tailieunhanh - Lecture Advanced accounting (6th Edition): Chapter 11 - Jeter, Chaney

Chapter 11 - International financial reporting standards. With this chapter, we’ll discuss the increased importance of international financial reporting standards (IFRS). In particular, we will highlight efforts by FASB and IASB to converge accounting standards and identify significant similarities and differences in . and IFRS standards. In the next two chapters we’ll look at some mechanics of international transactions. | International Financial Reporting Standards 1 Learning Objectives Describe how the changing world environment is leading to an increased focus on international financial reporting standards (IFRS). Explain some of the remaining differences between IFRS and . GAAP. List some of the milestones that must be achieved before the SEC will require adoption of IFRS. Describe the SEC’s work plan for incorporating IFRS into the financial reporting system for . issuers. Describe the four remaining joint convergence topics between the IFRS and FASB. 2 Learning Objectives List the steps that a . company must follow to list its shares on a . stock market. Explain the role of form 20-F filed with the Securities and Exchange Commission. Indicate the role of American Depository Receipts in the issuing of securities of . companies in the United States. 3 Historical Perspective: The Road To Convergence Accountability and Funding of the IASC Foundation The IASB is established to develop global standards for financial reporting. Oversight is by the IASC Foundation: stand-alone, not-for profit organization responsible for the activities of the IASB governed by 22 trustees whose backgrounds are geographically diverse. Initially, IASB operations were financed through voluntary contributions by approximately 200 organizations. A majority of the IASB’s finances are now based on national financing regimes, proportionate to a country’s relative GNP. Further progress on financing is essential to safeguard the IFRS Foundation’s position as the world’s independent accounting standard setter. 4 LO 1 Increased focus on International Accounting Standards. Historical Perspective: The Road To Convergence September 2002, FASB and the IASB issued the Norwalk Agreement including a “memorandum of understanding.” April and October 2005; November 2009, FASB and the IASB reaffirmed their commitment to the convergence of . GAAP and IFRS. The Boards indicated nine major joint . | International Financial Reporting Standards 1 Learning Objectives Describe how the changing world environment is leading to an increased focus on international financial reporting standards (IFRS). Explain some of the remaining differences between IFRS and . GAAP. List some of the milestones that must be achieved before the SEC will require adoption of IFRS. Describe the SEC’s work plan for incorporating IFRS into the financial reporting system for . issuers. Describe the four remaining joint convergence topics between the IFRS and FASB. 2 Learning Objectives List the steps that a . company must follow to list its shares on a . stock market. Explain the role of form 20-F filed with the Securities and Exchange Commission. Indicate the role of American Depository Receipts in the issuing of securities of . companies in the United States. 3 Historical Perspective: The Road To Convergence Accountability and Funding of the IASC Foundation The IASB is established to .

• Kế toán - Kiểm toán
• Advanced accounting
• Lecture Advanced accounting
• Kế toán nâng cao
• International financial reporting standards
• International accounting standards
• Advanced financial accounting
• Financial statements
• Equity method of accounting
• Accounting valuation
• International accounting diversity
• Accounting for legal reorganizations
• Accounting for state
• Accounting for leases
• Accounting for estates
• Investment accounting
• Consolidation of financial information
• Consolidated financial statements
• Intra entity asset transactions
• Variable interest entities
• Income taxes
• Interim reporting
• Foreign currency transactions
• Foreign currency financial statements
• Exchange commission
• Partnership advantages
• Statement of liquidation