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The Accounting Language of the 21 st Century

The Accounting Language of the 21 st Century. David TWEEDIE. Chairman, International Accounting Standards Board United Kingdom. IASB – the Crucible of Convergence. Sir David Tweedie IASB Chairman. US Problems. Special Purpose Entities Enron Revenue/Expense Recognition Enron Xerox

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The Accounting Language of the 21 st Century

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  1. The Accounting Language of the 21st Century David TWEEDIE • Chairman, • International Accounting Standards Board • United Kingdom

  2. IASB – the Crucible of Convergence Sir David TweedieIASB Chairman

  3. US Problems Special Purpose Entities • Enron Revenue/Expense Recognition • Enron • Xerox • Global Crossing • Waste Management • World Com

  4. US Problems Related Parties • Enron • Baptist Foundation Leasing • Xerox • Global Crossing

  5. Attracting investment through transparency Reducing the cost of capital Increasing world-wide investment Reducing costs Need for Convergence

  6. IASC Developments • Improvements Project

  7. IASC Developments • Improvements Project • IOSCO Agreement

  8. IASC Developments • Improvements Project • IOSCO Agreement • The Restructuring

  9. IASB Structure 19 Trustees Standards Advisory Council IASB IFRIC National Standard Setters

  10. IASC Developments • Improvements • IOSCO etc • The restructuring • EU/Australia 2005

  11. Convergence Agreement – FASB • Remove differences • Align agendas • interpretations

  12. Role of National Standard Setter • Deal with national issues • Align agenda • Influence IASB debate • Lead on certain issues

  13. Problems for IASB • Principles v rules

  14. Problems for IASB • Principles v rules • Acceptance of Standards • EU • SEC

  15. Problems for IASB • Principles v rules • Acceptance of Standards • EU • SEC • Enforcement

  16. IASB – The Global Standard-Setter • A common conceptual framework

  17. The Agenda • Improvements

  18. The Agenda • Improvements • Differences between national standards

  19. The Agenda • Improvements • Differences between national standards • Conceptual issues

  20. The Agenda • Improvements • Differences between national standards • Conceptual issues • Leadership projects

  21. Leadership • Derecognition • Leases • Financial Instruments • Performance reporting • Share-based payments

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