5-1 Part B Regulatory Framework for Financial Reporting Regulatory Framework: Company Law International Accounting Standard Influence of other national.

Slides:

Advertisements

Similar presentations

International Federation of Accountants International Education Standards for Professional Accountants Mark Allison, Executive Director Institute of Chartered.

Advertisements

® International Accounting Standards Board A History of Lease Accounting & the Need for Change Warren McGregor IASB member The views expressed in this.

® International Accounting Standards Board A set of slides to support our outreach activities 2006/7.

IFRS Transition – Our Current and New Framework August 07, 2009 IBA Workshop ‘IFRS – The Way Ahead’ Presented by CA Vidhyadhar Kulkarni UBS AG, Mumbai.

International Convergence of Accounting Standards: A Case Study of Malaysia 23 May 2006 I’m honoured to be standing here, before the distinguished.

Book overview  Part 1 – Environment of financial reporting  Part 2 – Basic accounting techniques and the preparation of annual financial statements 

1 Financial Analysis by Binam Ghimire. Learning Objectives 1. Purpose of financial analysis 2. Various techniques of financial analysis 3. Understanding.

REGULATION Cpt 1 IASB IFRS. Reasons for Regulation.

® International Accounting Standards Board Special Libraries Association – Toronto, June 2005 Update on International Accounting Standards Ian P.N. Hague.

International Accounting Standards Board ® Convergence of Accounting Standards and the IASB Process Gilbert Gelard, Member of IASB Bucharest, May 2003.

International Accounting Standards Board (IASB) ACTG 4570/5570.

International Financial Reporting and Analysis, 5 th edition David Alexander, Anne Britton and Ann Jorissen ISBN © 2011 Cengage Learning.

5BUS0253 FS 2 week 1 Financial Statements 2 Lecture 1.

® International Accounting Standards Board The Future of International Financial Reporting Sir David Tweedie IASB Chairman.

1 IFRS Accounting in Europe Thomas Oversberg Project Manager Brussels - 5. November 2007.

IBA workshop on IFRS 7 th August, 2009 By Mohandas Pai, Trustee IASC Foundation and Director, Infosys Technologies Limited 1.

INTERNATIONAL ACCOUNTING

Environment and Theoretical Structure of Financial Accounting

Chapter 1 Electronic Presentations in Microsoft ® PowerPoint ® Prepared by James Myers, C.A. University of Toronto © 2008 McGraw-Hill Ryerson Limited.

NASBA Role of State Regulators in Global Standards Setting Bob Bunting, Deputy President October 29, 2008.

International Accounting, 6/e

Financial Statements 2 Lecture 1 1. The module Please look carefully at the module guide under Module Information on the module website You should have.

Revise Lecture 1 1. Framework of Financial Reporting 1. The regulatory system 2. A conceptual framework 2.

Different countries employ different Accounting standards while computing the Profits or a company. Hence the Accounting results for the different countries.

ACTG 6580 Chapter 1 – Financial Reporting and Accounting Standards Class Summary.

The UNIVERSITY of GREENWICH 1 September 2009 L3b Audit and assurance J. E. Spencer-Wood Auditing and assurance Lecture 3b Regulatory Accounting Bodies.

Revise Lecture 2 1. Revise Lecture The regulatory system 2.2. A conceptual framework 2.

1 How A Developing Economy Embraces IFRS: Malaysia 25 March 2006.

Thomas L. Porter, Ph.D., CPA Senior Consultant FASB Update & SFAS No. 143 – Asset Retirement Obligations.

Chapter Eleven Worldwide Accounting Diversity and International Accounting Standards McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc.

® International Accounting Standards Board Accounting Standards Board of Japan and its Contribution to International Accounting Standards Tatsumi YAMADA.

Slide 1-1 FINANCIAL REPORTING AND ACCOUNTING STANDARDS.

International Accounting Standards

® International Accounting Standards Committee Foundation December World Bank—Advanced Program in Accounting and Auditing Regulation IFRSs—an overview.

1 © 2006 IASC Foundation, all rights reserved. The IASB Project on Accounting Standards for SMEs Paul Pacter IASB Director of Standards for Small and Medium-sized.

1-1 Financial Information Accounting? Identifies and Measures and Communicates Financial Information Accounting? Identifies and Measures and Communicates.

Accounting (Basics) - Lecture 1 IFRS for SMEs

Slide 1 ROAD TO EUROPE – PROGRAM OF ACCOUNTING REPORTING AND INSTITUTIONAL STRENGTHENING How can the European Federation of Accountants (FEE) Assist ?

Chapter 5 Environment of International Research

©2005 Deloitte & Touche LLP. Private and confidential 1 The role of a National Accounting Standard Setter in the EU.

Annual Report Constitution Public Audit Act Public Finance Management Act Other legislation Minister of Finance Establishment and operations National.

® The Accounting Language of the 21st Century David TWEEDIE Chairman, International Accounting Standards Board United Kingdom.

Chapter 1 Financial Accounting Standards 1. Standard Setters Securities and Exchange Commission (SEC). Formed to administer the Securities Act of 1934.

® Prof. Dr. Hans-Georg Bruns IASB Reliable Financial Reporting: A Prerequisite in Providing Information Useful in Making Economic Decisions Ministerial.

International Accounting Standards A presentation by the assistant lecturer, Department of accounting CHATZICHRISTOS CHRISTOS.

Translating the International Financial Reporting Standards Ioanna Tzivani Translation Project Manager.

Wednesday, September 7, 2005 The Institute of Accounting of the Republic of Lithuania The role of a National Accounting Standards Setter in the European.

IASC Foundation Education™ International Accounting Standards Committee Foundation ® IASC Foundation Education Initiative Michael Wells Senior Manager.

THE EUROPEAN ACCOUNTING Le, Malík, Paukertová, Šimůnek.

The Role of the ASB Ian Mackintosh Accounting Standards Board (ASB) 19 June 2006.

Financial Accounting. 2 Section A: Context & purpose of Financial Reporting A1. The reasons for, & objectives of, financial reporting A2. Users’ & stakeholders’

1-1 Financial Information Accounting? Identifies and Measures and Communicates Financial Information Accounting? Identifies and Measures and Communicates.

Global Financial Regulatory Framework Regulating of Accounting, Auditing and Financial Reporting: Introduction Masters in Accountancy (MACC508)

BREXIT: The Future of IFRS Customer Care No

Chapter 8: FASB, Present and Future

Company Formation, Nature and regulation of companies

Regulation in Financial Accounting

The International Environment

groups that impact Accounting rules

International Federation of Accountants

International Accounting, 6/e

Global Financial Regulatory Framework

REPARIS Workshop Vienna

IFRS CHAPTER 1 International Financial Reporting standards.

History of IFRS for Insurers

UNIT 13: FINANCIAL REPORTING

Impact of convergence on unlisted companies Richard Martin

GAAP & IFAS Generally Accepted Accounting Principle & International Financial Accounting Standards. Group 1.

The EPSAS Governance Framework

IFRS Database Moderator

Presentation transcript:

5-1 Part B Regulatory Framework for Financial Reporting Regulatory Framework: Company Law International Accounting Standard Influence of other national standard setting body Stock Exchange requirement Overseeing by professional bodies such as ACCA

5-2 Part B Regulatory Framework for Financial Reporting The International Accounting Standard Committee (IASC) was set up in It was supported by representatives from accountancy organizations from around the world. In 2001 a new supervisory body, The International Accounting Standard Committee Foundation (IASC Foundation) came into force. IASC Foundation became IFRS Foundation on 1 July 2010.

5-3 Part B Regulatory Framework for Financial Reporting The main objectives of the IFRS Foundation are: To develop, in the public interest, a single set of high- quality, understandable and enforceable global accounting standards to help users in making economic decisions. To promote the use and rigorous application of those standard In fulfilling the objectives associated with (a) and (b), to take account, as appropriate, of the special needs of small and medium-sized entities and emerging economies. To bring about convergence of national accounting standards and international accounting standards to a high quality solutions.

5-4 Part B Regulatory Framework for Financial Reporting The new structure:

5-5 Part B Regulatory Framework for Financial Reporting The IFRS Foundation It is an independent, not-for-profit foundation based in the US. The Trustees of the Foundation appoint the members of the IASB, SAC, and IFRIC.

5-6 Part B Regulatory Framework for Financial Reporting The Board They set the agenda of and raise finance for the IASB; however the IASB has sole responsibility for setting accounting standard, International Financial Reporting Standards (IFRS)

5-7 Part B Regulatory Framework for Financial Reporting The Standards Advisory Council Its main objectives are to give advice to the IASB on agenda decisions and work priorities and on the major standard-setting projects.

5-8 Part B Regulatory Framework for Financial Reporting The International Financial Reporting Interpretations Committee It has taken over the work for the previous Standing Interpretations Committee. It draws up guidance for users in two situation: firstly if a completely new problem arises, and secondly if existing standards are being interpreted in unsatisfactory or conflicting ways.

5-9 Part B Regulatory Framework for Financial Reporting Stages involved in the standard setting processing: Stage 1: Setting the agenda relating to development of global accounting standards Stage 2: Project planning by IASB after setting up a working group made up of IASB or jointly with standard setters. Stage 3: Development and publication of a discussion paper giving preliminary view of the IASB is offered for public comment. Stage 4: Development and publication of an Exposure Draft based on DP from IFRS Advisory Council and standard setters. Stage 5: Development and publication of an IFRS issued after considering comments received on ED.