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

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Presentation transcript:

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

® Need for Convergence Attracting investment through transparency Reducing the cost of capital Increasing world-wide investment Reducing costs

® IASC Developments Improvements Project

® IASC Developments Improvements Project IOSCO Agreement

® IASC Developments Improvements Project IOSCO Agreement The Restructuring

® IASB Structure 19 Trustees Standards Advisory Council IASB IFRIC National Standard Setters

® IASC Developments Improvements Project IOSCO Agreement The Restructuring EU 2005

® IFRS Around the World IFRS Around the World CountriesChange Total in 2005 in 2006 in 2006 IFRSs permitted IFRSs required (for all domestic companies) IFRS required (for some domestic companies)

® Role of National Standard Setter Deal with national issues Align agenda Influence IASB debate Lead on certain issues

® The Agenda Improvements IFRS I

® Grandfather Standards Insurance Extractive Industries

® Share Based Payments Company not party to transaction Employees do not provide services No cost to company EPS hit twice Adverse economic consequences

® FASB/IASB Agreement Remove differences Align Agendas Interpretation

® Convergence Short-term Differences IASB – -Business combinations (goodwill/brands, acquisitions, IPR&D) - Asset Disposals and Discontinued Operations (IFRS 5) - Provisions (soon)

® Convergence FASB - -EPS -Voluntary changes in accounting policy -Exchanges of non-monetary assets -Inventory spoilage and idle capacity - Share options

® Conceptual Framework Issues The objectives of financial reporting Qualitative characteristics Definitions of assets and liabilities Recognition Measurement Presentation

® DR = CR

® Dr =Asset or Expense

® Dr =Asset or Expense or Whatsit

® Reconciliation Plan – Short Term IASB - Borrowing costs - Government grants - Joint ventures - Segments Joint- Impairment -Income Taxes

® Reconciliation Plan – Short Term FASB-Fair value option -Investment properties - R&D -Subsequent events Joint-Impairment -Income taxes

® Reconciliation – Major Projects Business combinations Consolidations/SPV Financial Instruments Derecognition Fair value measurement Revenue Recognition

® Reconciliation – Major Projects (cont) Liability and Equity Leases Intangibles Performance Reporting Pensions

® Performance Reporting  Statements  Comprehensive income/Cash flows  Recycling  Remeasurement MD&A

® Pensions £m Deficit10 Less 10% of liabilities 4 6 Spread over 10 year working life Deficit per accounts - £600,000

® Problems for IASB Principles v rules

® Problems for IASB Principles v rules Acceptance of Standards  EU  SEC

® Problems for IASB Principles v rules Acceptance of Standards  EU  SEC Enforcement

® Other Projects Insurance Financial Risk Disclosure (IASB) SMEs (IASB)

®