Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
Worldwide
Accounting
Diversity and
International
Accounting
Standards
McGraw-Hill/Irwin Copyright 2013 by The McGraw-Hill Companies, Inc. All rights reserved.
LO 1
Reasons for Accounting Diversity
Legal
System
Tax Regimes
Political
and AllCulture
these
Economic
Ties
interact!!!
Financial
Providers
Inflation
11-2
Grays Framework for the Development
of Accounting Systems Internationally
11-4
LO 2 Problems Caused By Diverse
Accounting Standards
Problems
1. Subs use local standards for financial statements.
The parent must adjust the subs statements to
GAAP. Statements must be re-stated in common
standards.
2. To access foreign capital markets, costly measures
must be taken to prepare financial statements that
comply with local standards.
3. Financial statements from different countries are
simply not comparable. Accounting rules differ from
country to country.
11-5
LO 3 International Accounting Standards
Board (IASB)
11-6
LO 4 International Financial Reporting
Standards (IFRSs)
11-7
LO 5 Norwalk Agreement:
FASB-IASB Convergence
11-8
FASB-IASB Convergence
11-9
SEC Acceptance Of IFRS
IFRS Roadmap:
In November 2008, SEC issued a proposed
rule that set milestones toward the use of
IFRS by U.S. public companies by 2014.
In February 2010, SEC pushed that date
back to approximately 2015 or 2016.
Large companies with market capitalization
greater than $700 million (so-called large
accelerated filers) would be the first required
to use IFRS.
11-10
SEC Acceptance Of IFRS
11-11
First-time Adoption of IFRS
11-13
LO 6 Current Differences Between IFRSs and
US GAAP
Recognition: Presentation:
Principles? Financial
If recognized, how? When? Statement Components?
Disclosure: Measurement:
If allowed, How? How is cost determined?
11-14
LO 7 Significant Differences
Between IFRSs and US
GAAP
U.S. GAAP Reconciliations:
Interest Capitalization
Business Combinations
Purchase vs. Pooling Methods
Goodwill
Amortization vs. Impairment
Leases
Revaluation of Fixed Assets
Fixed Asset Impairment Losses
11-15