Jan. 13
Upcoming SlideShare
Loading in...5
×
 

Jan. 13

on

  • 378 views

 

Statistics

Views

Total Views
378
Views on SlideShare
378
Embed Views
0

Actions

Likes
0
Downloads
1
Comments
0

0 Embeds 0

No embeds

Accessibility

Categories

Upload Details

Uploaded via as Microsoft PowerPoint

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

    Jan. 13 Jan. 13 Presentation Transcript

    • International Accounting and Financial Reporting Winter 2010 William F. O’Brien, MBA, CPA
    • Session IV Players and Transitions
    • Session IV Objectives
      • Players and prior efforts
      • The adoption roadmap
      • A new set of financial statements
      • The adoption debate
    • Recall this Concept: What Exactly is Convergence?
      • Global options
        • Single standard mentality-US GAAP
        • Harmonization: minimal differences
        • Convergence: best of the best
      • Stated goal:
        • Single set of high quality, understandable & enforceable global accounting standards
        • Transparency and comparability
    • Other Players; Prior Work-I
      • International Accounting Standards Committee (IASC)
        • Voluntary funding; part-time members
        • Non-binding standards-IAS
        • More focus on accommodation than rigors
        • Becomes IASB (Board) in 2001
        • U.S. has strong influence; therefore, credibility
      • International Accounting Standards Board (IASB)-London
        • 12 F/T members; 2 P/T members (academics)
        • Funding via the IASC Foundation
        • Sets IFRS
      • International Financial Reporting Interpretations Committee (IFRIC)-interprets IFRS & provides guidance
        • Perhaps a similar role for FASB, post adoption?
    • Other Players; Prior Work-II
      • International Org. of Sec. Commissions (IOSCO)
        • Global org. of sec. regulators
        • Supported stronger IASC and single ww standard
      • European Union
        • Directives written into local law
        • 4 th and 7 th directives
          • Form and content
          • Consolidation
        • Adopted IFRS on 1/1/05
      • International Federation of Accountants (IFAC)
        • Global auditing standards
        • AICPA is member of IFAC
    • SEC Proposed Adoption Roadmap-I
      • Issued 11/14/08; comment period thru 2/19/09
        • Political issue-Cox’s baby, Schapiro has finally embraced the urgency
      • Early adoption: FYE after 12/15/09
        • Makes 12/31/06 initiation date
        • Most companies are not ready
        • No one is stepping forward
    • SEC Proposed Adoption Roadmap-II
      • First “normal” adoption: FYE after 12/15/14
        • Makes 12/31/11 initiation date
        • Later adoption date of FYE after 12/15/16
      • Key milestone evaluation 2011-go or no go
        • Continued work on convergence
        • Resolution of IASB funding and authority issues
        • Making IFRS XBRL-ready
        • Progress in IFRS education
        • Results of the early filer program
    • Statement of Fin. Position
    • Statement of Fin. Position
    • Stmt. of Compr. Inc.
    • The Adoption Debate
      • Resolved that your company should “early” adopt IFRS for external reporting.
      • ½ the class will prepare an affirmative position
      • ½ the class will prepare a negative position
    • Key Points-Session IV
      • Convergence revisited
      • Other players and positions
      • The Adoption Roadmap
      • The converged F/S proposal