and research in accounting, and to provide faculty members for assignment to universities in other countries. The center, functionally and administratively, is a constituent part of the Department of Accountancy and the College of Commerce and Business Administration of the University of Illinois at Ur- bana-Champaign. The graduate training of a substantial number of international students has been an important activity of the department for many years. One of the specific goals of the center is the publication of reports, booklets, and monographs which further the cause of advanced education and research in accounting. V. K. Zimmerman, Director THE INTERNATIONAL JOURNAL OF ACCOUNTING EDUCATION AND RESEARCH Volume 22 • Number 1 • Fall 1986 CENTER FOR INTERNATIONAL EDUCATION AND RESEARCH IN ACCOUNTING UNIVERSITY OF ILLINOIS AT URBANA-CHAMPAIGN © 1987 by the Board of Trustees of the University of Illinois The International Journal of Accounting Education and Research is published semi-annually, spring and fall, by the Center for International Education and Research in Ac- counting, College of Commerce and Business Administra- tion, University of Illinois at Urbana-Champaign. Sub- scription rates are $20.00 per year. Single-copy price is $10.00. Copies of prior issues are still available. Manuscripts and communications for the editor and busi- ness correspondence should be addressed to The Inter- national Journal of Accounting Education and Research, 320 Commerce Building (West), University of Illinois at Urbana-Champaign, 1206 South Sixth Street, Champaign, Illinois 61820. V. K. Zimmerman, Editor JaNoel S. Lowe, Assistant Editor Contents THE IMPACT OF lASC ACCOUNTING STANDARDS ON COMPARABILITY AND CONSISTENCY OF INTERNATIONAL ACCOUNTING REPORTING PRACTICES 1 MARTIN E. TAYLOR, THOMAS G. EVANS, and ARTHUR C. JOY COLLECTIVE BARGAINING AND ACCOUNTING DISCLOSURE: AN INQUIRY INTO THE CHANGES IN ACCOUNTING POLICY 1 1 HIDETOSHI YAMAJI INTERNATIONAL ACCOUNTING AND AUDITING IN THE U.S. CPA EXAMINATION, 1917-86 25 NORLIN G. RUESCHHOFF RATIO SCALES, FOREIGN EXCHANGE RATES, AND THE PROBLEM OF FOREIGN CURRENCY TRANSLATION: AN ANALYTICAL-EMPIRICAL PERSPECTIVE 33 MOUSTAFA R ABDEL-MAGID and JOSEPH K. CHEUNG TRANSFER PRICING POLICIES OF DIVERSIFIED U.S.-BASED MULTINATIONALS 5 1 LEON B. HOSHOWER and LINDA ANN MANDEL ACCOUNTING IN THE SOVIET UNION 6 1 MARC I. LEBOW and RASOUL H. TONDKAR ACCOUNTING PRACTICES IN DEVELOPING COUNTRIES: COLONIALISM'S LEGACY OF INAPPROPRIATE TECHNOLOGIES 8 1 MFANDAIDZA R. HOVE THE PATTERN OF THE THEORETICAL BASIS OF IAS: ACCOUNTING THEORY MODELS AT THE INTERNATIONAL LEVEL 1 1 ANTHONY MOUNG-YIN CHAN MANAGEMENT ACCOUNTING PRACTICES STATEMENT PROMULGATION: AN INTERNATIONAL PERSPECTIVE 1 19 J. B. SGHIFF THE PERCEIVED EFFICACY OF GOVERNMENT INCENTIVES: A COMPARATIVE STUDY OF SEVEN EUROPEAN COMMUNITY COUNTRIES 1 35 THOMAS M. PORCANO THE CONTROVERSIAL DEVELOPMENT OF THE DEPRIVAL VALUE CONCEPT 1 59 ROBERT BLOOM and ARAYA DEBESSAY Digitized by the Internet Archive in 2011 with funding from University of Illinois Urbana-Champaign http://www.archive.org/details/internationaljou22univ ^ The Impact of IASC Accounting Standards on Comparability and Consistency of International Accounting Reporting Practices MARTIN E. TAYLOR, THOMAS G. EVANS, and ARTHUR C. JOY* BACKGROUND Each nation's unique accounting rules and regulations mirror its culture and its economic, political, and legal systems. These national variations have led to a worldwide diversity in accounting standards. Such international diversity in national accounting standards has the potential to diminish the international flow of investment capital and to impede economic development and the efficient international allocation of resources.' The lack of international accounting standards can greatly diminish the utility of financial statements for users in countries other than the one on whose standards the financial statements are based. The concern that national diversity is not economically advan- tageous has led to a number of attempts to harmonize accounting * Martin E. Taylor is Professor of Accounting, University of South Carolina. Thomas G. Evans is Chairperson and Professor of Accounting and Management Information Systems, Bowling Green State University. Arthur C.Joy is Assistant Professor of Accounting, University of South Carolina. An earlier version of this paper was presented at the annual meeting of the American Accounting Association, Cincinnati, Ohio, August 16-19, 1987. ' Thomas G. Evans and Martin E. Taylor, " 'Bottom Line Compliance' with the lASC: A Comparative Analysis," International Journal of Accounting (Fall 1982), 115-28; and Frederick D. S. Choi and Vinod B. Bavishi, "Financial Accounting Standards: A Multinational Synthesis and Policy Framework," International Journal of Accounting (FaW 1982), 159-83. ^ George M. Scott and Pontus Troberg, Eighty-eight International Accounting Problems in Rank Order of Importance — a DELPHI Evaluation (Sarasota, Fla.: American Accounting Association, 1980). 2 THE INTERNATIONAL JOURNAL OF ACCOUNTING Standards internationally. A major effort in this regard was the establishment by the International Federation of Accountants of the International Accounting Standards Committee (lASC) in 1973. lASC's objective is to issue international accounting standards to be followed in preparing audited financial statements by firms in member countries. Some ninety-three accounting bodies from sixty- eight countries compose the lASC.^ Each member pledges to use its "best endeavor" to see that lASC standards are adopted and followed in its country.'' To be useful, accounting reports must be capable of being compared with similar reports. ExternaF users of accounting information use two principal types of comparisons: those of the accounting reports of different organizations, and those of ac- counting reports of one organization for different time periods. The extent to which these comparisons can be made will be referred to as comparability (among different organizations) and consistency (within an organization). Since its formation, lASC has issued more than twenty inter- national accounting standards. The purpose of this research is to evaluate the extent to which lASC standards have successfully improved the comparability and consistency of international ac- counting reporting practices. RESEARCH QUESTIONS If lASC standards are to be effective in achieving lASC's intended purpose, the status of comparability and consistency of accounting reports must improve over the status prior to the issuance of the standards. The null hypotheses tested and reported here indicate that no differences exist between the present comparability and consistency of accounting reporting practices and the situation that existed prior to the issue of lASC standards. The countries represented in lASC include developed and de- veloping countries from all areas of the world. These countries had differing accounting traditions prior to the formation of the lASC. Those countries that had well-established national standards would be expected to be less affected by lASC standards than would the developing countries, which either had no such national ^John N. Slipkowski, "lASC Chairman Kirkpatrick on International Standards," Mayiagement Accounting {October 1986), 27-31. * International Accounting Standards Committee, Preface to the Statements of Inter- national Accounting Standards {London: lASC, 1974). ^ Internal users make other comparisons, such as with budgets, that are beyond the scope of this paper. Impact of lASC Accounting Standards 3 standards or had standards that differed significantly from those of the developed countries. The null hypothesis tested is that the improvement in the comparability and consistency of accounting reporting practices has not differed among countries of varied cultural and accounting traditions. RESEARCH METHODOLOGY Because comparability and consistency are highly subjective qual- ities, their evaluation requires the use of expert judgment. The experts represented
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