国际会计学第六版_chapter_3教学幻灯片.pptVIP

International Accounting, 6/e Frederick D.S. Choi Gary K. Meek Chapter 3: Comparative Accounting: Europe 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 – IFRS may be required, allowed, or prohibited. 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 associates – equity method Translation of financial statements of foreign operations – functional currency concept 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 – expensed 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 France Overview “The Plan” – national uniform chart of accounts (national accounting code) Objectives and principles 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 France (contin) Accounting regulation and enforcement CNC – National Accounting Board Keeps plan current Makes rulings and recommendations on accounting issues CRC – Accounting Regulation Committee Converts CNC rulings and recommendations into binding regulations AMF – Financial Markets Authority Supervises securities markets OEC – Institute of Public Accountants Represents the accounting profession Members prepare financial statements, and pr