This document discusses the potential adoption of IFRS (International Financial Reporting Standards) by the United States. It notes that over 120 countries currently use IFRS, while the US has remained a holdout. It also notes that many US public companies are waiting for SEC support before implementing IFRS. While IFRS is principles-based and US GAAP is rules-based, the differences between the two sets of standards are narrowing as IFRS becomes more detailed. Even with common standards, different interpretations across cultures may limit comparability. Ultimately, whether and how the US fully accepts IFRS remains uncertain.
Throughout the talks of visions and realities, several major challenges and initiatives seemed to emerge as clear priorities that are sure to help shape the future of financial reporting.
- Raytheon's financial outlook is strong, with projected bookings of $24.5-25B in 2005 and $22-23B in 2006, and sales projected to grow from $21.6-22.1B in 2005 to $23.1-23.6B in 2006.
- The company has generated excellent cash flow in recent years through strong execution, with cash conversion averaging 110% and debt reduced by $3B from 2003 to 2005. Further debt reduction and increased dividends are planned.
- Projected EPS growth is from $2.00-2.05 in 2005 to $2.40-2.50 in 2006, and return on invested capital is
The document provides an overview of an analyst meeting held by El Paso Corporation on April 16, 2008. It includes cautionary statements about forward-looking projections, outlines the schedule of presentations on topics such as the macro outlook, pipelines, exploration and production, and financials. It also discusses El Paso's purpose and culture, and components of its net asset value. The meeting aimed to provide investors with information on El Paso's businesses and outlook.
ResCap Chief Executive Officer Bruce Paradis - GMAC LLC and Residential Capit...finance8
The document provides an overview of ResCap, including:
1. ResCap reported a net loss in Q4 2006 primarily due to losses in subprime mortgage exposure areas as the subprime market deteriorated rapidly.
2. ResCap's franchise remains fundamentally healthy but faces challenges in the difficult US mortgage market, and has strategic plans to restore profitability by reducing costs and nonprime origination.
3. ResCap maintains strong liquidity and funding positions to take advantage of opportunities from market dislocation.
Atlas Resource Partners acquired 277 billion cubic feet equivalent of proved reserves in the Barnett Shale from Carrizo Oil and Gas for $190 million. The acquisition is expected to be accretive to ARP's cash distributions in the second half of 2012 and 2013. ARP has hedged 100% of the available production from the acquired assets in the first year and substantial amounts in subsequent years. The transaction more than doubles ARP's proved reserves and enhances the long-lived nature of its asset base.
This document provides information from Penn West Energy Trust's annual general meeting on June 8, 2010. It discusses Penn West's discovered petroleum initially-in-place volumes, forward-looking statements, and references to non-GAAP terms. The presentation focuses on restoring financial strength, emphasizing corporate responsibility, strengthening the management team, and prospects in key play areas like the Peace River and Cardium formations.
1) The US growth outlook has brightened, with GDP growth now expected to be 2.7% in 2011 and 3.6% in 2012, above consensus estimates.
2) Unemployment is expected to gradually decline to around 8.5% by the end of 2012.
3) Core inflation is expected to remain low at around 1.5% through 2012 due to economic slack.
Throughout the talks of visions and realities, several major challenges and initiatives seemed to emerge as clear priorities that are sure to help shape the future of financial reporting.
- Raytheon's financial outlook is strong, with projected bookings of $24.5-25B in 2005 and $22-23B in 2006, and sales projected to grow from $21.6-22.1B in 2005 to $23.1-23.6B in 2006.
- The company has generated excellent cash flow in recent years through strong execution, with cash conversion averaging 110% and debt reduced by $3B from 2003 to 2005. Further debt reduction and increased dividends are planned.
- Projected EPS growth is from $2.00-2.05 in 2005 to $2.40-2.50 in 2006, and return on invested capital is
The document provides an overview of an analyst meeting held by El Paso Corporation on April 16, 2008. It includes cautionary statements about forward-looking projections, outlines the schedule of presentations on topics such as the macro outlook, pipelines, exploration and production, and financials. It also discusses El Paso's purpose and culture, and components of its net asset value. The meeting aimed to provide investors with information on El Paso's businesses and outlook.
ResCap Chief Executive Officer Bruce Paradis - GMAC LLC and Residential Capit...finance8
The document provides an overview of ResCap, including:
1. ResCap reported a net loss in Q4 2006 primarily due to losses in subprime mortgage exposure areas as the subprime market deteriorated rapidly.
2. ResCap's franchise remains fundamentally healthy but faces challenges in the difficult US mortgage market, and has strategic plans to restore profitability by reducing costs and nonprime origination.
3. ResCap maintains strong liquidity and funding positions to take advantage of opportunities from market dislocation.
Atlas Resource Partners acquired 277 billion cubic feet equivalent of proved reserves in the Barnett Shale from Carrizo Oil and Gas for $190 million. The acquisition is expected to be accretive to ARP's cash distributions in the second half of 2012 and 2013. ARP has hedged 100% of the available production from the acquired assets in the first year and substantial amounts in subsequent years. The transaction more than doubles ARP's proved reserves and enhances the long-lived nature of its asset base.
This document provides information from Penn West Energy Trust's annual general meeting on June 8, 2010. It discusses Penn West's discovered petroleum initially-in-place volumes, forward-looking statements, and references to non-GAAP terms. The presentation focuses on restoring financial strength, emphasizing corporate responsibility, strengthening the management team, and prospects in key play areas like the Peace River and Cardium formations.
1) The US growth outlook has brightened, with GDP growth now expected to be 2.7% in 2011 and 3.6% in 2012, above consensus estimates.
2) Unemployment is expected to gradually decline to around 8.5% by the end of 2012.
3) Core inflation is expected to remain low at around 1.5% through 2012 due to economic slack.
This document provides an update on International Financial Reporting Standards (IFRS). Approximately 120 nations require or allow IFRS use for listed companies, with 90 having fully adopted IFRS. The EU requires IFRS for listed companies. While the US and IASB have committed to convergence, differences remain between US GAAP and IFRS. The SEC is still considering whether and when to require US companies to use IFRS, with a decision expected in the next few months. Private companies may also have IFRS adoption options to consider.
The document summarizes key differences between International Financial Reporting Standards (IFRSs) and United States generally accepted accounting principles (US GAAP). It lists over 20 differences across various standards such as IAS 1 on financial statement presentation, IAS 2 on inventories, IAS 7 on cash flow statements, and IAS 12 on income taxes. For each difference, it provides a brief description and notes whether the International Accounting Standards Board (IASB) and US Financial Accounting Standards Board (FASB) are currently addressing the difference in their short-term convergence projects. The document appears to be an informational newsletter published by Deloitte for clients and staff globally.
The document provides an overview of the similarities and differences between US GAAP and IFRS accounting standards. Key similarities include financial statement components and accrual basis of accounting. Differences include requirements for comparative financial statements, classification of expenses, and presentation of discontinued operations. The document also discusses convergence efforts by standard setting boards and reasons why some differences still exist.
Major Differences Between US Gaap And IFRSTschakert
This document provides an overview and summary of a presentation on major differences between U.S. GAAP and IFRS and latest developments. The presentation covers: 1) Introduction to IFRS; 2) Current relevance of IFRS in the U.S.; 3) SEC roadmap to IFRS adoption and projected impact on the U.S.; 4) Major differences between U.S. GAAP and IFRS; and 5) Implications for businesses. Key points include that over 110 countries have adopted IFRS, the SEC is considering a phased mandatory adoption of IFRS for U.S. companies beginning in 2016, and full adoption of a single set of global standards could increase compar
The document provides an overview of the key differences between US GAAP and IFRS accounting standards. Some of the main differences discussed include financial statement presentation requirements, consolidation approaches, business combination accounting, inventory valuation, impairment testing, financial instrument accounting, foreign currency translation, lease classification, income tax accounting, and revenue recognition. While convergence efforts have reduced many differences, the standards continue to have some divergent requirements.
- IFRS and US GAAP are considered high quality standards but have some differences
- There is debate around whether the US should fully adopt IFRS or continue convergence efforts to reduce differences between the standards
- Moving to a single set of global standards could reduce costs for multinational companies but adopting IFRS in the US faces substantial challenges
The document provides an overview and guide to Canada's transition to adopting International Financial Reporting Standards (IFRS) for publicly accountable enterprises. Some key points:
- Canada will replace Canadian GAAP with IFRS for publicly accountable enterprises beginning January 1, 2011, after a five-year transition period.
- The Canadian Accounting Standards Board is responsible for the transition and is converging Canadian GAAP with IFRS over time.
- Adopting IFRS will improve the clarity and comparability of financial reporting globally and eliminate the need for reconciliations between different national standards.
- The transition will require education, assessment of impacts, and planning by affected organizations to ensure a smooth changeover
The document discusses International Financial Reporting Standards (IFRS), which are a set of accounting standards used in over 100 countries as an alternative to standards set by the United States Generally Accepted Accounting Principles (GAAP). It provides an overview of IFRS, including key differences from GAAP, the SEC's ongoing consideration of adopting IFRS for U.S. companies, and important factors for companies to consider when preparing for a potential transition to IFRS reporting.
The document discusses the challenges US companies face in transitioning from GAAP accounting standards to IFRS standards. It notes that the SEC has advocated for a single set of global accounting standards and has proposed a timeline for US public companies to adopt IFRS by 2016. The transition will require significant resources and affect many departments within a company. Hiring experienced contract staff who specialize in IFRS can help companies implement IFRS in a cost-effective way while minimizing disruptions to operations.
1) Many countries have adopted IFRS as their accounting standards since 2005, though differences still exist between countries' practices.
2) Harmonizing accounting standards worldwide could help compare companies internationally and benefit multinational corporations and investors. However, full standardization may not be possible due to cultural and economic differences between countries.
3) The IASB works to develop IFRS through an independent standard-setting process, and many countries have adopted IFRS. However, the U.S. still relies primarily on U.S. GAAP and is taking a gradual approach to potentially adopting IFRS through ongoing convergence projects with the IASB.
The webinar presentation will discuss preparing for an IFRS transition. It will provide an overview of differences between US GAAP and IFRS accounting standards and the proposed timeline from the SEC for US companies to implement IFRS reporting. The presentation will also discuss options for achieving IFRS compliance within Oracle E-Business Suite, including establishing a second legal entity or adjustment book to generate IFRS financial statements.
This document summarizes an event presented by Vincent Leo and Jennifer Martlew of Insero & Company on November 18, 2014. It covered various accounting topics, including FASB/IASB convergence efforts, private company financial reporting, and recent FASB accounting standards updates. The agenda included overviews of FASB/IASB convergence projects, private company reporting considerations, and summaries of new standards on topics such as goodwill accounting, interest rate swaps, and discontinued operations reporting.
This document provides an overview of the International Accounting Standards Board (IASB) framework for financial reporting and standards.
It begins with an introduction to the IASB and the need for a common set of global accounting standards to improve comparability. It then discusses key aspects of the IASB conceptual framework, including its purpose and status, users and objectives of financial reporting, qualitative characteristics of useful financial information, and the elements of financial statements.
The document also provides a high-level summary of experiences with IFRS adoption in Canada and the US. It concludes with a brief look ahead at ongoing projects by the IASB and FASB to further improve and converge accounting standards internationally.
The document discusses the relationship between the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). It describes how the IASB was created to establish a single set of global accounting standards. It discusses the challenges both boards have faced in harmonizing standards due to differences in languages, cultures, and economic/political environments. It outlines some of the short-term goals agreed upon by both boards at the 2002 Norwalk Agreement to improve compatibility of financial reporting standards.
• Determine what you believe to be the major obstacles to the conver.pdfsriammanmarketing
• Determine what you believe to be the major obstacles to the convergence process. Recommend
two (2) strategies that the IASB could use in order to improve the convergence process overall.
Justify your response.
Solution
WHY IS IT IMPORTANT TO HAVE MORE COMPARABLE GLOBAL ACCOUNTING
STANDARDS? HOW DOES THAT EFFORT FIT WITH THE FASB’S MISSION?
The first priority of the Financial Accounting Standards Board (FASB) is to improve financial
reporting for the benefit of investors and other users of financial information in U.S. capital
markets. We do that by striving to set the highest-quality standards, which collectively are
known as Generally Accepted Accounting Principles (GAAP). By highest quality, we mean
standards that provide users of financial statements with information that is clear, useful, and
relevant to their needs, while considering whether the expected benefits of that information
justify the costs of providing and using it.
The FASB believes that seeking more comparable global accounting standards—improving the
quality of accounting standards used around the world while reducing differences among those
standards—is consistent with its core mission. Investors, companies, auditors, and other
participants in the U.S. financial reporting system benefit from the increased comparability that
can result from the closer alignment of standards used internationally. More comparable
standards have the potential to reduce costs for both users and preparers of financial statements
and make worldwide capital markets more efficient. The Securities and Exchange Commission
(SEC) expects the FASB to consider, in developing standards, the extent to which international
comparability is necessary or appropriate in the public interest and for the protection of
investors.
HOW DOES THE FASB SEEK GREATER COMPARABILITY?
As we conclude the bilateral convergence program begun in 2002 by the FASB and the
International Accounting Standards Board (IASB), the FASB has implemented a three-part
strategy for seeking greater comparability in accounting standards internationally:
Developing High Quality GAAP Standards
The FASB continually strives to meet the needs of investors and other users of GAAP-based
financial reports, both within and outside the United States, by improving the quality of GAAP.
The FASB believes that the high-quality standards it develops will continue to influence the
shape and future direction of international standards, as they have for more than 40 years. By
creating high-quality standards through a best-in-class standard-setting process, the FASB serves
as a reference point and benchmark for others. In other words, we will continue to lead by setting
an example of excellence.
As it undertakes standard-setting projects, the FASB carefully evaluates whether U.S. financial
reporting would be improved by implementing approaches consistent with particular IFRS
standards. This also would enhance international comparability for the benefit of inves.
Major Differences Between US Gaap And IFRSguestf0e05d
This document outlines a presentation on major differences between US GAAP and IFRS, and the latest developments. It discusses the SEC's proposed roadmap for potential mandatory adoption of IFRS by US issuers, which includes a phased approach starting in 2014. While the former SEC chairman supported convergence, the new chairman has expressed concerns about independence of the IASB and readiness of US companies. However, there is strong international support for a single set of global accounting standards.
Presentation to Accounting Educators at the Pearson - Presentice-Hall Accounting Symposium in 2009. Includes update of three major trends facing Profession - Globalization - Workforce - Technology
briefly compare the IASB and FASB in regards to the convergence proc.pdfajayelectronisyavatm
briefly compare the IASB and FASB in regards to the convergence process. Give your opinion
on the reasons why a single set of accounting principles would be beneficial to corporations.
Explain your rationale.
Solution
WHY IS IT IMPORTANT TO HAVE MORE COMPARABLE GLOBAL ACCOUNTING
STANDARDS? HOW DOES THAT EFFORT FIT WITH THE FASB’S MISSION?
The first priority of the Financial Accounting Standards Board (FASB) is to improve financial
reporting for the benefit of investors and other users of financial information in U.S. capital
markets. We do that by striving to set the highest-quality standards, which collectively are
known as Generally Accepted Accounting Principles (GAAP). By highest quality, we mean
standards that provide users of financial statements with information that is clear, useful, and
relevant to their needs, while considering whether the expected benefits of that information
justify the costs of providing and using it.
The FASB believes that seeking more comparable global accounting standards—improving the
quality of accounting standards used around the world while reducing differences among those
standards—is consistent with its core mission. Investors, companies, auditors, and other
participants in the U.S. financial reporting system benefit from the increased comparability that
can result from the closer alignment of standards used internationally. More comparable
standards have the potential to reduce costs for both users and preparers of financial statements
and make worldwide capital markets more efficient. The Securities and Exchange Commission
(SEC) expects the FASB to consider, in developing standards, the extent to which international
comparability is necessary or appropriate in the public interest and for the protection of
investors.
HOW DOES THE FASB SEEK GREATER COMPARABILITY?
As we conclude the bilateral convergence program begun in 2002 by the FASB and the
International Accounting Standards Board (IASB), the FASB has implemented a three-part
strategy for seeking greater comparability in accounting standards internationally:
Developing High Quality GAAP Standards
The FASB continually strives to meet the needs of investors and other users of GAAP-based
financial reports, both within and outside the United States, by improving the quality of GAAP.
The FASB believes that the high-quality standards it develops will continue to influence the
shape and future direction of international standards, as they have for more than 40 years. By
creating high-quality standards through a best-in-class standard-setting process, the FASB serves
as a reference point and benchmark for others. In other words, we will continue to lead by setting
an example of excellence.
As it undertakes standard-setting projects, the FASB carefully evaluates whether U.S. financial
reporting would be improved by implementing approaches consistent with particular IFRS
standards. This also would enhance international comparability for the benefit of investor.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
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This document provides an update on International Financial Reporting Standards (IFRS). Approximately 120 nations require or allow IFRS use for listed companies, with 90 having fully adopted IFRS. The EU requires IFRS for listed companies. While the US and IASB have committed to convergence, differences remain between US GAAP and IFRS. The SEC is still considering whether and when to require US companies to use IFRS, with a decision expected in the next few months. Private companies may also have IFRS adoption options to consider.
The document summarizes key differences between International Financial Reporting Standards (IFRSs) and United States generally accepted accounting principles (US GAAP). It lists over 20 differences across various standards such as IAS 1 on financial statement presentation, IAS 2 on inventories, IAS 7 on cash flow statements, and IAS 12 on income taxes. For each difference, it provides a brief description and notes whether the International Accounting Standards Board (IASB) and US Financial Accounting Standards Board (FASB) are currently addressing the difference in their short-term convergence projects. The document appears to be an informational newsletter published by Deloitte for clients and staff globally.
The document provides an overview of the similarities and differences between US GAAP and IFRS accounting standards. Key similarities include financial statement components and accrual basis of accounting. Differences include requirements for comparative financial statements, classification of expenses, and presentation of discontinued operations. The document also discusses convergence efforts by standard setting boards and reasons why some differences still exist.
Major Differences Between US Gaap And IFRSTschakert
This document provides an overview and summary of a presentation on major differences between U.S. GAAP and IFRS and latest developments. The presentation covers: 1) Introduction to IFRS; 2) Current relevance of IFRS in the U.S.; 3) SEC roadmap to IFRS adoption and projected impact on the U.S.; 4) Major differences between U.S. GAAP and IFRS; and 5) Implications for businesses. Key points include that over 110 countries have adopted IFRS, the SEC is considering a phased mandatory adoption of IFRS for U.S. companies beginning in 2016, and full adoption of a single set of global standards could increase compar
The document provides an overview of the key differences between US GAAP and IFRS accounting standards. Some of the main differences discussed include financial statement presentation requirements, consolidation approaches, business combination accounting, inventory valuation, impairment testing, financial instrument accounting, foreign currency translation, lease classification, income tax accounting, and revenue recognition. While convergence efforts have reduced many differences, the standards continue to have some divergent requirements.
- IFRS and US GAAP are considered high quality standards but have some differences
- There is debate around whether the US should fully adopt IFRS or continue convergence efforts to reduce differences between the standards
- Moving to a single set of global standards could reduce costs for multinational companies but adopting IFRS in the US faces substantial challenges
The document provides an overview and guide to Canada's transition to adopting International Financial Reporting Standards (IFRS) for publicly accountable enterprises. Some key points:
- Canada will replace Canadian GAAP with IFRS for publicly accountable enterprises beginning January 1, 2011, after a five-year transition period.
- The Canadian Accounting Standards Board is responsible for the transition and is converging Canadian GAAP with IFRS over time.
- Adopting IFRS will improve the clarity and comparability of financial reporting globally and eliminate the need for reconciliations between different national standards.
- The transition will require education, assessment of impacts, and planning by affected organizations to ensure a smooth changeover
The document discusses International Financial Reporting Standards (IFRS), which are a set of accounting standards used in over 100 countries as an alternative to standards set by the United States Generally Accepted Accounting Principles (GAAP). It provides an overview of IFRS, including key differences from GAAP, the SEC's ongoing consideration of adopting IFRS for U.S. companies, and important factors for companies to consider when preparing for a potential transition to IFRS reporting.
The document discusses the challenges US companies face in transitioning from GAAP accounting standards to IFRS standards. It notes that the SEC has advocated for a single set of global accounting standards and has proposed a timeline for US public companies to adopt IFRS by 2016. The transition will require significant resources and affect many departments within a company. Hiring experienced contract staff who specialize in IFRS can help companies implement IFRS in a cost-effective way while minimizing disruptions to operations.
1) Many countries have adopted IFRS as their accounting standards since 2005, though differences still exist between countries' practices.
2) Harmonizing accounting standards worldwide could help compare companies internationally and benefit multinational corporations and investors. However, full standardization may not be possible due to cultural and economic differences between countries.
3) The IASB works to develop IFRS through an independent standard-setting process, and many countries have adopted IFRS. However, the U.S. still relies primarily on U.S. GAAP and is taking a gradual approach to potentially adopting IFRS through ongoing convergence projects with the IASB.
The webinar presentation will discuss preparing for an IFRS transition. It will provide an overview of differences between US GAAP and IFRS accounting standards and the proposed timeline from the SEC for US companies to implement IFRS reporting. The presentation will also discuss options for achieving IFRS compliance within Oracle E-Business Suite, including establishing a second legal entity or adjustment book to generate IFRS financial statements.
This document summarizes an event presented by Vincent Leo and Jennifer Martlew of Insero & Company on November 18, 2014. It covered various accounting topics, including FASB/IASB convergence efforts, private company financial reporting, and recent FASB accounting standards updates. The agenda included overviews of FASB/IASB convergence projects, private company reporting considerations, and summaries of new standards on topics such as goodwill accounting, interest rate swaps, and discontinued operations reporting.
This document provides an overview of the International Accounting Standards Board (IASB) framework for financial reporting and standards.
It begins with an introduction to the IASB and the need for a common set of global accounting standards to improve comparability. It then discusses key aspects of the IASB conceptual framework, including its purpose and status, users and objectives of financial reporting, qualitative characteristics of useful financial information, and the elements of financial statements.
The document also provides a high-level summary of experiences with IFRS adoption in Canada and the US. It concludes with a brief look ahead at ongoing projects by the IASB and FASB to further improve and converge accounting standards internationally.
The document discusses the relationship between the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). It describes how the IASB was created to establish a single set of global accounting standards. It discusses the challenges both boards have faced in harmonizing standards due to differences in languages, cultures, and economic/political environments. It outlines some of the short-term goals agreed upon by both boards at the 2002 Norwalk Agreement to improve compatibility of financial reporting standards.
• Determine what you believe to be the major obstacles to the conver.pdfsriammanmarketing
• Determine what you believe to be the major obstacles to the convergence process. Recommend
two (2) strategies that the IASB could use in order to improve the convergence process overall.
Justify your response.
Solution
WHY IS IT IMPORTANT TO HAVE MORE COMPARABLE GLOBAL ACCOUNTING
STANDARDS? HOW DOES THAT EFFORT FIT WITH THE FASB’S MISSION?
The first priority of the Financial Accounting Standards Board (FASB) is to improve financial
reporting for the benefit of investors and other users of financial information in U.S. capital
markets. We do that by striving to set the highest-quality standards, which collectively are
known as Generally Accepted Accounting Principles (GAAP). By highest quality, we mean
standards that provide users of financial statements with information that is clear, useful, and
relevant to their needs, while considering whether the expected benefits of that information
justify the costs of providing and using it.
The FASB believes that seeking more comparable global accounting standards—improving the
quality of accounting standards used around the world while reducing differences among those
standards—is consistent with its core mission. Investors, companies, auditors, and other
participants in the U.S. financial reporting system benefit from the increased comparability that
can result from the closer alignment of standards used internationally. More comparable
standards have the potential to reduce costs for both users and preparers of financial statements
and make worldwide capital markets more efficient. The Securities and Exchange Commission
(SEC) expects the FASB to consider, in developing standards, the extent to which international
comparability is necessary or appropriate in the public interest and for the protection of
investors.
HOW DOES THE FASB SEEK GREATER COMPARABILITY?
As we conclude the bilateral convergence program begun in 2002 by the FASB and the
International Accounting Standards Board (IASB), the FASB has implemented a three-part
strategy for seeking greater comparability in accounting standards internationally:
Developing High Quality GAAP Standards
The FASB continually strives to meet the needs of investors and other users of GAAP-based
financial reports, both within and outside the United States, by improving the quality of GAAP.
The FASB believes that the high-quality standards it develops will continue to influence the
shape and future direction of international standards, as they have for more than 40 years. By
creating high-quality standards through a best-in-class standard-setting process, the FASB serves
as a reference point and benchmark for others. In other words, we will continue to lead by setting
an example of excellence.
As it undertakes standard-setting projects, the FASB carefully evaluates whether U.S. financial
reporting would be improved by implementing approaches consistent with particular IFRS
standards. This also would enhance international comparability for the benefit of inves.
Major Differences Between US Gaap And IFRSguestf0e05d
This document outlines a presentation on major differences between US GAAP and IFRS, and the latest developments. It discusses the SEC's proposed roadmap for potential mandatory adoption of IFRS by US issuers, which includes a phased approach starting in 2014. While the former SEC chairman supported convergence, the new chairman has expressed concerns about independence of the IASB and readiness of US companies. However, there is strong international support for a single set of global accounting standards.
Presentation to Accounting Educators at the Pearson - Presentice-Hall Accounting Symposium in 2009. Includes update of three major trends facing Profession - Globalization - Workforce - Technology
briefly compare the IASB and FASB in regards to the convergence proc.pdfajayelectronisyavatm
briefly compare the IASB and FASB in regards to the convergence process. Give your opinion
on the reasons why a single set of accounting principles would be beneficial to corporations.
Explain your rationale.
Solution
WHY IS IT IMPORTANT TO HAVE MORE COMPARABLE GLOBAL ACCOUNTING
STANDARDS? HOW DOES THAT EFFORT FIT WITH THE FASB’S MISSION?
The first priority of the Financial Accounting Standards Board (FASB) is to improve financial
reporting for the benefit of investors and other users of financial information in U.S. capital
markets. We do that by striving to set the highest-quality standards, which collectively are
known as Generally Accepted Accounting Principles (GAAP). By highest quality, we mean
standards that provide users of financial statements with information that is clear, useful, and
relevant to their needs, while considering whether the expected benefits of that information
justify the costs of providing and using it.
The FASB believes that seeking more comparable global accounting standards—improving the
quality of accounting standards used around the world while reducing differences among those
standards—is consistent with its core mission. Investors, companies, auditors, and other
participants in the U.S. financial reporting system benefit from the increased comparability that
can result from the closer alignment of standards used internationally. More comparable
standards have the potential to reduce costs for both users and preparers of financial statements
and make worldwide capital markets more efficient. The Securities and Exchange Commission
(SEC) expects the FASB to consider, in developing standards, the extent to which international
comparability is necessary or appropriate in the public interest and for the protection of
investors.
HOW DOES THE FASB SEEK GREATER COMPARABILITY?
As we conclude the bilateral convergence program begun in 2002 by the FASB and the
International Accounting Standards Board (IASB), the FASB has implemented a three-part
strategy for seeking greater comparability in accounting standards internationally:
Developing High Quality GAAP Standards
The FASB continually strives to meet the needs of investors and other users of GAAP-based
financial reports, both within and outside the United States, by improving the quality of GAAP.
The FASB believes that the high-quality standards it develops will continue to influence the
shape and future direction of international standards, as they have for more than 40 years. By
creating high-quality standards through a best-in-class standard-setting process, the FASB serves
as a reference point and benchmark for others. In other words, we will continue to lead by setting
an example of excellence.
As it undertakes standard-setting projects, the FASB carefully evaluates whether U.S. financial
reporting would be improved by implementing approaches consistent with particular IFRS
standards. This also would enhance international comparability for the benefit of investor.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
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Session 5 02172012 ifrs update stark presentation
1. 2/1/2012
Dec. 5, 2011:
SEC Chief Accountant
Derrick B Stark, CPA indicates the SEC staff
February 17, 2012 is months from
completion of a final
report for the
commission to make a
decision on IFRS.
2
1. FASB|IASB Complete Work on
Memorandum of Understanding
The number of U.S. public Projects (“MOU”)
companies waiting on the SEC a. Revenue Recognition
to support adoption before b. Leasing
c. Financial Investments
implementing IFRS statement
d. Insurance
preparation.
4
2. Incorporate IFRS into U.S. GAAP
a. IASB Handles New Projects
b. FASB Consults in Development and Evaluates FASB, IASB, Chiefs
“Suitability” for U.S. GAAP (Name Retained)
Agree New
3. FASB Evaluates Remaining Differences Between
U.S. GAAP and IFRS. Convergence
Model is
Needed.
- Journal of Accounting, 12/6/2011
5 6
1
3. 2/1/2012
• Stark, Derrick. “Why IFRS Matters Now” SCACPA
CPA Report. 2nd Quarter, 2011.
• Stark, Derrick. “Getting from Point GAAP to
Point IFRS” SCACPA CPA Report. 3rd Quarter,
2011.
2011 Derrick B Stark, CPA
Derrick B Stark CPA
• Stark, Derrick. “Will the United States Ever MiraVista, LLC
Accept IFRS?” SCACPA CPA Report. 4th 803.462.9959 x 200
Quarter, 2011. derrick@miravistallc.com
www.miravistallc.com
Reprinted with permission from The CPA Report, published by the South Carolina
Association of CPAs
13
These materials and links to other sources are provided
for informational purposes only and are not intended
to be and should not be construed as legal advice.
MiraVISTA does not guarantee or warrant that the
MiraVISTA does not guarantee or warrant that the
materials are without error or present a complete
explanation of all of the subject material.
Laws and procedures change frequently and are subject
to differing interpretations. Content and information is
subject to change without notice.
3
4.
5.
6.
7. Will the
UNITED STATES
Ever Accept IFRS?
by Derrick B. Stark, CPA
SCACPA member since 1996
O
ver 120 countries currently IFRS and rules-based U.S. GAAP is In an article co-authored by University
permit or require financial narrowing. While Grayson-Caprio is of South Carolina professor Timothy
statement reporting using a fan of principles-based standards, Doupnik, research suggests that,
International Financial Reporting she acknowledges, "They [IFRS] are even in those countries that have
Standards (IFRS). Many more are changing to become more rules-based." implemented IFRS, cultural differences
currently developing or implementing among nations can lead to materially
IFRS adoption. While IFRS ma ers now In addition to more specifics in IFRS, different interpretations of the standards
to U.S. companies that have foreign broadly accepted interpretations (h p://www.journalofaccountancy.
reporting requirements, the United by practitioners will aid preserved com/Issues/2009/Feb/
States is largely seen as a major hold comparability. "Companies establish IFRSBeyondtheStandards). Words like
out in the global acceptance of the internal policies within the [IFRS] "probable" have very different meanings
international standards. According to principle, and the companies have to be to preparers based on national culture
the latest AICPA IFRS Readiness Survey, consistent from year to year," according and values, and as such, recognition and
76 percent of public companies are to Grayson-Caprio. disclosure will vary significantly based
waiting for the SEC to support adoption on locale regardless of the common
before implementing IFRS statement Many of those internal policies naturally standards. Perhaps, then, a single set
preparation and many have not yet find their genesis in the copious of high quality accounting standards
acquired the expertise they will need to amounts of U.S. GAAP literature and does not necessarily provide the global
do so. All of this begs the question, will historical practice. As a result, the comparability we pursue.
the US ever accept IFRS? professional judgment of the internal
policy drafters, financial statement The destiny of IFRS in the United States
At a glance, IFRS, a principles-based preparers, and auditors is expected may be that of soccer. Sure it has a
set of standards, seems to contradict to smack of U.S. GAAP except for loyal following in America among those
the revered objective of comparability the places where there are direct with a reason to participate, but Hank
baked into U.S. GAAP. The flexibility contradictions. Thus, comparability Williams, Jr. may never wail, "Are you
necessary to foster broad acceptance between companies is likely preserved ready for some...futbol?" n
leaves open the door for wider at a practical level in the United States
interpretation and varied results. even under IFRS. Derrick B. Stark, CPA, is managing
Adopting IFRS, moreover, seems like an member of ClaraVista LLC, a
about face to the post-Enron deluge of Assuming that IFRS does gain some reimbursement and consulting
specifics in our rules-based system. traction by the authoritative accounting
firm serving home medical
equipment suppliers throughout
bodies here, one cannot help but
the United States. Derrick’s areas of
Terry Grayson-Caprio, a partner at wonder how much comparability
expertise include data analytics and
KPMG LLP in Greenville, thinks the abroad is likely given contradiction application development. Derrick can be reached at
gap between the principles-based between flexibility and comparability. derrick@claravistallc.com.
(888) 557-4814 | www.scacpa.org South Carolina CPA Report 19