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The development of IFRS and its application, controversy and prospects in the EU and the UK

The development of IFRS and its application, controversy and prospects in the EU and the UK. Beijing 22 January 2008. Isobel Sharp. President, The Institute of Chartered Accountants of Scotland Member, IASB Working Group Member, UK Accounting Standards Board 2000 – 2005

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The development of IFRS and its application, controversy and prospects in the EU and the UK

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  1. The development of IFRS and its application, controversy and prospects in the EU and the UK Beijing 22 January 2008

  2. Isobel Sharp President, The Institute of Chartered Accountants of Scotland Member, IASB Working Group Member, UK Accounting Standards Board 2000 – 2005 Author, Various IFRS Financial Statements textbooks

  3. The development of IFRS • International Acounting Standards Committee established in 1973 • New International Accounting Standards Board established in 2001 • IFRS accepted or required in 111 countries • Expected to rise to 150 countries by 2011

  4. IFRS application

  5. IFRS application • Asia – China leading the way • Japan, India, South Korea • Americas • - Canada 2011 • - Brazil 2010 • - USA? • Global single set of high quality accounting standards

  6. IFRS controversy and prospects • Impact if USA agrees to move to IFRS? • USA – almost half a million pages of authoritative accounting guidance • Principle-based high level standards v detailed rule books • Focus on the “true and fair view”?

  7. IFRS controversy in Europe • Complicated approval process in Europe • Political pressure • Delaying approval of new IFRSs

  8. IFRS controversy in Europe Two routes EC RegulationNo 1606/2001 National GAAP Required for consolidated financial statements for listed securities companies Based on EU 4th and 7th Company Law Directives – subject to change via Directives National jurisdictions could require/allow others (single companies or consolidated) to move to IFRS National jurisdictions may wish to move to IFRS over time

  9. IFRS volunteers – single companies

  10. IFRS banned for single companies

  11. IFRS don’t knows

  12. IFRS controversy in Europe • Proposed IFRS for Small and Medium-sized Entities • Applicable to non-publicly accountable entities • 400 v 3000 pages • Final IFRS by end 2008

  13. IFRS prospects • Great success so far • Asia extremely important, with Europe divided and USA coming in • ICAS very excited about co-operation with CICPA

  14. The development of IFRS and its application, controversy and prospects in the EU and the UK Beijing 22 January 2008

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