Issues in financial accounting and reporting: a Pacific Rim focus

Abstract

Purpose

The purpose of this paper is to provide editorial insight into recent developments in financial accounting issues in the Pacific Rim area. The paper aims to focus on the impact of international financial reporting standards (IFRS) and provide a commentary, as well as context, for the papers that appear in this special issue.

Design/methodology/approach

The paper reviews and comments on several relevant academic papers and regulatory releases.

Findings

This paper outlines several key developments in the Pacific Rim region since the decision by Australia and New Zealand to adopt IFRS. The proposed adoption of IFRS in other countries is examined, and noted are the successes and tensions that one set of global accounting standards creates. The contributions of four papers are outlined in this special issue to this debate, and provide suggestions for future research.

Practical implications

This review should be of relevance to academics, the profession, and regulators, by providing academic insights into the current debate about the costs and benefits of IFRS.

Originality/value

This paper offers a contemporary analysis of the success and challenges of IFRS adoption in the Pacific Rim area.

Citation

Lont, D. and Wong, N. (2010), "Issues in financial accounting and reporting: a Pacific Rim focus", Pacific Accounting Review, Vol. 22 No. 2, pp. 85-91. https://doi.org/10.1108/01140581011074485