IFRS & US GAAP – Group 5, FMI Raleigh

6-_us_gaap_1_vf
General Introduction
Accounting : an essential service information tool for executives, shareholders and third parties, both to make decisions and to allow comparison of the performance of companies

I. How was the accounting system before the globalization started ?
1/ Management accounting: a necessary discipline in a competitive world
a) What does lead the world to a globalization of standards ?
b) Some example of difficulties due to difference between accounting systems.
c) The gap between now and before : 5 bests benefits of the transition

2/ Presentation: US GAAP and IFRS
a) Brief presentation of the norms
They are based on different normative approaches: an approach based on rules for U.S. GAAP and approach by the principles to IFRS.
Is one approach  more relevant than the other to regulate the behavior of  management accounting data?
b) Principal Convergence/divergences between US GAAP and IFRS
c) Who managed to set up this norms ? Principals leaders-actors.

3/ The ambiguity consequences of the 2 approaches
a) Practical issues should be resolved in the real world of global financial reporting
b) Why US GAAP are less dominant in the world
c) Recommandation : ensuring the public interest by a more balance standards

Deeper Option : Wherein the financial crisis leads to changes in accounting standards ?


II. Globalization and International Accounting Standards
IFRS & US GAAP
1/ What are the IFRS
• Quick history
• How spread it is today

2/ What is US GAAP
• Brief comparison with IFRS
• Convergence not that easy to implement

Globalization push to an accounting standardization
3/ How benefit it is to set an international common financial reporting standards?
• From international investors side
• From companies side

4/ Why it is a common goal for international institution and top world’s governance?
• G20 expectations
• Benefits impact in the world’s economy


III. Case Study: IFRS Adoption In Korea
1/ The IFRS Adoption Process in Korea
a) Driven factors
b) Decision to adopt
c) Preparatory steps

2/ Implementation: Challenges and Responses
a)Principle-based standards
b)Effects of IFRS adoption
c) Indirect Effects

3/ Lessons learned and advice to future adopters
a)Lessons Learned
b)Advice to prospective IFRS adopters



References – Part I/ :

http://www.sec.gov/news/speech/spch554.htm

http://en.wikipedia.org/wiki/History_of_globalization

http://www.rense.com/general82/fedd.htm

http://www.accountingweb.com/sites/default/files/How_Globalization_is_Affecting_US_Accountants–by_Bruce_Pounder_of_CPEanywhere.pdf

http://www.theinternationaljournal.org/ojs/index.php?journal=rjebs&page=article&op=view&path%5B%5D=1247

https://globaljournals.org/GJMBR_Volume12/6-The-Roles-and-Responsibilities-of-Management-Accountants-in.pdf

http://www.cepal.org/publicaciones/xml/2/34332/chapter_iii_vf.pdf

http://econweb.rutgers.edu/bordo/global.pdf

http://www.ey.com/Publication/vwLUAssets/US_GAAP_v_IFRS:_The_Basics/$FILE/US%20GAAP%20v%20IFRS%20Dec%202011.pdf

www.ey.com/ifrs

French websites – Part I/:

http://www.memoireonline.com/12/13/8242/m_L-application-du-nouveau-systeme-comptable-financier-de-la-societe-SOGERHWIT-en-Algerie2.html

http://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=3&ved=0CCoQFjAC&url=http%3A%2F%2Fwww.ena.fr%2Findex.php%3F%2Ffr%2Fcontent%2Fdownload%2F4326%2F32257%2Ffile%2Frapport_groupe03.pdf&ei=f0QfVNyeE7WPsQSzioHADg&usg=AFQjCNEn_1cElRKJwOIM7T5OMDFsA_EtxA&bvm=bv.75775273,d.cWc

http://archives.lesechos.fr/archives/cercle/2011/06/08/cercle_35679.htm

http://www.finharmony.net/entreprise/un-peu-d-humour/

http://www.youscribe.com/catalogue/rapports-et-theses/savoirs/sciences-humaines-et-sociales/la-gestion-des-resultats-comptables-ifrs-vs-us-gaap-1546624

References – Part II/:

http://www.accaglobal.com/…/cfo-investor-perspectives.pdf

http://www.investopedia.com/terms/i/ifrs.asp

http://www.investopedia.com/…/impact-gaap-ifrs…

http://www.accaglobal.com/…/financial…/rr-105-001.pdf

http://www.whitehouse.gov/…/06/19/g20-leaders-declaration)

http://www.ifrs.com/updates/aicpa/ifrs_faq.html#q3

http://www.sec.gov/news/speech/spch554.htm

References – Part III :

http://www.ifrs.org/Meetings/MeetingDocs/Trustees/2013/January/AP4-Korean-Adoption.pdf

http://www.albany.edu/honorscollege/files/Or_Honors_Thesis.pdf

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>