Accounting

Accounting follows different patterns in different parts of the world, in part due to cultural differences. There are now two main accounting standards in the global arena. The private organization that establishes accounting standards in the United States is the Financial Accounting Standards Board (FSAB). The FASB's standards are the United States generally accepted accounting principles. The international body is the IASB, whose standards are the International Financial Reporting Standards (IFRS). There is a harmonization process underway that made initial progress but has recently slowed. Standardization would mean substantial cost reductions for companies and better information for everyone. Increasingly, companies have made efforts to report on their environmental, social, and financial results. This reporting framework has been termed triple bottom line (3BL) .

Accounting information system · Accounting standard · Business · Financial accounting · Fund accounting · Harmonization · International Financial Reporting Standards · Mark-to-market accounting · Political science · Social accounting · Standardization · Accounting

• Getting to the Bottom of “Triple Bottom Line”

  Open Access•Wayne Norman, Chris MacDonald•Business Ethics Quarterly•2004

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