国际会计学第六版chapter3.ppt
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1、1,International Accounting, 6/e,Frederick D.S. Choi Gary K. Meek,Chapter 3: Comparative Accounting: Europe,2,Learning Objectives,Understand how financial reporting is regulated and enforced in five European countries: France, Germany, the Czech Republic, the Netherlands, and the U.K. Describe the ke
2、y similarities and differences between the accounting systems of these five countries.,3,Identify the use of International Financial Reporting Standards at the levels of the individual company and the consolidated financial statements in these five countries. Describe the audit-oversight mechanisms
3、in these five countries.,4,IFRS in the European Union,Starting in 2005, all EU-listed companies must follow IFRS in their consolidated financial statements. Generally, IFRS consolidated statements are permitted for non-listed companies. Requirements for individual company financial statements vary I
4、FRS may be required, allowed, or prohibited.,5,6,IFRS (contin),IFRS are based on fair presentation principles IFRS may be overridden in rare circumstances to achieve fair presentation Accounting measurements Business combinations purchase accounting Goodwill annual impairments test Investments in as
5、sociates equity method Translation of financial statements of foreign operations functional currency concept,7,Assets valued at historical cost or fair value Research costs expensed; development costs capitalized LIFO (Last in, First out )not allowed Finance leases capitalized; operating leases expe
6、nsed Provisions recognized when probable and estimable Deferred taxes recognized in full, using the liability method, for temporary differences between the carrying amount and tax base,8,9,France,Overview “The Plan” national uniform chart of accounts (national accounting code) Objectives and princip
7、les of financial reporting Definitions of elements Recognition and valuation rules Standardized chart of accounts Model financial statements Other influences on French accounting rules Commercial legislation (Code de Commerce) Tax laws,10,France (contin),Accounting regulation and enforcement CNC Nat
8、ional Accounting Board Keeps plan current Makes rulings and recommendations on accounting issues CRC Accounting Regulation Committee Converts CNC rulings and recommendations into binding regulations,11,AMF Financial Markets Authority Supervises securities markets OEC Institute of Public Accountants
9、Represents the accounting profession Members prepare financial statements, and provide tax, information systems, and management advisory services,12,CNCC National Institute of Statutory Auditors Members audit and give an opinion on financial statements Must report criminal acts to the High Council o
10、f External Auditors Substantial overlap in OEC and CNCC membership Statutory auditors not allowed to provide accounting services to the same client AMF oversees audits of listed companies, but relies on a committee of the CNCC to conduct audit-quality reviews,13,France (contin),Unusual features of F
11、rench financial reporting Must report results of environmental activities Reports aimed at preventing bankruptcies Social report,14,Germany,Overview Creditor protection Conservative balance sheet valuations Reserves as protection against unforeseen risks and insolvency Accounting is designed to comp
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