国际会计IA1-IFRS-二学位

InternationalAccountingInstructor1:SHIHainaOffice:Rm303,SiYuanFacultyBuildingConsultingHours:Tuesday9:30–11:30am;Thursday9:30–11:30amInstructor2:ZHOUHongOffice:Rm316,SiYuanFacultyBuildingConsultingHours:Thursday1:30–3:30pm1InternationalAccounting•Textbooks:–InternationalAccounting2ededitionbyTimothyDoupnikandHectorPerera;McGraw-HillInternationalEdition–InternationalAccounting6theditionbyFrederickD.S.ChoiandGaryK.Meek;PearsonInternationalEdition•Purposeofthecourse–Provideanoverviewofinternationalaccounting–Helptounderstandhowaccountingispracticedaroundtheworld–ApplysomeIFRSs2InternationalAccounting•Gradingandevaluation–Attendanceandparticipation10%–Presentation(group)40%–Termpaper(individual)50%–Termpaper:•Choosetwocompaniesinthesameindustry•OneapplyUSGAAP,oneapplyIFRS–Howtodefineanindustry?–Donotlimityourchoicetowell-knowncompanies•Chooseitemsthatareimportanttothecompanies•Discuss:howtheseitemsaretreatedindifferentaccountingsystems?Whytheyaretreateddifferently/similarlyindifferentaccountingsystems?•Deadline:December21,2011–DeterminetheindustryandcasecompanybeforeOctober26,2011•Requirement:10pagesnotincludingfinancialstatements,Font12,1.5linespacing34InternationalFinancialReportingStandards5IntroductionAccountingStandardsStandardSettingAccountingPracticePrivatesectorPublicsectorMarketForces6IFRS–AComparisonCountryAbsenceDivergenceAustralia2221Austria3436Belgium2232Canada425Denmark3121Finland2231France2134Germany1838Greece4028HongKong1415India1819Indonesia1212Ireland034Italy2737Japan18227IFRS–AComparison(Con’d)CountryAbsenceDivergenceKorea1511Malaysia3013Netherlands1025Norway717Pakistan2714Philippines2414Portugal2922Singapore414SouthAfrica71Spain2829Sweden1026Taiwan1923Thailand297UnitedKingdom035UnitedStates6238InternationalHarmonizationofFinancialReporting•Harmonization–Reductionofalternativeswhileretainingahighdegreeofflexibilityinaccountingpractices–Allowsdifferentcountriestohavedifferentstandardsaslongasthestandardsdonotconflict–Harmonizationofaccountingstandards–Harmonizationofaccountingpractices9InternationalHarmonizationofFinancialReporting•Argumentsforharmonization–Isnecessaryfortheglobalizationofcapitalmarkets–SimplifytheevaluationbyMNCsofpossibleforeigntakeovertargets–Reducefinancialreportingcostsforcrosslistingcompanies–Reducecostofpreparingworldwideconsolidatedfinancialstatements–Simplifyauditingtask–Developingcountriesareabletoadoptaready-madesetofhigh-qualitystandardswithminimumcostandeffort10InternationalHarmonizationofFinancialReporting•Argumentsagainstharmonization–Country-widedifferences–Isdifficulttosatisfyalloftheinvolvedpartiesthroughouttheworld–Theneedforuniformstandardsisnotuniversallyaccepted–Standardsoverloadforsomecompanies11InternationalConvergence•AsurveybyBig6in2002–54countries–Countrieswithaplantoachieveconvergence•EU•6WesternHemisphere(Argentina,Brazil,Canada,Chile,Mexico,US)•China•India•Malaysia•NewZealand•SouthKorea•Thailand–Convergencestrategies•ReplacenationalGAAPwithIFRSs(supplementedforissuesnotaddressedbyIFRSs)•AdoptIFRSsasnationalGAAPonastandard-by-standardbasis•EliminatedifferencesbetweennationalGAAPandIFRSswhenpossibleandpracticable12InternationalConvergence•AsurveybyBig6–Majorconcern•Complicatednatureofparticularstandards,especiallythoserelatedtofinancialinstrumentsandfairvalueaccounting(51%)•Tax-drivennatureofthenationalaccountingregime(47%)•DisagreementwithcertainsignificantIFRSs,especiallythoserelatedtofinancialinstrumentsandfairvalueaccounting(39%)•Insufficientguidanceonfirst-timeapplicationofIFRSs(35%)•Limitedcapitalmarkets,andthereforelittlebenefittobederivedfromusingIFRSs(30%)•Satisfactionwithnationalaccountingstandardsamonginvestors/users(21%)•IFRSlanguagetranslationdifficulties(18%)13InternationalHarmonizationofFinancialReporting•IASC(1973);IASB(2001)•World-widelyaccepted–Early1990s,mostlargecompaniesinSwitzerland–From2005,27EUcountries+3EuropeanEconomicAreacountries–Somecountries(e.g.Australia,HK,NZ,Singapore,India,Malaysia,Thailand,etc)havelocalstandardssimilartoIFRS–From2011,Canadianlistedcompaniesandotherprofit-orientedenterprises,privatecompaniesandnot-for-profitorganizationsnotrequiredbutpermitted–USA:jointprogram,convergenceofUS-GAAPandIFRStothemaximumpossibleextent14IASB•Identifythebestinstandardsaroundtheworldandbuildabodyofaccountingstandardsthatconstitutethehighestcommondenominatoroffinancialreporting•Roleasaglobalstandardsetter•Directliaisonresponsibilitywithnationalstandardsetters•Potentialinfluencebyinterestedpartiesandpoliticalpressures15InternationalHarmonizationofFinancialReporting•TheNorwalkAgreement(Sept2002)–FASBandIASBpledgedtousetheirbesteffortsto•Maketheirexistingfinancialreportingstandardsfullycompatibleassoonasispracticable•Coordinatetheirworkprogramtoensurethatonceachieved,compatibilityismaintained–InitiativestakenbyFASB•Jointprojects•Short-termconvergenceproject•LiaisonIASBmember•MonitoringofIASBprojects•Theconvergenceresearchproject•Considerationofconvergencepotentialinboardagendadecisions1