国际会计学第六版chapter3

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Other influences on French accounting rules
Commercial legislation (Code de Commerce)
Tax laws
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France (contin)
Accounting regulation and enforcement CNC – National Accounting Board
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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
operations – functional currency concept
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Assets valued at historical cost or fair value
Research costs – expensed; development costs – capitalized
LIFO (Last in, First out )not allowed
Reports aimed at preventing bankruptcies Social report
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Germany
Overview
Creditor protection Conservative balance sheet valuations Reserves as protection against unforeseen risks and insolvency Accounting is designed to compute a prudent income amount that leaves creditors unharmed after distributions are made to owners
Describe the key similarities and differences between the accounting systems of these five countries.
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.
International Accounting, 6/e
Frederick D.S. Choi Gary K. Meek
Chapter 3: Comparative Accounting: Europe
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.
Business combinations – purchase accounting Goodwill – annual impairments test Investments in associates – equity method Translation of financial statements of foreign
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
Generally, IFRS consolidated statements are permitted for non-listed companies.
Requirements for individual company financial statements vary – IFRS may be required, allowed, or prohibited.
with EU directives and IFRS
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The Netherlands
Overview
Accounting paradoxes
Permissive requirements, but high professional practice standards
Code law country whose accounting is oriented toward fair presentation
Substantial overlap in OEC and CNCC membership
Statutory auditors not allowed to provide accounting services to the same client
AMF oversees audits of listed companies, but
Keeps plan current Makes rulings and recommendations on
accounting issues
CRC – Accounting Regulation Committee
Converts CNC rulings and recommendations into binding regulations
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Germany (contin)
Accounting regulation and enforcement German Commercial Code (HGB)
Applies to all business entities
German Accounting Standards Board
Describe the audit-oversight mechanisms in these five countries.
3
IFRS in the European Union
Starting in 2005, all EU-listed companies must follow IFRS in their consolidated financial statements.
Chamber of Accountants
Oversees WPs (“enterprise examiners”)
Unusual features of German financial reporting
Auditor’s private report to board of directors and supervisory board on company’s future prospects
Fair presentation orientation developed without a strong stock market
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Influence of tax law
Determination principle: taxable income is determined by what is booked in a company’s financial records
Reliance on statutes and court decisions
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Czech Republic
Overview
Accounting changed directions several times in 20th century, reflecting the country’s political history
Until end of World War II – German influences After World War II – Soviet influences After 1989 – EU influences (market orientation)
Chamber of Auditors
Oversees auditors
Unusual features of Czech financial reporting
Form over substance still applies in some cases Still implementing accounting practices consistent
relies on a committee of the CNCC to conduct
audit-quality reviews
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France (contin)
Unusual features of French financial reporting
Must report results of environmental activities
Develops recommendations for consolidated financial statements
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Financial Reporting Enforcement Panel
Enforces compliance with German financial reporting requirements and IFRS by listed companies
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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
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源自文库
Accounting regulation and enforcement
Ministry of Finance
Oversees Commercial Code (modeled on German commercial law)
Oversees Accountancy Act (based on EU directives)
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CNCC – National Institute of Statutory Auditors
Members audit and give an opinion on financial statements
Must report criminal acts to the High Council of External Auditors
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5
IFRS (contin)
IFRS are based on fair presentation principles
IFRS may be overridden in rare circumstances to achieve fair presentation
Accounting measurements
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