Title: The consolidated financial statement: an ongoing problem
Authors: Antonella Russo
Addresses: Accounting Division, Parthenope University, 13, Via G. Parisi, 80132, Naples, Italy
Abstract: Following the recent global financial crisis, the issue of finding a better accounting consolidation model has become so important that both the IASB and the FASB have decided to address the problem by improving the accounting standard for the consolidated financial statement. Starting from theoretical assumptions on consolidation, this study analyses the different approaches that the two standard setters follow, focusing also on the problematic question of SPEs, and current trends in the accounting convergence process in order to assess the real progress of accounting harmonisation in this area and to highlight the importance of this topic as a field of research in worldwide accounting regulation.
Keywords: consolidated financial statements; entity theory; property theory; accounting consolidation models; accounting standards; accounting regulation.
International Journal of Economics and Accounting, 2013 Vol.4 No.4, pp.389 - 405
Published online: 29 Apr 2014 *Full-text access for editors Access for subscribers Purchase this article Comment on this article