IFRSvsUSGAAPSteven.ppt
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1、,Consolidated Balance Sheet,Consolidated Statement of Profit and Loss,Consolidated Statement of Cash Flows,GAAP US and IFRS Harmonization,GAAP US and IFRS Harmonization,GAAP US and IFRS Harmonization,Consolidated Balance Sheet,DocumentationHighly effective,1.FV hedge2.Cash flow hedge3.Foreign curren
2、cy hedge,EJE ALL#11,Consolidated Statement of Profit and Loss,Consolidated Statement of Cash Flows,Managements judgment under Fin 48,Managements judgment under Fin 48,Managements judgment under Fin 48,Case 1 EJE ALL#22|Case 2 AccuService,US GAAP and IFRS Harmonization,Mountain heights of US GAAP,Chi
3、nese Accounting Standard=CAS,Chinese Accounting Standard=CAS,An application of share based payment/compensation,全球金融危机引发的公允价值废除论Where is IFRS going?Roadmap for convergence,全球金融危机引发的公允价值废除论Where is IFRS going?Roadmap for convergence,The first challenge comes to the behavior dilemmaFor many years acco
4、untants are used to either IFRS or US GAAP reporting,and now you are asking to switch to a new set of standard,it is a human nature for them to resist to such change.IFRS and US GAAP convergence is a continuously learning process of two sets of standards;it is an ongoing process of reconciling the d
5、ifference,then comes up a new set of rules which combines the best two of the world.IASB has stopped issuing new standards and ED before 2010.While FASB and other US standard setters never and stop and wait for you:they keep on issuing and updating new guidance every week.After you have figured out
6、the difference,you have to jump onto reconcile with the new updates.That is,the convergence process is quite challenging.The greatest challenge would be:Is it possible to come up with an universal standard which fits all situations?The answer is almost No because the accounting world is so complicat
7、ed.It leaves standard setters to work out the balance between the detail and the general.,What are the main challenges/roadblock of convergence?,It may provide more room for managements judgment and truer reflection of economic reality with principles-based standards,e.g.Fin 48,there is no such equi
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