TABLE OF CONTENTS In recent years, with the development of computer technology and greatly reduced travel times, the World has become a very small place. A potential investor in Australia can simply link into the World Wide Web and within seconds view the financial statements of a public company based in America or France.
Prior to this technological revolution each country had developed its own accounting rule set or GAAP (Generally Accepted Accounting Practice), and rarely had to be concerned about the GAAPs of other countries. This has resulted in divergent presentation of financial information and differing accounting treatments for similar items, but these discrepancies are no longer considered acceptable and...
