Some responses to the International Accounting Standards committee's exposure draft on “comparability of financial statements”

Abstract The International Accounting Standards Committee (IASC) has proposed major changes that would require like transactions to be accounted for in the same way, regardless of an entity's reporting country. Subjects covered in the proposal include reducing reporting costs, capital acquisition costs, required reconciliation of reported net income to net income as per IASC standards, appropriate inventory valuation methods, construction accounting methods, appropriate exchange rates for translation purposes, and acceptable business combination methods. This article reports on the results of a survey of members of the American Accounting Association's International Section regarding the IASC proposal.