IFRS - A Students Perspective IFRS: You say? Long I-....

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Unformatted text preview: A Students Perspective IFRS: You say? Long I-. I-fers Short I-.If-ers Communication from Firms In July 2009 PriceWaterhouseCoopers (PWC) sent email to Accounting Faculty Subject: Job candidate preparedness relative to International Financial Reporting Standards (IFRS). PWC expressed an expectation that as of Fall 2009 sophomore students should be developing a "pre-awareness" of IFRS and that interviewing juniors and Pre-Awareness of IFRS What does IFRS stands for? Know the general uses of US GAAP and IFRS Recognize the important future role for IFRS. Full Awareness - IFRS PWC expects this level of awareness from juniors and beyond The 3 pre-awareness tasks outlined in the previous slide plus Knowledge of the sources of US GAAP and IFRS Ability to describe examples of IFRS financial statements More on Full Awareness Ability to identify an example of a difference between US GAAP and IFRS The ability to explain the current status of IFRS and the likely timetable for its adoption. Tonights Agenda? You should be able to leave this meeting with full awareness. IFRS Stands for? International Financial Reporting Standards Countries get to say For statutory reporting (like to the SEC) Publicly traded companies in the US must be annually audited Users need reliability and consistency in reporting. SEC now allows foreign companies to be listed on NYSE filing IFRS financial statements 20-F reconciliations are no longer required....
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IFRS - A Students Perspective IFRS: You say? Long I-....

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