day 24 international accounting 2009 spring v2

day 24 international accounting 2009 spring v2 -...

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International Accounting Dr. James Gong
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Agenda Introduction of International accounting Difference between US GAAP and IFRS IFRS in USA Mid-term Exam II feedback
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Learning Objectives of  International Accounting Describe how the changing world environment is  leading to an increased focus on international  accounting standards Discuss some differences in accounting standards  and accounting methods across countries Project the future of International Accounting  Standards in USA
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Background Beginning in 2005, the European Union (EU)  mandated that companies listed in its  securities markets conform to International  Financial Reporting Standards. In 2006, the total value of cross-border  transactions in bonds and equities was $90  trillion U.S. dollars annually.
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Growth in cross-border securities  transactions
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Growth in international  investment
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Share of Global Equity  Markets
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Share of Global Debt Markets
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Accounting based on U.K. traditions Securities markets have a dominant influence SEC recognizes the authority of FASB FASB uses an open approach to standard setting U.S. accounting system is probably the most comprehensive in the world Comparative Accounting Systems:  USA
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Government has the major accounting influence; Commercial code, securities and exchange law, and corporation tax law are also influential; Government institutions are directly involved in standard setting: Ministries of Finance and Justice have joint jurisdiction, Accounting profession is small and lacks influence; “Secretive” approach is common Comparative Accounting Systems: Japan
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Company law and tax laws predominate, Accounting practice must follow tax laws, Accounting profession is small and lacks influence, Stock market is small but growing in influence, and Information needs of creditors and tax authorities take  precedence.  Historically, standard setting has been the  responsibility of the  Federal Ministry of Justice (FMJ) . In 1998, FMJ recognized a new independent body, the  German Accounting Standards Board (GASB) . As of 2005, preparation of financial statements 
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This note was uploaded on 11/08/2011 for the course ACCY 301 taught by Professor Staff during the Spring '08 term at University of Illinois, Urbana Champaign.

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day 24 international accounting 2009 spring v2 -...

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