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Special_Topics_-_2011_Notes - Special Topic International...

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Special Topic: International Financial Reporting Standards (IFRS) I. LEARNING OBJECTIVES in ACC 202 for IFRS Explain the general uses and sources of U.S. GAAP (source: FASB) and IFRS (source: IASB) Recognize the importance of IFRS discussions in global business II. IMPLICATIONS FOR STUDENTS You will have to be “bilingual” for the transition time Public accounting firms are weaving IFRS into internship programs New content will be incorporated into accounting and business courses At some point, IFRS may be included on CPA and other exams Some recruiting firms weigh IFRS awareness when evaluating students for full-time or internship positions III. WHY SHOULD MANAGERS CARE? Managers understand that financial statements are readily available pictures of the company’s financial condition and performance. They have particular reason to care about IFRS if: Their compensation, legal contracts, and/or transfer prices are based on GAAP numbers The company uses full absorption costing systems based on GAAP Information technology systems have to be adapted
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Tax reporting requirements are impacted Stock-based compensation must be tracked differently Appropriate staff will have to be trained in IFRS Internal business processes and internal controls, regulatory and statutory reporting, treasury and cash management are affected They need to budget for the cost of implementing and complying with IFRS IV. IFRS—WHY ARE IFRS NEEDED ?
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Special_Topics_-_2011_Notes - Special Topic International...

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