IFRS Document for Class

IFRS Document for Class - Incorporating International...

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Unformatted text preview: Incorporating International Financial Reporting Standards (IFRS) into Intermediate Accounting Revised June 30, 2009 Rebecca G. Fay John A. Brozovsky Jennifer E. Edmonds Patricia G. Lobingier Sam A. Hicks We express our appreciation to the Deloitte Foundation and to Carl Cronin and Greg Aliff, both Deloitte partners and Virginia Tech alums, for the encouragement and financial support that made this project possible. Any errors or omissions are solely the responsibility of the authors and not Deloitte. i Preface The purpose of these materials is to allow the intermediate accounting student and their faculty members to get started incorporating the International Financial Reporting Standards in their course sooner rather than later. The materials are NOT exhaustive; rather the materials cover the basic differences between US GAAP and IFRS for those topics normally discussed in the Intermediate Accounting Course. The roadmap proposed by the Securities and Exchange Commission (SEC) would allow select U.S. companies the option of adopting IFRS as early as 2009 with mandatory adoption following as early as 2014. While the current chairman of the SEC has expressed skepticism regarding the proposed timeline, she has also affirmed her commitment to work toward a single, universal set of high quality accounting standards. Since most of the developed world has already adopted IFRS, it is important that todays accounting students have a basic understanding of these standards even if they do not replace US GAAP. We hope these materials help with that process. We do not plan to update these materials. They will be available on the American Accounting Associations web site, at http://aaahq.org/commons . If you have comments, have suggestions for improvements or corrections, please contact John Brozovsky [at jbrozovs@vt.edu ] or Sam A. Hicks [at shicks@vt.edu ]. If you prefer surface mail, contact either at Department of Accounting and Information Systems, Virginia Tech Mail Code 0101, Blacksburg, VA 24061. We will make corrections and add comments until December 31, 2009. 1 Incorporating IFRS into Intermediate Accounting Table of Contents Table of US GAAP, IFRS and Intermediate Textbook chapters by Topic ......................... 2 Unit 1 Introduction ........................................................................................................... 3 Unit 2 Conceptual Framework ......................................................................................... 8 Unit 3 Income Statement and Other Comprehensive Income ............................................. 10 Unit 3 Appendix A Current IFRS ............................................................................... 14 Unit 3 Appendix B IFRS effective for years beginning after 1/1/2009 ..................... 15 Unit 4 Balance Sheet ...................................................................................................... 17 Unit 5 Statement of Cash Flows ..................................................................................... 21 Unit 5 Statement of Cash Flows ....
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IFRS Document for Class - Incorporating International...

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