国际会计学第六版chapter 8

国际会计学第六版 弗雷德里克.D.S.乔伊 课件

International Accounting, 6/e Frederick D.S. Choi Gary K. Meek

Chapter 8: Global Accounting and Auditing Standards

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国际会计学第六版 弗雷德里克.D.S.乔伊 课件

Learning Objectives

Define and understand the distinction between “harmonization” and “convergence” as they apply to accounting standards. State the pros and cons of adopting international accounting standards. Understand what is meant by “reconciliation” and “mutual recognition” of different sets of accounting standards.

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国际会计学第六版 弗雷德里克.D.S.乔伊 课件

Identify the six organizations that have leading roles in setting international accounting standards and promoting international accounting convergence. Describe the structure of the International Accounting Standards Board and how it sets International Financial Reporting Standards. Understand the major provisions of the U.S. Sarbanes-Oxley Act and why similar legislation is being enacted in other countries.

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国际会计学第六版 弗雷德里克.D.S.乔伊 课件

Standardization, Harmonization, and Convergence

Standardization Rigid, narrow set of rules One-size-fits-all approach Less flexible than harmonization or convergence Not the current thinking

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国际会计学第六版 弗雷德里克.D.S.乔伊 课件

Harmonization

Standards that are compatible – no logical conflicts Means the elimination of differences among existing accounting standards

Convergence

Means the gradual elimination of differences in accounting standards But might also involve a new accounting treatment not in any current standard Involves cooperative efforts of IASB and national standard-setters Now the preferred term over harmonization

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国际会计学第六版 弗雷德里克.D.S.乔伊 课件

A Survey of International Convergence

Advantages of international convergence

Investor understanding and confidence is improved. Investor decision making is improved. Capital is allocated more efficiently around the world. Financial risk and cost of capital are reduced. Strategic decision making in mergers and acquisition is improved.

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国际会计学第六版 弗雷德里克.D.S.乔伊 课件

Criticisms of international standards

Solution is too simple for such a complex problem. Strips accounting of its flexibility to adapt to different situations. Challenges national sovereignty. A tactic of large accounting firms to expand their market share. May create standards overload.

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国际会计学第六版 弗雷德里克.D.S.乔伊 课件

A Survey of International Convergence

Reconciliation and mutual recognition Reconciliation

Financial statements based on home GAAP, but net income and stockholders’ equity reconciled to another GAAP. This is the SEC requirement for foreign filers. Less costly than preparing complete financial statements based on another GAAP. But a summarized, incomplete picture.

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国际会计学第六版 弗雷德里克.D.S.乔伊 课件

Mutual recognition (reciprocity)

Jurisdictions accept financial statements based on each other’s GAAP. Does not improve comparability. Can create an unlevel playing field.

Evaluation

Arguments on both sides have merit. But convergence and international standards are a reality.

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国际会计学第六版 弗雷德里克.D.S.乔伊 课件

Some Significant Events in the History of International Accounting Standard Setting

1959 – Jacob Kraayenhof issues first significant proclamation that work on international standards should begin 1973 – IASC creat

国际会计学第六版 弗雷德里克.D.S.乔伊 课件

国际会计学第六版 弗雷德里克.D.S.乔伊 课件

国际会计学第六版 弗雷德里克.D.S.乔伊 课件

国际会计学第六版 弗雷德里克.D.S.乔伊 课件

国际会计学第六版 弗雷德里克.D.S.乔伊 课件

国际会计学第六版 弗雷德里克.D.S.乔伊 课件

国际会计学第六版 弗雷德里克.D.S.乔伊 课件

国际会计学第六版 弗雷德里克.D.S.乔伊 课件

国际会计学第六版 弗雷德里克.D.S.乔伊 课件

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