Session 5 - Class Notes - Regulation of Accounting Standards II0

Session 5 - Class Notes - Regulation of Accounting Standards II0

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Unformatted text preview: Session 5 Session 5 : Regulation of Accounting : Regulation of Accounting Standards-International Convergence Standards-International Convergence Hye Sun Chang ACCY 303 Outline Outline Discuss the Land Securities case. Describe IASB/IFRS and international convergence Background Background What type of firm is Land Securities Group? What is the problem the firm is facing? IAS 40 First time fair value model incorporated for long-lived non-financial assets. Summary of Accounting Models Summary of Accounting Models Cost Model- B/S balance: at cost less accumulated depreciation & impairment loss- Fair value must be disclosed in the footnotes Revaluation Model- B/S balance: at fair value - Revaluation reserve (Impairment loss) Fair Value Model - B/S balance: at fair value Example-Three Models Example-Three Models Assume there are three separate real estate companies, US Realty (which applies the...
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This note was uploaded on 11/08/2011 for the course ACCY 303 taught by Professor Staff during the Spring '08 term at University of Illinois, Urbana Champaign.

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Session 5 - Class Notes - Regulation of Accounting Standards II0

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