国际会计第三章课件.ppt
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1、International Accounting,6/eFrederick D.S.ChoiGary K.MeekChapter 3:Comparative Accounting:Europe1Learning ObjectiveslUnderstand how financial reporting is regulated and enforced in four European countries:France,Germany,the Netherlands,and the U.K.lDescribe the key similarities and differences betwe
2、en the accounting systems of these five countries.lIdentify the use of International Financial Reporting Standards at the levels of the individual company and the consolidated financial statements in these five countries.lDescribe the audit-oversight mechanisms in these five countries.2The relations
3、hip between accounting standard and practicelThe definition of accounting standardlDoes accounting practice always follow what accounting standard requires?(page 38)lPenalitylVoluntary supply more informationlPermission to not comply with accounting standards iflQuestion:Does the relationship betwee
4、n accounting standard and practice always move in a one-way direction?lSupply and demand of information(page 39)3IFRS in the European Union(page 39)lStarting in 2005,all EU-listed companies must follow IFRS in their consolidated financial statements.lGenerally,IFRS consolidated statements are permit
5、ted for non-listed companies.lRequirements for individual company financial statements vary IFRS may be required,allowed,or prohibited.45IFRS(to be continued)lIFRS are based on fair presentation principleslIFRS may be overridden in rare circumstances to achieve fair presentationlAccounting measureme
6、nts(page 40-41)lGoodwill-the difference between the fair value of the consideration given and the fair value of the subsidiarys assets,liabilities,and contigent liabilities.lGoodwill-annual impairment testlNegative goodwill being immediately recognized in income 6IFRS(to be continued)lAccounting mea
7、surementslTranslation of financial statements of foreign operations functional currency concept(p130)lAssets valued at historical cost or fair valuelResearch costs expensed;development costs capitalizedlLIFO not allowedlFinance leases capitalized;operating leases expensedlProvisions recognized when
8、probable and estimablelDeferred taxes recognized in full,using the liability method,for temporary differences between the carrying amount and tax base78FrancelOverviewlFocus on needs of creditors and tax authoritieslConsolidated groups can report in U.S.GAAP or IASlCompany law and tax law are the pr
9、edominant influenceslFocus on national economic planninglTax laws tend to override accounting ruleslSmall accounting profession established by lawlOECand CNCC for public accounting and auditinglAccounting and auditing profession are separatelSmall stock marketlMost capital contributed by banks,gover
10、nment,or familylFrench equivalent of the SEC Financial Markets Authority or AMF)lIFRS required for listed companies in 20059France lOverview(page 41)l“The Plan”national uniform chart of accounts(national accounting code)lObjectives and principles of financial reportinglDefinitions of elementslRecogn
11、ition and valuation ruleslStandardized chart of accountslModel financial statementslOther influences on French accounting ruleslCommercial legislation(Code de Commerce)lTax laws10France(to be continued)lAccounting regulation and enforcement(p43)lCNC National Accounting BoardlKeeps plan currentlMakes
12、 rulings and recommendations on accounting issues lCRC Accounting Regulation CommitteelConverts CNC rulings and recommendations into binding regulationslReal regulatory powerlAMF Financial Markets Authority(French equivalent of the U.S.Security Exchange Committee)lSupervises securities marketslTwo d
13、ivisions11lAccounting regulation and enforcementlOEC Institute of Public AccountantslRepresents the accounting professionlMembers prepare financial statements,and provide tax,information systems,and management advisory serviceslBe under the juridiciton of the Ministry of Economy and FiancelCNCC Nati
14、onal Institute of Statutory AuditorslMembers audit and give an opinion on financial statementslMust report criminal acts to the High Council of External AuditorslSubstantial overlap in OEC and CNCC membershiplStatutory auditors not allowed to provide accounting services to the same clientlAMF overse
15、es audits of listed companies,but relies on a committee of the CNCC to conduct audit-quality reviews12France(to be continued)lUnusual features of French financial reportinglMust report results of environmental activitieslReports aimed at preventing bankruptcieslSocial reportlNo requirements for a st
16、atement of changes in financial position or a cash flowlBeing prepared in compliance with legislation and in good faith13France(to be continued)lAccounting measurement(p45-46)lTangible assetslDepreciation expense of fixed assetslInventory being measured at the lower of cost or realizable valuelR&D e
17、xpensed as incurred in generallR&D capitalized in restricted circumstances with less than five year amortizationlFinancial lease not capitalized lLiabilities of post-employment benefits not recognized14GermanylOverviewlFocus on needs of creditors and tax authoritieslMNEs are becoming more investor-o
18、rientedlCompany law is predominant influencelAccounting rules amend the Commercial CodelAnnual accounts are the basis for tax accountslTax rules dominate legal accounting issueslLimited impact of accounting professionlGerman Accounting Standards BoardlIFRS required for listed companies in 200515Germ
19、any(to be continued)lThe development of Germany accountinglThe changing attitude of Corporation LawlThe impact of Fourth,Seventh DirectiveslTwo new laws passed in 1998lIssue debt or equity on capital market based IAAP in consolidated fiancial statementslEstablish the private organization to set acco
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