Download - Download lecture notes
![Page 1: Download lecture notes](https://reader033.vdocument.in/reader033/viewer/2022061211/5492d493b47959744d8b46d8/html5/thumbnails/1.jpg)
®
International Accounting Standards
Board
The Future of International The Future of International Financial ReportingFinancial Reporting
Sir David TweedieSir David TweedieIASB ChairmanIASB Chairman
![Page 2: Download lecture notes](https://reader033.vdocument.in/reader033/viewer/2022061211/5492d493b47959744d8b46d8/html5/thumbnails/2.jpg)
®Need for ConvergenceNeed for Convergence
Attracting investment through transparency
Reducing the cost of capital Increasing world-wide investment Reducing costs
![Page 3: Download lecture notes](https://reader033.vdocument.in/reader033/viewer/2022061211/5492d493b47959744d8b46d8/html5/thumbnails/3.jpg)
®IASC DevelopmentsIASC Developments
Improvements Project
![Page 4: Download lecture notes](https://reader033.vdocument.in/reader033/viewer/2022061211/5492d493b47959744d8b46d8/html5/thumbnails/4.jpg)
®IASC DevelopmentsIASC Developments
Improvements Project IOSCO Agreement
![Page 5: Download lecture notes](https://reader033.vdocument.in/reader033/viewer/2022061211/5492d493b47959744d8b46d8/html5/thumbnails/5.jpg)
®IASC DevelopmentsIASC Developments
Improvements Project IOSCO Agreement The Restructuring
![Page 6: Download lecture notes](https://reader033.vdocument.in/reader033/viewer/2022061211/5492d493b47959744d8b46d8/html5/thumbnails/6.jpg)
®IASB StructureIASB Structure
19 Trustees
StandardsAdvisoryCouncil
IASB IFRIC
National Standard Setters
![Page 7: Download lecture notes](https://reader033.vdocument.in/reader033/viewer/2022061211/5492d493b47959744d8b46d8/html5/thumbnails/7.jpg)
®IASC DevelopmentsIASC Developments
Improvements Project IOSCO Agreement The Restructuring EU 2005
![Page 8: Download lecture notes](https://reader033.vdocument.in/reader033/viewer/2022061211/5492d493b47959744d8b46d8/html5/thumbnails/8.jpg)
® IFRS Around the WorldIFRS Around the World
Countries Change Total in 2005 in 2006 in 2006
IFRSs permitted 23 0 23
IFRSs required 65 +1 66 (for all domestic companies)
IFRS required 6 0 6(for some domestic companies)
94 +1 95
![Page 9: Download lecture notes](https://reader033.vdocument.in/reader033/viewer/2022061211/5492d493b47959744d8b46d8/html5/thumbnails/9.jpg)
®
Role of National Standard Role of National Standard SetterSetter
Deal with national issues Align agenda Influence IASB debate Lead on certain issues
![Page 10: Download lecture notes](https://reader033.vdocument.in/reader033/viewer/2022061211/5492d493b47959744d8b46d8/html5/thumbnails/10.jpg)
®The AgendaThe Agenda
Improvements IFRS I
![Page 11: Download lecture notes](https://reader033.vdocument.in/reader033/viewer/2022061211/5492d493b47959744d8b46d8/html5/thumbnails/11.jpg)
®Grandfather StandardsGrandfather Standards
Insurance Extractive Industries
![Page 12: Download lecture notes](https://reader033.vdocument.in/reader033/viewer/2022061211/5492d493b47959744d8b46d8/html5/thumbnails/12.jpg)
®Share Based PaymentsShare Based Payments
Company not party to transaction Employees do not provide services No cost to company EPS hit twice Adverse economic consequences
![Page 13: Download lecture notes](https://reader033.vdocument.in/reader033/viewer/2022061211/5492d493b47959744d8b46d8/html5/thumbnails/13.jpg)
®FASB/IASB AgreementFASB/IASB Agreement
Remove differences Align Agendas Interpretation
![Page 14: Download lecture notes](https://reader033.vdocument.in/reader033/viewer/2022061211/5492d493b47959744d8b46d8/html5/thumbnails/14.jpg)
®ConvergenceConvergence
Short-term Differences
IASB – - Business combinations (goodwill/brands,
acquisitions, IPR&D)- Asset Disposals and Discontinued
Operations (IFRS 5)- Provisions (soon)
![Page 15: Download lecture notes](https://reader033.vdocument.in/reader033/viewer/2022061211/5492d493b47959744d8b46d8/html5/thumbnails/15.jpg)
®ConvergenceConvergence
FASB -- EPS- Voluntary changes in accounting policy - Exchanges of non-monetary assets - Inventory spoilage and idle capacity- Share options
![Page 16: Download lecture notes](https://reader033.vdocument.in/reader033/viewer/2022061211/5492d493b47959744d8b46d8/html5/thumbnails/16.jpg)
![Page 17: Download lecture notes](https://reader033.vdocument.in/reader033/viewer/2022061211/5492d493b47959744d8b46d8/html5/thumbnails/17.jpg)
![Page 18: Download lecture notes](https://reader033.vdocument.in/reader033/viewer/2022061211/5492d493b47959744d8b46d8/html5/thumbnails/18.jpg)
®Conceptual Framework IssuesConceptual Framework Issues
The objectives of financial reporting Qualitative characteristics Definitions of assets and liabilities Recognition Measurement Presentation
![Page 19: Download lecture notes](https://reader033.vdocument.in/reader033/viewer/2022061211/5492d493b47959744d8b46d8/html5/thumbnails/19.jpg)
®
DR = CR
![Page 20: Download lecture notes](https://reader033.vdocument.in/reader033/viewer/2022061211/5492d493b47959744d8b46d8/html5/thumbnails/20.jpg)
®
Dr = Asset
or
Expense
![Page 21: Download lecture notes](https://reader033.vdocument.in/reader033/viewer/2022061211/5492d493b47959744d8b46d8/html5/thumbnails/21.jpg)
®
Dr = Asset
or
Expense
or
Whatsit
![Page 22: Download lecture notes](https://reader033.vdocument.in/reader033/viewer/2022061211/5492d493b47959744d8b46d8/html5/thumbnails/22.jpg)
®
Reconciliation Plan – Short TermReconciliation Plan – Short Term
IASB - Borrowing costs
- Government grants
- Joint ventures
- Segments
Joint - Impairment
- Income Taxes
![Page 23: Download lecture notes](https://reader033.vdocument.in/reader033/viewer/2022061211/5492d493b47959744d8b46d8/html5/thumbnails/23.jpg)
®
Reconciliation Plan – Short TermReconciliation Plan – Short Term
FASB - Fair value option
- Investment properties
- R&D
- Subsequent events
Joint - Impairment
- Income taxes
![Page 24: Download lecture notes](https://reader033.vdocument.in/reader033/viewer/2022061211/5492d493b47959744d8b46d8/html5/thumbnails/24.jpg)
®
Reconciliation – Major ProjectsReconciliation – Major Projects
Business combinations Consolidations/SPV Financial Instruments Derecognition Fair value measurement Revenue Recognition
![Page 25: Download lecture notes](https://reader033.vdocument.in/reader033/viewer/2022061211/5492d493b47959744d8b46d8/html5/thumbnails/25.jpg)
®
Reconciliation – Major Projects Reconciliation – Major Projects (cont)(cont)
Liability and Equity Leases Intangibles Performance Reporting Pensions
![Page 26: Download lecture notes](https://reader033.vdocument.in/reader033/viewer/2022061211/5492d493b47959744d8b46d8/html5/thumbnails/26.jpg)
®Performance ReportingPerformance Reporting
Statements Comprehensive income/Cash flows Recycling Remeasurement
MD&A
![Page 27: Download lecture notes](https://reader033.vdocument.in/reader033/viewer/2022061211/5492d493b47959744d8b46d8/html5/thumbnails/27.jpg)
®PensionsPensions
£mDeficit 10Less 10% of liabilities 4
6
Spread over 10 year working lifeDeficit per accounts - £600,000
![Page 28: Download lecture notes](https://reader033.vdocument.in/reader033/viewer/2022061211/5492d493b47959744d8b46d8/html5/thumbnails/28.jpg)
®Problems for IASBProblems for IASB
Principles v rules
![Page 29: Download lecture notes](https://reader033.vdocument.in/reader033/viewer/2022061211/5492d493b47959744d8b46d8/html5/thumbnails/29.jpg)
®Problems for IASBProblems for IASB
Principles v rules Acceptance of Standards
EUSEC
![Page 30: Download lecture notes](https://reader033.vdocument.in/reader033/viewer/2022061211/5492d493b47959744d8b46d8/html5/thumbnails/30.jpg)
®Problems for IASBProblems for IASB
Principles v rules Acceptance of Standards
EUSEC
Enforcement
![Page 31: Download lecture notes](https://reader033.vdocument.in/reader033/viewer/2022061211/5492d493b47959744d8b46d8/html5/thumbnails/31.jpg)
®Other ProjectsOther Projects
Insurance Financial Risk Disclosure (IASB) SMEs (IASB)
![Page 32: Download lecture notes](https://reader033.vdocument.in/reader033/viewer/2022061211/5492d493b47959744d8b46d8/html5/thumbnails/32.jpg)
®