Tag Archives: Harmonization

Mind the GAAP: Cultural, Political, and Legislative Roadblocks To IFRS Integration in the U.S. (Published)

In October, 2002, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) signed the ground-breaking Norwalk Agreement. This agreement signified the two parties’ commitment to the ultimate convergence of United States Generally Accepted Accounting Principles and International Financial Reporting Standards. What appeared at its genesis as a good faith effort to speed convergence between the two respective frameworks seems to have misfired, with an emphasis which now appears to be moving away from convergence, and focused instead on the duality and plurality of co-existing frameworks. The SEC, a governmental entity who had previously issued a clarion call for convergence and had gone so far as to eliminate the required IFRS – GAAP reconciliations for overseas issuers in 2007, appeared in 2011 to do something of a U-turn, and even appeared to retreat from their initial convergence position by suggesting that a US issuer who is in compliance with US GAAP be allowed to state that their financial statements are also in compliance with IFRS. This paper examines the changing attitudes and increasing aversion toward IFRS integration in the US, and attempts to understand some of the reasons; specifically cultural, political, and legislative, which may help to explain this changing of attitudes and direction.  There appears to be a litany of prior research relating to US GAAP and IFRS integration, but the research does not tend to focus on specific reasons why convergence has not occurred, and why attitudes toward it have changed. This paper attempts to fill a perceived gap in the research related to the examination of potential political, cultural and legislative drivers of non-convergence. The paper also briefly examines literature related to research conducted which questions whether IFRS has had a positive effect on global capital markets, and whether this positive effect may actually have been caused by the existence of other factors.

Keywords: Convergence, Harmonization, IFRS, Standard-setters, US GAAP

Team Building and Employee Performance In Selected Breweries in South East, Nigeria (Published)

Individual and socio-cultural differences among team members in breweries in the South East in particular and Nigeria in general constitute a challenge to effective teamwork, thereby giving rise to inconsistencies among team members. It becomes important to ascertain the relationship between harmonization and service delivery in selected breweries in South East, Nigeria. The general objective of the study is to examine team building and employee performance in selected breweries in South East, Nigeria, while the study specifically ascertained the relationship between harmonization and service delivery of the selected breweries in South East, Nigeria. The study used descriptive survey design with a sample size of 262 respondents. Pearson Product-Moment Correlation Coefficient on SPSS ver.22 was used to test the hypothesis at 0.05 level of significance. The study revealed that when there is harmony among the employees of an organization, there is always cohesion, trust, commitment, and understanding of the team dynamics, thereby improving the service delivery of employees of the selected breweries in South East, Nigeria. It was therefore recommended that breweries in South East, Nigeria should employ managers that would be saddled with the responsibility of building harmony through trust among the employees while building teams for effective service delivery; and also ensure that team building should go with policy that would checkmate the excesses of the teams

Keywords: Employee Performance, Harmonization, Service delivery, Team Building