国际会计学1(new)

If the exercise of judgment is completely unfettered, there will be no comparability between the accounts of different organizations. This will be all the more significant in cases where deliberate manipulation occurs, in order to present accounts in the most favorable light.
National/local legislation
Limited liability companies may be required by law to prepare and publish accounts annually. The form and content of the accounts may be regulated primarily by national legislation, but must also comply with International Accounting Standards(IASs) and International Financial Reporting Standards(IFRSs).
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To develop, in the public interest, a single set of high-quality, understandable, and enforceable global accounting standards that require high-quality, transparent, and comparable information in financial statements and other financial reporting to help participants in the world’s capital markets and other users make economic decisions To promote the use and rigorous application of those standards In fulfilling the objectives associated with (1) and (2), to take account of, as appropriate, the special needs of small and medium-sized entities and emerging economies To bring about convergence of national accounting standards, and International Accounting Standards and International Financial Reporting Standards to highquality solutions
Generally Accepted Accounting Practice(GAAP)
GAAP is a set of rules governing accounting. The rules may derive from:
Local(national) company legislation National and international accounting standards Statutory requirements in other countries(particularly the US) Stock exchange requirements
Current position of the IASB
There were 41 IASs, as well as the Framework for the preparation and presentation of financial statements. A substantial number of multinational companies prepare financial statements in accordance with IASs. IASs are also endorsed by many countries as their own standards, either unchanged or with minor amendments. The IASB has adopted the extant IASs and issued 8 IFRSs. From 1 January 2005 listed companies in the EU have been required to prepare consolidated accounts in accordance with IFRS.
Accounting standards
In an attempt to deal with some of the subjectivity, and to achieve comparability between different organizations, accounting standards were developed. These are developed at both a national level and an international level.
Represents accounting organizations from approximately 100 countries Standards follow fair presentation and full disclosure Standards are principles-based
International Accounting Standards Board(IASB)
Overview
Formerly the IASC(International Accounting Standards Committee), founded in 1973.
Independent private-sector standard-setting body Objectives
The new IASB structure
IASC was restructured as IASB in 2001 Bodies
TrustБайду номын сангаасes
Control The International Accounting Standards Committee Foundation(IASCF) Representatives from entire world Appoints members of Board IASCF Raises funds and oversees IASB activities
国际会计学
中山大学南方学院会计学系 刘璐
Contents
The regulatory framework Accounting conventions Sources, records, and books of prime entry Ledger accounts and double entry From trial balance to financial statements Inventory Tangible non – current assets Intangible non – current assets Irrecoverable debts and allowances Correction of errors
Examples:
Valuation of buildings in times of rising property prices. Research and development: is it right to treat this only as an expense? In a sense it is an investment to generate future revenue. Accounting for inflation. Brands such as ‘Snickers’ or ‘Walkman’. Are they assets in the same way that a fork lift truck is an asset?
Accounting concepts and individual judgment
Financial statements are prepared on the basis of a number of fundamental accounting assumptions and conventions. Many figures in financial statements are derived from the application of judgment in putting these assumptions into practice. Different people exercising their judgment on the same facts can arrive at very different conclusions.
Fair presentation
Financial statements are required to give a fair presentation or present fairly in all material respects the financial results of the entity. These terms are not defined and tend to be decided in courts of law on the facts. Fair presentation ‘override’
The regulatory system
The factors which have shaped financial accounting
National/local legislation Accounting concepts and individual judgment Accounting standards Other international influences Generally accepted accounting principles(GAAP) Fair presentation
A company’s managers may depart from any of the provisions of accounting standards if these are inconsistent with the requirement to give a fair presentation. It has been treated as an important loophole in the law in different countries and has been the cause of much argument and dissatisfaction within the accounting profession.
Part A: The regulatory framework
The regulatory system The International Accounting Standards Board (IASB) International Financial Reporting Standards (IFRSs) and International Accounting Standards (IASs) International harmonization evaluation