1 / 8

Introduction to IFRS

Background U.S. GAAP. FASB statements now in Accounting Standards Codification as of July 1, 2010Citations are now ASC XXX-XX-XXThis incorporates all of the old standards, but remains rule-based. Background - International. Many countries are moving from country specific standards to global accou

leighton
Download Presentation

Introduction to IFRS

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

    1. Introduction to IFRS What is IFRS? Why is it important? What are the differences?

    2. Background –U.S. GAAP FASB statements now in Accounting Standards Codification as of July 1, 2010 Citations are now ASC XXX-XX-XX This incorporates all of the old standards, but remains rule-based

    3. Background - International Many countries are moving from country specific standards to global accounting standards- IFRS More than 100 countries have adopted IFRS EU in 2005, Canada and Japan in 2010 International Financial Accounting Standards are principles-based

    4. History of FASB and IASB 2002 Memoradum of Understanding In this Memo, FASB and the IASB committed to convergence This eliminates differences between the standards set by each board New jointly developed standards should be high-quality global accounting standards Many projects completed, yet more need to be done

    5. Current Status The SEC is considering mandating IFRS for US publicly traded firms Foreigh firms listed on US exchanges can report using IFRS without reconciliation to US GAAP (2007) SEC ”Roadmap” suggested a timetable to make this decision to go to IFRS or not (2008)

    6. SEC Roadmap Provides a test period for larger multi-national to test using IFRS Decision to be made in 2011 for phased implementation through 2016 2014 –large market capitalization firms >$750 million 2015 – mid-size market capitalization >$75 million, but <$750 million 2016 – all publicly traded firms

    7. Milestones to reach Improvement in current IFRS Stable funding for IASB Independence of IASB Ability to use XBRL Educational issues

    8. Differences in Financial Statements Look at the format for the income statement, balance sheet and statement of cash flows for Target and Carrefour, a French firm www.target.com www.carrefour.com What’s different? What’s similar?

    9. Why IFRS? Later in the quarter, we’ll look at some of the remaining issues, the benefits, and the challenges for the US if we adopt IFRS.

More Related