2022代写报告英国指导Individual essay
APC311INTERNATIONAL FINANCIAL REPORTING Lecture 2The regulatory & conceptual framework ofinternational financial reportingDr Donglin PeiRoom 203CExt.: 2343E-mail: http://www.ukassignment.org/dxygessay/
指导英国essay Remember..Financial reporting is an important part of international system of corporate governanceThere are arguments both for and against the regulation of financial reportingRecent decades have witnessed concerns relating to the context and content of financial reportingThis lecture aimsTo introduce the international regulatory systems for financial reportingTo outline the development of IASBTo state, explain and critically discuss the contents of the IASB Framework assignmentTo think about various international influences on financial reporting standards and practices in your own country (self-learning target**)How might we regulate financial reporting?MarketEach company chooses its own rules pressured by the capital marketsAssociationismRules are developed by organisations formed to represent the interests of its membersHow might we regulate financial reporting?CorporatismRules are developed by organisations that are licensed by the state and incorporated into a state sponsored system of regulationStateStatutory rules with an enforcement mechanismCorporatismRules are developed by organisations that are licensed by the state and incorporated into a state sponsored system of regulationStateStatutory rules with an enforcement mechanismWithin each of the above we need to consider how rules areCreated and approved, and EnforcedThe most important types of regulation are the law and accounting standardsIASB – a history1973 founded by accountancy bodies from nine countries as International Accounting Standards Committee (IASC)Until late 1980s activity involved codifying best practice in International Accounting Standards – these included many options1989 publication of a conceptual frameworkIASB – a history1989 initial discussion with the International Organisation of Securities Commissions (IOSCO) regarding the acceptance of IASs as applicable for the financial statements of multinationals making cross-boarder security offeringsDevelopment of a ‘comparability project’ to eliminate certain options in IASs and/or expressing a preference (benchmark treatment)From 1993 IASs began to be adopted by a number of continental companies for their consolidated statements1995 agreement by IOSCO and IASC to develop a ‘core set’ of IASs1998 certain countries legally allowed the use of IASs for consolidated statements#p#分页标题#e#2000 IOSCO endorses the use of IASs2001 IASC reformedThe IASB todayThe reformed IASC consists of IASC Foundation IASB which initially adopted extant IASs but issues its own IFRSsInternational Financial Reporting Interpretations Committee (IFRIC)Standards Advisory Council (SAC)What is a conceptual framework (CF)?‘.. a coherent system of interrelated objectives and fundamentals that can lead to consistent standards and that prescribes the nature, function and limits of financial accounting and financial statements’ (FASB, 1967)Why does accounting need a CF?Consistency, coherence in standard settingIdentify and rank issues and allow for a pro-active approach to standard settingEncourage ‘rational’ debateAid interpretation of standards by preparers/auditorsEnhance the credibility of financial reportingLegitimate the standard setting processWhat does a CF usually cover?The objective of financial statementsThe qualitative characteristics of useful informationThe definition, recognition and measurement of the elements from which financial statements are constructedWhat does a CF usually cover?The objective of financial statementsThe qualitative characteristics of useful informationThe definition, recognition and measurement of the elements from which financial statements are constructedThe IASC FrameworkUnderlying assumptions:Accruals (or matching)Going concernQualitative characteristics ofUnderstandabilityRelevance (including materiality)Reliability (including faithful representation; substance over form; neutrality; prudence; completeness)ComparabilityElement definition:Asset: a resource controlled by an enterprise as a result of past events and from which future economic benefits are expected to flow to the enterprise’ (deferred tax asset?)Liability: a present obligation of the enterprise arising from past events the settlements of which is expected to result in an outflow from the enterprise of resources embodying economic benefits’ (deferred tax liability?)Equity: the residual interest in the assets of the enterprise after deducting all its liabilitiesIncome: increases in equity (other than transactions with owners)Expenses: decreases in equity (other than transactions with owners)The recognition of elements when:It is probable that any future economic benefit associated with the item will flow to or from the enterprise, and The item has a cost or value that can be measured with reliabilityThe measurement of elements:Choices include:Historical costCurrent costRealisable valuePresent valueWhy a regulatory framework?Financial statementsDirectionGuidanceQuality Users’ requirementsQualityTrue and fair view/fair presentation#p#分页标题#e#Global standards?The EU regulation imposes endorsed IFRSs on the consolidated statements of all companies listed in the UK on 1st January 2005.Currently the US Financial Accounting Standards Board (FASB) and the IASB are working together on ‘convergence’ 2009 aim to eliminate the SEC requirement for foreign private issuers to reconcile IFRS-based financial statements to US GAAPHarmonisationThe goal is harmonisation of national financial reporting frameworks – a response to the globalisation of businessWill harmonisation be based on a particular view (the conceptual framework) that is appropriate for other countries? IFRS and IAS SummariesFramework – Technical Summary *IFRSs:IFRS 1 First-time Adoption of International Financial Reporting Standards IFRS 2 Share-based Payment IFRS 3 Business Combinations IFRS 4 Insurance Contracts IFRS 5 Non-current Assets Held for Sale and Discontinued Operations IFRS 6 Exploration for and evaluation of Mineral Resources IFRS 7Financial Instruments: Disclosures *IFRS 8Operating SegmentsIASs:IAS 1 Presentation of Financial Statements *IAS 2 Inventories IAS 7 Cash Flow Statements *IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors IAS 10 Events After the Balance Sheet Date IAS 11 Construction Contracts IAS 12 Income Taxes IAS 16 Property, Plant and Equipment * IAS 17 Leases *IAS 18 Revenue IAS 19 Employee Benefits * IAS 20 Accounting for Government Grants and Disclosure of Government Assistance IAS 21 The Effects of Changes in Foreign Exchange Rates assignmentIAS 23 Borrowing Costs *
IAS 24 Related Party Disclosures IAS 26 Accounting and Reporting by Retirement Benefit Plans IAS 27 Consolidated and Separate Financial Statements IAS 28 Investments in Associates IAS 29 Financial Reporting in Hyperinflationary Economies IAS 31 Interests in Joint Ventures IAS 32 Financial Instruments: Presentation *IAS 33 Earnings per Share IAS 34 Interim Financial Reporting IAS 36 Impairment of Assets *IAS 37 Provisions, Contingent Liabilities and Contingent Assets *IAS 38 Intangible Assets *IAS 39http://www.ukassignment.org/daixieEssay/daixieyingguoessay/ Financial Instruments: Recognition and Measurement *IAS 40 Investment Property IAS 41 Agriculture
True and fair/fair EssayWorkshop 2 Individual essay (400 – 500 words)Recommended readings on WebCT
