Expo Sic Ion de Ingles
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Transcript of Expo Sic Ion de Ingles
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International
Accounting StandardsBoard
Update on International
Accounting Standards
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Special Libraries Association Toronto, June 2005
History1973 International Accounting Standards
Committee (IASC) founded by 10national accountancy organisations.
1981 All members of IFAC becamemembers of IASC.
1999 100+ countries. Structure reviewed.
2001 International Accounting StandardsBoard (IASB) began operations.2005 Europe, Australia, 90+ countries
adopting IFRS
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Special Libraries Association Toronto, June 2005
Board (14)(approves IAS
[IFRS], ED, SIC[IFRIC])
7 Liaison Members
Intnl. Financial ReportingInterpretations Committee (12+1)
(publishes draft Interpretationsand prepares draft of final
Interpretations)
Standards AdvisoryCouncil (SAC)(advises Board)
Trustees (19)(appoint Board, IFRIC and SAC)
(6 North America, 6 Europe, 4Asia/Pacific, 3 Other)
National standardsetters (Australia/NZ,
Canada, France,Germany, Japan, UK,US.)
IASBStructure
Structure
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Special Libraries Association Toronto, June 2005
IASC Foundation19 trustees:
6 from North America6 from Europe4 from Asia Pacific3 from any area
Appoint IASB members, SAC and IFRICMonitor IASBs effectiveness, raise funds,approve budget, responsible for constitution
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Special Libraries Association Toronto, June 2005
Standards Advisory
Council (SAC)About 50 members from throughout the
worldMeets three times each yearProvides advice to IASB on priorities
Informs IASB of implications ofproposed standards
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Special Libraries Association Toronto, June 2005
IASBHas the sole responsibility for settingstandards.Approves principles-based standards,
does not issue detailed applicationguidelines.Addresses business ventures notpublic sector, government or not-for-profit activities.
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Special Libraries Association Toronto, June 2005
IASB CompositionAustralia / NZ* 1 Auditor 5
Canada* 1 Preparer 3
France* 1 Analyst/User 2Germany* 1 Academic 2Japan* 1 Other 2South Africa 1 14
Sweden 1 * National standard-setter liaisonUnited Kingdom* 3
United States* 414
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Special Libraries Association Toronto, June 2005
International Financial Reporting
Interpretations Committee (IFRIC)
12 voting members and a non-voting
chairmanProvide guidance on reporting issuesnot specifically addressed in IASBs
standards, or where unsatisfactory orconflicting interpretations havedeveloped.
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IASB is committed to developing, in the
public interest, a single set of highquality , global accounting standardsthat require transparent andcomparable information in financialstatements
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Special Libraries Association Toronto, June 2005
Convergence
Benefits (SEC 2003)Inter-firm comparability = lower cost toinvestors
Lower listing costs with multiple listings
Greater competition amongst exchanges
More efficient resource allocationLower cost of capital
Higher global economic growth rate
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Special Libraries Association Toronto, June 2005
IASBHas an agreement with FASB toachieve convergence of standards.Works in close co-operation with othernational standard setters.Board members have liaisonresponsibilities with a large number ofcountries and internationalorganisations.
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Special Libraries Association Toronto, June 2005
IFRS
How does it affect me?EU Adoption (+ Australia/New Zealand)
Consequences for parent/subsidiaryaccountingConsequences for comparabilityConsequences for raising capital in EU
IFRS/US ConvergenceConsequences for future global standards
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Roadmap to convergence:
April 2005 Highlights the steps needed to eliminatethe U.S. GAAP reconciliationrequirement for foreign private issuersthat use IFRS.Establishes a goal of eliminating the
requirement as early as possiblebetween now and 2009 at the latest.
Donaldson (SEC) and McCreevy (EU)
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Special Libraries Association
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ProcessComment period for each document
Decisions made in open, publicmeetingsExplain basis for conclusions in eachstandardVoting approval by 8 of 14 membersDissenting views published
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ProcessResearch
Discussion PaperExposure DraftStandard
Implementation
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Tracking the processWebsite
www.iasb.org
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Tracking the processWebsite
www.iasb.orgMeetings:
Observer notes
Web cast of IASB meetingDecision summaries / Update
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Toronto, June 2005
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Toronto, June 2005
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Toronto, June 2005
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Toronto, June 2005
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Special Libraries Association
Toronto, June 2005
Publications and EducationStandards, exposure drafts, etc.
Educational materials are beingprepared
Available from the IASCFShop on the website
www.iasb.org
http://www.iasb.org/http://www.iasb.org/ -
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Publications and EducationComprehensive subscription package
Standards, EDs, Newsletters, etc.
Education materials Practical, implementation oriented
Seminars High level
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Publications (1)A Briefing for Chief Executives, AuditCommittees and Boards of Directors
Overview of each standardin non-technical language
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Publications (2)Framework DVD/CD-Rom
High-level comparison of IASB Frameworkand FASB Framework (US)
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In development (1)Electronic Illustrated IFRSs
A high-level summary of IFRS x
The conceptual context of IFRS xLink IFRS x to the Framework and IFRSsexplanatory texthow to examples (recognition and measurement) Pictorial presentations (presentation anddisclosure)
Market Preparers, users and businessschools
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In development (2)Financial Instruments Volume
Electronic version multi-languageHardcopy Languages for which ademand is indicated
Market Executives, preparers, usersand business schools
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International
Accounting StandardsBoard
Special Libraries Association Toronto June 2005
Questions? Comments?
Further informationwww.iasb.org