Financial reporting demands in a globalised world: The harmonisation of accounting rules

Jan H. Hammermeister and Jochen Zimmermann

No 125, TranState Working Papers from University of Bremen, Collaborative Research Center 597: Transformations of the State

Abstract: OECD accounting regimes have significantly changed over the last three decades. Financial reporting rules for (public) companies have become more similar, and the ways in which accounting rules are set and enforced have converged. This paper explores to what extent (financial) globalisation drives convergence of financial reporting systems. We analyse globalisation developments and changes in accounting regulation in six large OECD countries: Canada, France, Germany, Great Britain, Japan and the USA. We identify changes in the demand and supply patters of accounting regulation, and present empirical evidence for the concurrence of financial globalisation and accounting harmonisation. A newly developed financial globalisation index and changes in accounting regulation are jointly analysed. We find that the analysed countries have experienced distinct waves of globalisation since the beginning of the 1970s and that these waves coincide with a delayed accounting harmonisation.

Date: 2010
New Economics Papers: this item is included in nep-acc and nep-his
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:sfb597:125

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