Keywords
HARMONIZATION
COMPARABILITY
JUDGMENTS
How to Cite
Abstract
THE HARMONIZATION OF THE CORPORATE FINANCIAL REPORTING IS DRIVEN BY INITIATIVES SUCH AS INTERNATIONAL ACCOUNTING AND FINANCIAL REPORTING STANDARDS (IAS/IFRS) AND INTERNATIONAL STANDARDS ON AUDITING (ISA). HOWEVER, THE IMPLEMENTATION OF THE HARMONIZATION PROCESS IS HAMPERED BY A LACK OF DEFINITIONAL CLARITY ARISING, FOR EXAMPLE, FROM THE APPLICATION OF THE MATERIALITY CONCEPT IN ACCOUNTING AND AUDITING. THE AIM OF THIS PAPER IS TO SHOW BY REVIEWING THE RELEVANT EMPIRICAL LITERATURE THAT THE LACK OF MANDATORY GUIDELINES WITH REGARD TO MATERIALITY ALLOWS THE EXISTENCE OF AN AMBIGUITY AMONG AUDITORS AND OTHER GROUPS (I.E. PRODUCERS AND USERS OF FINANCIAL REPORTS). THIS MILITATES AGAINST A FULL COMPARABILITY OF THE FINANCIAL INFORMATION DISCLOSED BY COMPANIES.© 2018, Facultad de Contaduría y Administración, Universidad Nacional Autónoma de México. All rights reserved. Publication of the article implies full assignment of property rights (copyright) in Journal of Contaduría y Administración. The publication mreserves the right to total or partial reproduction of the work in other print, electronic or any other alternative means, but always recognizing its responsibility.
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