讲义复习课件f7

1、5-1Part B Regulatory Framework for Financial ReportingRegulatory Framework:Company LawInternational Accounting StandardInfluence of other national standard setting bodyStock Exchange requirementOverseeing by professional bodies such as ACCA5-2Part B Regulatory Framework for Financial Reporting The I

2、nternational Accounting Standard Committee (IASC) was set up in 1973. It was supported by representatives from accountancy organizations from around the world. In 2001 a new supervisory body, The International Accounting Standard Committee Foundation (IASC Foundation) came into force. IASC Foundatio

3、n became IFRS Foundation on 1 July 2010.5-3Part B Regulatory Framework for Financial ReportingThe main objectives of the IFRS Foundation are:To develop, in the public interest, a single set of high-quality, understandable and enforceable global accounting standards to help users in making economic d

4、ecisions.To promote the use and rigorous application of those standardIn fulfilling the objectives associated with (a) and (b), to take account, as appropriate, of the special needs of small and medium-sized entities and emerging economies.To bring about convergence of national accounting standards

5、and international accounting standards to a high quality solutions.5-4Part B Regulatory Framework for Financial ReportingThe new structure:5-5Part B Regulatory Framework for Financial ReportingThe IFRS Foundation It is an independent, not-for-profit foundation based in the US. The Trustees of the Fo

6、undation appoint the members of the IASB, SAC, and IFRIC.5-6Part B Regulatory Framework for Financial ReportingThe Board They set the agenda of and raise finance for the IASB; however the IASB has sole responsibility for setting accounting standard, International Financial Reporting Standards (IFRS)

7、5-7Part B Regulatory Framework for Financial ReportingThe Standards Advisory Council Its main objectives are to give advice to the IASB on agenda decisions and work priorities and on the major standard-setting projects.5-8Part B Regulatory Framework for Financial ReportingThe International Financial

8、 Reporting Interpretations Committee It has taken over the work for the previous Standing Interpretations Committee. It draws up guidance for users in two situation: firstly if a completely new problem arises, and secondly if existing standards are being interpreted in unsatisfactory or conflicting

9、ways.5-9Part B Regulatory Framework for Financial ReportingStages involved in the standard setting processing:Stage 1: Setting the agenda relating to development of global accounting standardsStage 2: Project planning by IASB after setting up a working group made up of IASB or jointly with standard setters.Stage 3: Development and publication of a discussion paper giving preliminary view of the IASB is offered for public comment.Stage 4: Development and publication of an Exposure Draft based