incorporating international financial

《incorporating international financial》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、IncorporatingInternationalFinancialReportingStandards(IFRS)intoIntermediateAccountingSOLUTIONSMANUALRevisedJune30,2009RebeccaG.FayJohnA.BrozovskyJenniferE.EdmondsPatriciaG.LobingierSamA.HicksWeexpressourappreciationtotheDeloitteFoundationandtoCarlCroninandGregAliff,bothDeloittepartnersan

2、dVirginiaTechalums,fortheencouragementandfinancialsupportthatmadethisprojectpossible.AnyerrorsoromissionsaresolelytheresponsibilityoftheauthorsandnotDeloitte.Unit1-Introduction1.d2.d3.b4.Studentsshouldincludethefollowingitems:·Countriesdeveloptheirownstandardsoradoptthosedevelopedbyother

3、s(suchastheU.S.ortheInternationalAccountingStandardsBoard).Approximately100countrieshaveadoptedInternationalFinancialReportingStandardsissuedbytheIASB.·TheIASBconsistsof14boardmembers,currentlyfromninecountries.·IASBboardmembersareappointedbytheInternationalAccountingStandardsCommitteeFo

4、undation,whichhas22membersrepresentingallgeographicregions.·TheIASBprocessincludesthefollowingsteps:-Potentialagendaitemsdiscussedinmeetingsopentothepublic-Discussionpapersandexposuredraftsarepublishedforpubliccomment-TheIASBsolicitscommentsfromnumerousstandard-settingandregulatorybodies

5、,aswellasotherusersofthefinancialstatements5.Discussionshouldincludethefollowingitems:·Improvingspecificaccountingstandards·ImprovingthefundingandstructureoftheIASB·Facilitatingtheuseofinteractivedata·UpdatingtheeducationandlicensingofU.S.accountants6.2009–VoluntaryearlyadoptionofIFRSbys

6、electsetoflargecompanies2011–SECevaluatesprogresstowardmilestones2014–ProposedmandatoryadoptionbyallpubliccompaniesUnit2–ConceptualFramework1.d2.c3.a4.Studentsshouldincludethefollowingitems:·Greatestdifferenceisintheconceptofcapitalandcapitalmaintenance.USGAAPreliesonhistoricalcostforrec

7、ognizingmostfinancialstatementelements,whileIFRSlistsseveralacceptableoptions–historicalcost,currentcost,realizablevalue,andpresentvalue.·Additionaldifferencesarefoundintheelementsofthefinancialstatements.Whiledefinitionsmaybesimilar,detailsoftheguidanceresultindifferingc