国际会计学第六版chapter(4)
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Describe the audit-oversight mechanisms in these five countries.
可整理ppt
3
IFRS in the European Union
Starting in 2005, all EU-listed companies must follow IFRS in their consolidated financial statements.
Accounting measurements
Business combinations – purchase accounting
Goodwill – annual impairments test
Investments in associates – equity method
Translation of financial statements of foreign
Keeps plan current Makes rulings and recommendations on
accounting issues
CRC – Accounting Regulation Committee
Converts CNC rulings and recommendations into binding regulations
International Accounting, 6/e
Frederick D.S. Choi Gary K. Meek
Chapter 3: Comparative Accounting: Europe
可整理ppt
1
Learning Objectives
Understand how financial reporting is regulated and enforced in five European countries: France, Germany, the Czech Republic, the Netherlands, and the U.K.
可整理ppt
10
AMF – Financial Markets Authority Supervises securities markets
OEC – Institute of Public Accountants Represents the accounting profession Members prepare financial statements, and provide tax, information systems, and management advisory services
可整理ppt
7
可整理ppt
8
France
Overview
“The Plan” – national uniform chart of accounts (national accounting code)
Objectives and principles of financial reporting Definitions of elements Recognition and valuation rules Standardized chart of accounts Model financial statements
Describe the key similarities and differences between the accounting systems of these five countries.
可整理ppt
2
Identify the use of International Financial Reporting Standards at the levels of the individual company and the consolidated financial statements in these five countries.
可整理ppt
4
可整理ppt
5
IFRS (contin)
IFRS are based on fair presentation principles
IFRS may be overridden in rare circumstances to achieve fair presentation
Generally, IFRS consolidated statements are permitted for non-listed companies.
Requirements for individual company financial statements vary – IFRS may be required, allowed, or prohibited.
operations – functional currency concept
可整理ppt
6
Assets valued at historical cost or fair value
Research costs – expensed; development costs – capitalized
LIFO （Last in, First out ）not allowed
Finance leases – capitalized; operating leases – expensed
Provisions – recognized when probable and estimable
Deferred taxes – recognized in full, using the liability method, for temporary differences between the carrying amount and tax base
Other influences on French accounting rules
Commercial legislation (Code de Commerce)
Tax laws
Leabharlann Baidu
可整理ppt
9
France (contin)
Accounting regulation and enforcement CNC – National Accounting Board
可整理ppt
3
IFRS in the European Union
Starting in 2005, all EU-listed companies must follow IFRS in their consolidated financial statements.
Accounting measurements
Business combinations – purchase accounting
Goodwill – annual impairments test
Investments in associates – equity method
Translation of financial statements of foreign
Keeps plan current Makes rulings and recommendations on
accounting issues
CRC – Accounting Regulation Committee
Converts CNC rulings and recommendations into binding regulations
International Accounting, 6/e
Frederick D.S. Choi Gary K. Meek
Chapter 3: Comparative Accounting: Europe
可整理ppt
1
Learning Objectives
Understand how financial reporting is regulated and enforced in five European countries: France, Germany, the Czech Republic, the Netherlands, and the U.K.
可整理ppt
10
AMF – Financial Markets Authority Supervises securities markets
OEC – Institute of Public Accountants Represents the accounting profession Members prepare financial statements, and provide tax, information systems, and management advisory services
可整理ppt
7
可整理ppt
8
France
Overview
“The Plan” – national uniform chart of accounts (national accounting code)
Objectives and principles of financial reporting Definitions of elements Recognition and valuation rules Standardized chart of accounts Model financial statements
Describe the key similarities and differences between the accounting systems of these five countries.
可整理ppt
2
Identify the use of International Financial Reporting Standards at the levels of the individual company and the consolidated financial statements in these five countries.
可整理ppt
4
可整理ppt
5
IFRS (contin)
IFRS are based on fair presentation principles
IFRS may be overridden in rare circumstances to achieve fair presentation
Generally, IFRS consolidated statements are permitted for non-listed companies.
Requirements for individual company financial statements vary – IFRS may be required, allowed, or prohibited.
operations – functional currency concept
可整理ppt
6
Assets valued at historical cost or fair value
Research costs – expensed; development costs – capitalized
LIFO （Last in, First out ）not allowed
Finance leases – capitalized; operating leases – expensed
Provisions – recognized when probable and estimable
Deferred taxes – recognized in full, using the liability method, for temporary differences between the carrying amount and tax base
Other influences on French accounting rules
Commercial legislation (Code de Commerce)
Tax laws
Leabharlann Baidu
可整理ppt
9
France (contin)
Accounting regulation and enforcement CNC – National Accounting Board