The finance and accounting market

Professional academic writing in the age of AI, without using AI.
Get started Order in Chat
10+
Years of experience
53k
Papers prepared
4.8/5
Customer satisfaction

The finance and accounting market

Name of Student: Severine Dalsanto

Course Name:

Instructor’s Name:

Date Assignment Due:

Contents

Finance environment in France. 2

The economic, legal, technological and social environment of finance in France. 2

Accounting environment. 3

Technological environment. 4

The role of IFRS standards on French firms. 5

References. 7

Durieux, G. (1995)French financial markets, Cambridge: Woodhead Publishing Ltd. 7

Finance environment in France

The finance environment in France today is a favorable one, thanks to strict regulatory mechanisms that have been put in place by Autorite des Marches Financiers. This body acts as the recognized securities regulator in the country. This autonomous administrative body is responsible for ensuring that facilitating an environment whereby the best interests of French investors are guaranteed. The body does this by maintaining orderly financial markets, providing investors with crucial market information and safeguarding investments.

ORDER FINANCE AND ACCOUNTING PAPER

            Financial information is made available by Autorite des Marches Financiers through publications, fact-sheets, official website and information booklets. Euronext Paris is the country’s securities market. Here, options and features are traded on interest rate products. There are three subcategories of the French Equity markets: The Premier Marche, The Second Marche, and The Nouveau Marche. The Premier Marche includes major French international companies. It is concerned with the issuance of bonds.  The Second Marche is tasked with the role of enlisting medium companies while The Nouveau Marche enlists those companies that have been recently established and are developing quickly.

Economic, legal, technological and social environment of finance in France

            The financial markets in France have lately become very efficient, thanks to the increased use of the internet and the corresponding e-commerce strategies(Durieux, 1995). The key players in the financial sector are both local and international investors. The political, legal and social environment has been facilitative of the new strategies. Politically, the membership of France in the EU represents a sense of political certainty and free trade within the wider European market.

            Cross country differences in the legal environment do not have a huge impact on the investors who operate in both France and other EU countries. This is because the EU is a free market zone and many legislations relating to the financial markets are uniform here. Therefore certain basic financial issues such as rights of creditors do not pose serious legal difficulties for French investors. This may explain the reason why there are many better-developed banks in France as well as other EU countries. Particularly, the association between a positive legal environment and the development of banking has become evident since the formation of the EU. Other areas where positive development has been associated with an efficient legal environment include capital accumulation, productivity growth, and economic growth.

Accounting environment

Accounting is a source of useful information to people who have to make decisions involving business. Knowledge of today’s business in France is important for would-be investors as well as people who have already established businesses in this European Union (EU) country. In recent years, the accounting environment in France has changed in very many ways. The environment has been changing in tune with the changes that are taking in the accounting standards used.

            International accounting standards have found their way into many EU countries such as France. The international accounting standards that were introduced in the 1960s have reached their zenith today. This point was clearly highlighted then the European Council of Ministers voted to pass a resolution that requires al EU companies to prepare their accounts according to these standards. Emphasis was on those companies that are listed in the regulated market. The companies were required to introduce the international accounting standards on or before January 1, 2005.

            The requirements were met with furor in this profession and incorporate boardroom. The resolution was welcomed by the International Accounting Standards Board, which was pleased that the EU was the first ‘non-state actor’ to embrace the new accounting standards.

            The new accounting standards could be of economic, financial, economic and political benefits(Levine, 1998). According to preliminary evidence, companies, investors, and lenders would prefer domestic financial reporting standards to merge with these international standards in order to create a coherent, high-quality financial reporting system.

            However, the new standards are faced with many challenges relating to development and authoritative development(Ding, 2009). The challenges are brought about by cultural and social values; business activities; political and legal systems and economic conditions. Other contributing factors include standard-setting processes, cooperative efforts by nations, capital markets and forms of ownership.

            Meanwhile, the new accounting standards were introduced in France at a time when information technology was becoming deeply rooted in the country. Over the last decade, many accounting package has been developed in line with the development of international accounting standards together with information technology. These changes have changed the way in which a professional accountant conducts his daily activities. Technological developments have facilitated the development and embracement of the new accounting standards in France as well as other EU countries.

Technological environment

            Because of the rapidity of internet use and electronic commerce, the average professional accountant in France has to be open to international regulations that require him to succeed in client follow-up. Many registered companies that operate in France have international networks. The use of credit cards and other bank cards has revolutionized the manner in which financial transactions are carried out in France. This has resulted in many benefits although sometimes new challenges tend to crop up. Most of these challenges are of social and economic nature. Politically, France is a stable country. Major instabilities occur rarely and whenever they do, the trigger normally originates in the international market.

The role of IFRS standards on French firms

            The international financial reporting standards (IFRS) have played an extremely critical role in the French corporate sector(Cazavan-Jeny& Jeanjean, 2007). According to the 2008 EC report on how the new financial reporting standards would be implemented, non-listed corporate entities are also accorded permission to apply for IFRS in all their consolidated financial statements. However, IFRS is not permitted for use by accountants who are preparing annual accounts, in which they are required to apply the French accounting standards.

            The main problem with France’s finance and accounting environment is that the convergence policy as it entails to the internationalization of standards has been selective. The IFRS standards have not been adopted in all areas within the country’s financial environment. According to a self-assessment done by the National Organization of Registered Auditors (CNCC), the application of the standards may remain that way until all the tax and legal issues that arise from the application of the international standards are resolved. More recently, it was reiterated in the 2009 CNCC Action Plan that the new accounting standard-setter would continue to pursue convergence efforts while taking into consideration the problems caused by the French legal and tax environment.

            To facilitate comparability between various financial statements, the IFRS requires all first-time adopters to present comparative financial statements of at least the last year. The statements have to be adjusted in order to ensure that they are fully compliant with IFRS. However, whereas some adjustments are mandatory, others are optional. In France, the stability of the new standards arises out of the choices that accounting firms have. These firms make the best use of these choices by offsetting the effects of various mandatory adjustments. French firms have developed a tendency of using optional exemptions in order to minimize the existing gap between equity under IFRS and equity under French accounting standards.

            In conclusion, France has a highly developed finance and accounting system. The introduction of information technology has made IFRS even more efficient. The French finance and accounting environment also benefits from the country’s membership in the EU. Many economic structures that are in place in France are similar to those that exist in other EU countries. This eliminates legal, social, economic, political and technological hurdles especially for investors who come from within the EU market. However, the implementation of IFRS in France continues to face challenges because of legal and tax-related issues of incompatibility with domestic financial reporting standards.

References

Cazavan-Jeny, A. & Jeanjean, T. (2007) Accounting choices under IFRS 1: Analysis and determinantsAccounting in Europe,3rd Annual workshop, 12/13 September 2007

Ding, Y. (2009) Observations on measuring the differences between domestic accounting standards and IAS: A reply, Journal of Accounting and Public Policy, 28(2), 154-161

Durieux, G. (1995)French financial markets, Cambridge: Woodhead Publishing Ltd.

Levine, R. (1998) The Legal Environment, Banks and Long-Run Economic Growth

Journal of Money, Credit & Banking, 30(3),23-75

Guarantees
What you will get
Professional writers
Our strict writer selection process ensures that only professional college essay writers, subject-matter experts with MA and higher degrees work on your orders.
100% confidentiality
Your personal data is in no way shared with third parties. Writers also do not have access to it. We require your email address for login and notification purposes only.
Affordable prices
Essay Help USA is a cheap essay writing service offering the best balance between quality and price. Regular customers enjoy special discounts, deals, and other perks.
Original content
We guarantee plagiarism-free work and that your custom college papers will pass Turnitin. Since Turnitin saves all files, we check papers with Copyleaks and Copyscape.
NEVER TRIED A WRITING SERVICE BEFORE?
Here's why students opt for our essay writing company
Hiring a qualified paper writer is one of the best ways to improve your academic writing skills and do better in class.
Lack of time
GPA concerns
Tough topic
Trust issues
When 24 hours is not enough
Most of the students approach us when they are overworked, work in parallel with studies, do internships, and do not have enough time for everything. So, we are their problem solvers and even offer super short 1-3 hour deadlines for emergency requests.
Quick turnaround time. You will receive your
paper before the deadline.
Get started Order in Chat
When grades need a boost
Our experts can help improve your performance and earn you a maximum grade. This is made possible due to the strict quality control, writers' rating system, adherence to requirements, proper formatting, access to all academic databases, credible and up-to-date sources.
Only credible sources. Your work will be based on reputable
sources that provide factual information on the topic.
Get started Order in Chat
When getting help is the best option
Sometimes you can get stuck on a topic, may not be able to find adequate sources, or access to such sources can be too expensive. That's when extra help might be the most valuable tactic to save nerves and meet the deadline with a high-quality paper.
All copyrights belong to you. You can use the delivered
samples in any way you choose.
Get started Order in Chat
When reliable service is needed
We cover almost all types of work, regardless of their complexity. That is why our service is used by college, high school, undergraduate, MA, and Ph.D. students from the USA, UK, and other regions. Besides, we partner with safe payment methods and provide a transparent refund policy.
Money-back guarantee. We will return your money
if you are not satisfied with the result.
Get started Order in Chat
Calculate the price
Make an order in advance and get the best price
Pages (550 words)
$0.00
*Price with a welcome 15% discount applied.
Pro tip: If you want to save more money and pay the lowest price, you need to set a more extended deadline.
We know how difficult it is to be a student these days. That's why our prices are one of the most affordable on the market, and there are no hidden fees.

Instead, we offer bonuses, discounts, and free services to make your experience outstanding.
How it works
Receive a 100% original paper that will pass Turnitin from a top essay writing service
step 1
Upload your instructions
Fill out the order form and provide paper details. You can even attach screenshots or add additional instructions later. If something is not clear or missing, the writer will contact you for clarification.
Pro service tips
How to get the most out of your experience with Essay Help USA
One writer throughout the entire course
If you like the writer, you can hire them again. Just copy & paste their ID on the order form ("Preferred Writer's ID" field). This way, your vocabulary will be uniform, and the writer will be aware of your needs.
The same paper from different writers
You can order essay or any other work from two different writers to choose the best one or give another version to a friend. This can be done through the add-on "Same paper from another writer."
Copy of sources used by the writer
Our college essay writers work with ScienceDirect and other databases. They can send you articles or materials used in PDF or through screenshots. Just tick the "Copy of sources" field on the order form.
Testimonials
See why 20k+ students have chosen us as their sole writing assistance provider
Check out the latest reviews and opinions submitted by real customers worldwide and make an informed decision.
American History
This is amazing. I'm excited at having finally discovered a reliable writing service. your website layout makes it easy to use. and I like the writing services too.
Customer 452783, November 22nd, 2017
Environmental Studies
This writer is amazing to work with. professional and informed.
Customer 452569, December 6th, 2018
Ethics
I think the writer has what it takes to handle my next classes and my best friend's. I hope the quality stays the same.
Customer 453079, November 30th, 2021
American Literature
Although there was some confusion on the time frame requested, I am very pleased with the writer I had. I cannot explain how much this meant to me after everything I have gone through. The paper is so detailed and hits all of the points right on with the topic I needed. Thanks so much for everything.
Customer 452993, March 18th, 2018
Education
good
Customer 453250, January 24th, 2021
English
Thanks a bunch!!!!
Customer 453075, July 8th, 2021
Nursing
Thank you for the well-formatted Chicago paper. I was particularly worried they were not going to hack the Chicago but damnnn they are awesome. I recommend.
Customer 453041, November 13th, 2021
Management
Nice legit service. My master's supervisor likes the insights you have incorported into the final draft of my project.
Customer 453150, April 8th, 2021
History
NICE
Customer 453148, March 13th, 2019
Linguistics
Good
Customer 453250, September 16th, 2018
Nursing
They were on time.
Customer 453041, February 28th, 2022
Nursing
Thanks
Customer 453063, October 30th, 2021
11,595
Customer reviews in total
96%
Current satisfaction rate
3 pages
Average paper length
37%
Customers referred by a friend
OUR GIFT TO YOU
15% OFF your first order
Use a coupon FIRST15 and enjoy expert help with any task at the most affordable price.
Claim my 15% OFF Order in Chat
Show more