... International Accounting Standards (IAS) has been adopted by a number of countries, with others adjusting their own GAAP piecemeal to include certain of the standards. The EU has ruled that the majority of large firms in member states must adopt IAS from 2005, with other industries to follow in 2007. Also, in the US the recent spate of corporate collapses following the Enron scandal has damaged the public perception of the accountancy profession and added further calls for internationalisation of practice. As under IAS rules Enron would have been forced to report in greater depth concerning its special purpose vehicles (The Economist, 2002), which led ultimately to its downfall. However, there is still a huge level of debate surrounding the issue of IAS and a number of major issues must be overcome if they are to provide genuine globalisation of accounting practice. If the introduction of international accounting standards is to lead to an ...

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