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1InternationalAccounting,6/eFrederickD.S.ChoiGaryK.MeekChapter8:GlobalAccountingandAuditingStandards2LearningObjectivesDefineandunderstandthedistinctionbetween“harmonization”and“convergence”astheyapplytoaccountingstandards.Statetheprosandconsofadoptinginternationalaccountingstandards.Understandwhatismeantby“reconciliation”and“mutualrecognition”ofdifferentsetsofaccountingstandards.3Identifythesixorganizationsthathaveleadingrolesinsettinginternationalaccountingstandardsandpromotinginternationalaccountingconvergence.DescribethestructureoftheInternationalAccountingStandardsBoardandhowitsetsInternationalFinancialReportingStandards.UnderstandthemajorprovisionsoftheU.S.Sarbanes-OxleyActandwhysimilarlegislationisbeingenactedinothercountries.4Standardization,Harmonization,andConvergenceStandardizationRigid,narrowsetofrulesOne-size-fits-allapproachLessflexiblethanharmonizationorconvergenceNotthecurrentthinking5HarmonizationStandardsthatarecompatible–nologicalconflictsMeanstheeliminationofdifferencesamongexistingaccountingstandardsConvergenceMeansthegradualeliminationofdifferencesinaccountingstandardsButmightalsoinvolveanewaccountingtreatmentnotinanycurrentstandardInvolvescooperativeeffortsofIASBandnationalstandard-settersNowthepreferredtermoverharmonization6ASurveyofInternationalConvergenceAdvantagesofinternationalconvergenceInvestorunderstandingandconfidenceisimproved.Investordecisionmakingisimproved.Capitalisallocatedmoreefficientlyaroundtheworld.Financialriskandcostofcapitalarereduced.Strategicdecisionmakinginmergersandacquisitionisimproved.7CriticismsofinternationalstandardsSolutionistoosimpleforsuchacomplexproblem.Stripsaccountingofitsflexibilitytoadapttodifferentsituations.Challengesnationalsovereignty.Atacticoflargeaccountingfirmstoexpandtheirmarketshare.Maycreatestandardsoverload.8ASurvey
ofInternationalConvergenceReconciliationandmutualrecognitionReconciliationFinancialstatementsbasedonhomeGAAP,butnetincomeandstockholders’equityreconciledtoanotherGAAP.ThisistheSECrequirementforforeignfilers.LesscostlythanpreparingcompletefinancialstatementsbasedonanotherGAAP.Butasummarized,incompletepicture.9Mutualrecognition(reciprocity)Jurisdictionsacceptfinancialstatementsbasedoneachother’sGAAP.Doesnotimprovecomparability.Cancreateanunlevelplayingfield.
EvaluationArgumentsonbothsideshavemerit.Butconvergenceandinternationalstandardsareareality.10SomeSignificantEventsintheHistoryofInternationalAccountingStandardSetting1959–JacobKraayenhofissuesfirstsignificantproclamationthatworkoninternationalstandardsshouldbegin1973–IASCcreated1977–IFACfounded1978–EUFourthDirectiveissued1987–IOSCOresolvestopromotecommon,internationalaccountingandauditingstandards111989–IASCissuesExposureDraft321995–IASCandIOSCOagreeoncorestandardsworkplan1995–EUadoptsNewAccountingStrategy2000–IOSCOacceptsIASC’scorestandards2001–ECproposesthatEU-listedcompaniesuseIASby20052001–IASBsucceedsIASC2002–NorwalkAgreementsignedbetweenIASBandFASB2005–SEC“roadmap”toeliminateIFRSreconciliationrequirement12InternationalAccountingStandardsBoardOverviewIndependentprivate-sectorstandard-settingbodyObjectivesTodevelop,inthepublicinterest,asinglesetofhigh-quality,understandable,andenforceableglobalaccountingstandardsthatrequirehigh-quality,transparent,andcomparableinformationinfinancialstatementsandotherfinancialreportingtohelpparticipantsintheworld’scapitalmarketsandotherusersmakeeconomicdecisions.13TopromotetheuseandrigorousapplicationofthosestandardsInfulfillingtheobjectivesassociatedwith(1)and(2),totakeaccountof,asappropriate,thespecialneedsofsmallandmedium-sizedentitiesandemergingeconomiesTobringaboutconvergenceofnationalaccountingstandards,andInternationalAccountingStandardsandInternationalFinancialReportingStandardstohigh-qualitysolutions14Representsaccountingorganizationsfromapproximately100countriesStandardsfollowfairpresentationandfulldisclosureStandardsareprinciples-based15InternationalAccountingStandardsBoardIASC’scorestandardsandtheIOSCOagreementIOSCOagreedtoIASC’scorestandardsplanin1995IOSCO’sagreementwasamajorboosttoIASC’scredibilityCorestandardscompletedin1998IOSCOapprovedcorestandardsin200016InternationalAccountingStandardsBoardThenewIASBstructureIASCwasrestructuredasIASBin2001BodiesTrusteesRepresentativesfromentireworldAppointsmembersofBoardRaisesfundsandoverseesIASBactivities17IASBBoardIssuesInternationalFinancialReportingStandards14members–12full-timeand2part-timeActivelypartnerswithnationalstandardsetterstopromoteconvergenceFollowsdueprocessinsettingIFRSStandardsAdvisoryCouncilAdvisesIASBBoardonagendaandprioritiesInternationalFinancialReportingInterpretationsCommitteeIssuesinterpretationsofIFRS18InternationalAccountingStandardsBoardRecognitionandsupportforIASBIFRSarewidelyacceptedaroundtheworldSignificanteventsthatboostedIASB’scredibilityIOSCOendorsementof(IASC’s)workplanECproposalthatEU-listedcompaniesuseIFRSby2005NorwalkAgreementbetweenIASBandFASB19SECresponsetoIFRSSupportsworkofIASBbutdoesnotyetacceptIFRSfilingsbyforeigncompanies2005–Issued“roadmap”settingoutthestepsforeliminatingrequirementtoreconcileIFRStoUSGAAP2007–Proposedeliminatingreconciliationrequirementby200920EuropeanUnionOverviewCompanylawharmonizationdesignedtointegrateEuropeanfinancialmarketsEuropeanCommissionhasfullenforcementpowersforaccountingdirectives21EuropeanUnionFourth,Seventh,andEighthDirectivesFourthDirective(1978)Broad,comprehensivesetofaccountingrulesValuationrulesDisclosurerequirementsFormatrulesforfinancialstatementsIndividualcompanyaccountsAppliestopublicandprivatecompaniesTrueandfairviewisoverridingrequirementRequiresauditsoffinancialstatements22SeventhDirective(1983)ConsolidatedfinancialstatementsRequiredforgroupsofcompaniesaboveacertainsizeSpecifiesNotedisclosuresDirector’sreportRequiresauditsoffinancialstatementsMemberstateshavewidelatitudeinincorporatingprovisions23EighthDirective(1984)SpecifiesqualificationsforstatutoryauditorsRevisedin2006andnowcalledStatutoryAuditDirectiveRequirementsforappointmentandremovalofauditorsAuditstandardsContinuingprofessionaleducationAuditorrotationPublicoversightAuditsmustfollowInternationalStandardsonAuditingEstablishedEuropeanGroupofOversightBodiesAresponsetoEuropeanaccountingscandalssimilartothoseintheU.S.2425EuropeanUnionHaveEUharmonizationeffortsbeensuccessful?Yes:DirectivesimprovedfinancialreportingpracticesandbroughtaboutharmonizationDirectivesacceleratedaccountingdevelopmentinmanyEUcountries26No:EUcountriesmostlyadaptedthenewrulestotheirexistingonesEnforcementwasunevenSomedifficultissuesweren’tdealtwith27EuropeanUnionTheEU’snewapproachandtheintegrationofEuropeanfinancialmarketsRequirementthatEUcompanieslistedonregulatedmarketsprepareconsolidatedfinancialstatementsusingIFRSTobecomelegallybinding,IFRSmustbeadoptedbytheEuropeanCommission28EuropeanFinancialReportingAdvisoryGroup(EFRAG)ProvidestechnicalreviewandopinionoftheIFRSStandardsAdviceReviewGroupAssesseswhetherEFRAG’sadviceiswellbalancedandobjectiveAccountingRegulatoryCommitteeRecommendsthattheIFRSbeadopted(ornot)IstheIFRScompatiblewithEuropeandirectives?IstheIFRSconducivetotheEuropeanpublicinterest?EuropeanCommissionAdoptioncompletestheprocess29InternationalOrganizationofSecuritiesCommissions(IOSCO)Securitiesregulatorsfromover100countriesResponsibleforover90percentofglobalsecuritiesmarketsObjectivesofmemberagenciesTocooperatetogethertopromotehighstandardsofregulationinordertomaintainjust,efficient,andsoundmarketsToexchangeinformationontheirrespectiveexperiencesinordertopromotethedevelopmentofdomesticmarkets30TounitetheireffortstoestablishstandardsandaneffectivesurveillanceofinternationalsecuritiestransactionsToprovidemutualassistancetopromotetheintegrityofthemarketsbyarigorousapplicationofthestandardsandbyeffectiveenforcementagainstoffensesExtensiveworkoninternationalaccountinganddisclosurestandardsCooperateswithIASBHasendorsedIFRSforcross-bordersecuritiesofferings31InternationalFederationofAccountantsWorldwideorganizationrepresentingtheaccountancyprofession160memberorganizations120countries2.5millionaccountants32MissionTostrengthentheaccountancyprofessionworldwideTocontributetothedevelopmentofstronginternationaleconomiesbyestablishingandpromotingadherencetohigh-qualityprofessionalstandards,furtheringtheinternationalconvergenceofsuchstandardsTospeakoutonpublicinterestissueswheretheprofession’sexpertiseismostrelevant33AimistoharmonizeandconvergeauditingstandardsandprofessionalpracticeworldwideAuditingaddscredibilitytoexternalfinancialreportsHigh-qualityauditingstandardsarenecessarytoensurethataccountingstandardsarerigorouslyinterpretedandappliedIfauditortrainingandauditstandardsvary,thereliabilityoffinancialstatementswillalsovary34InternationalFederationofAccountantsOrganizationalstructureIFACcouncilelectstheIFACboardIFACboardsetspoliciesandoverseesIFACoperationsPublicInterestOversightBoardprovidesadditionaloversightWorkdonethroughstandard-settingboardsandstandingcommittees35Standard-settingboardsInternationalAccountingEducationStandardsBoardInternationalAuditingandAssuranceStandardsBoardIssuesInternationalStandardsonAuditingInternationalEthicsStandardsBoardforAccountantsInternationalPublicSectorAccountingStandardsBoard36StandingcommitteesComplianceAdvisoryPanelDevelopingNationsCommitteeNominatingCommitteeProfessionalAccountantsinBusinessCommitteeSmallandMediumPracticesCommitteeTransnationalAuditorsCommittee37UNIntergovernmentalWorkingGroupofExpertsonInternationalStandardsofAccountingandReporting(ISAR)On
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