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Report on global adoption of unified accounting and reporting standards and the very latest from the IASCF Kurt Ramin Chairman (Emeritus), XBRL International, Advisor (IASCF) London, 51.512 / 0.094 November 22, 2007. http://www.oracle.com/openworld/2007/keynotes.html.

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Report on global adoption of unified accounting and reporting standards and the very latest from the IASCF
  • Kurt Ramin
  • Chairman (Emeritus), XBRL International, Advisor (IASCF)
  • London, 51.512 / 0.094
  • November 22, 2007
mission objectives
Mission & Objectives

The Mission of the IASC Foundation XBRL Team is to provide users an IASCF developed XBRL taxonomy for consistent adoption and implementation of IFRS standards

The objectives are to:

  • Deliver the XBRL Taxonomy with the same quality, in the same languages and at the same time as the paper version
  • Encourage the XBRL implementation wherever IFRS is used
  • Make sure the Intellectual Property (IP) is protected and respected
agenda
Agenda
  • Introduction, Organization, History
  • What’s happening over the last year?
  • Update on global IFRS adoption
  • IASB’s future plans and how the very latest will impact the accounting profession
  • What challenges does the future hold for reporting standards?
slide5
704 pages

Part I: Origins

Part II: 1973-1987

Part III: 1987-2000

slide6
465 pages

From 1966 to 1973

1973 to 1995

1995 to 2001 (IOSCO, SEC)

The New Structure (Trustees, full timeBoard, localization of standards and use of technology)

References, Index, Acronyms, Pictures

6

iasb and iasc foundation
IASB and IASC Foundation
  • IASB is made of 14 members making the Standards and has the technical expertise
  • IASC Foundation is providing the context to achieve the Board mission
  • Others:
    • Standards Advisory Council (SAC)
    • IFRIC
roadmap to convergence
Roadmap to Convergence

Norwalk agreement, October 2002

Roadmap: reconciliation by 2009 or earlier

Memorandum of understanding, February 2006

Seek progress in areas identified (11 areas)

Principles based – new framework

SMEs will play a major role

Taxonomies: XBRL GL, SMEs, IFRS, US GAAP (Definition rich)

SEC Roundtable, March 6, 2007

8

2 what s happening 2007
2. What’s happening - 2007
  • New Standards
  • New IFRICs
  • New Publications
slide11
2007
  • New Standards – NO new standards!, but lots of DP’s, Exposure drafts – and comment letters!
  • New IFRICs – just a couple
  • New Publications
  • --eifrs
  • Education – Conferences (Zurich, Singapore)
  • Translations
slide12
2513 pages
  • IASCF Constitution
  • Preface to IFRS
  • Framework
  • Due Process Handbook
  • IFRSs 1 to 8
  • IASs 1 to 41
  • Interpretations
  • Glossary of terms
  • Index
  • Standard, BC, IG
fasb codification overview

FASB Codification Overview

Organizing authoritative US-GAAP by topic

objective and status
Objective and Status

18

  • Integrate and topically organize all relevant accounting guidance issued by the U.S. standard setters
    • FASB, AICPA, EITF, SEC.
  • The codification draft is expected to constituents in 2007 for an extended verification period
    • The objective of the verification process is to ensure that the codification accurately reflects existing U.S. GAAP
    • Once the Board addresses constituent comments, the codification will become the single authoritative source of U.S. GAAP and will supersede all existing standards
topical structure
Topical Structure

19

  • Topics represent a collection of related guidance in the following hierarchy:
    • Topic > Subtopic > Section > Subsection
  • Each topic is organized into one of four areas:
    • General principles and objectives
    • Overall financial reporting presentation,
    • Transactional and financial statement accounts,
    • Industry.
subtopic sections
Subtopic Sections

20

  • Sections are consistent from one subtopic to the next.
  • In the list that follows, topic numbers are represented by XXX, subtopic numbers by Y; section numbers are the actual numbers:
    • XXX.Y.00—Status (References to standards affecting the subtopic)
    • XXX.Y.05—Overview and Background
    • XXX.Y.10—Objectives
    • XXX.Y.15—Scope and Scope Exceptions (if any)
    • XXX.Y.20—Topical Definitions / Glossary
    • XXX.Y.25—XBRL Definitions
    • XXX.Y.30—Recognition (assumes an asset/liability conceptual framework)
    • XXX.Y.35—Initial Measurement (assumes an asset/liability conceptual framework)
    • XXX.Y.40—Subsequent Measurement (assumes an asset/liability conceptual framework)
subtopic sections cont
Subtopic Sections, cont.

21

  • XXX.Y.45—De-recognition (assumes an asset/liability conceptual framework)
  • XXX.Y.50—Other presentation matters (B/S classification, cash flow, EPS, taxes, etc.)
  • XXX.Y.55—Disclosure
  • XXX.Y.60—Implementation guidance and illustrations
  • XXX.Y.65—Relationships (references to other topics or subtopics that may be of relevance. For example, the Interim Reporting topic may have discussions of LIFO reserves as the object of an illustration or example. In such cases, the relationships section would refer to that material.)
  • XXX.Y.70—Transition and Open Effective Date Information
  • XXX.Y.75—Links to Grandfathered Material
ed ifrs for smes
ED IFRS for SMEs

ED 254 pages (IG 80 p. BC 48 p.)

Definition (no public market – 50 people)

Stand alone document

Based on concepts and principles of full IFRS

Topics omitted (Price level, interim, EPS, segment, simpler option)

Recognition and Measurement (FI, GW and impairment, less FV for agriculture)

Frequency for updates

Respond by November 30, 2007

22

possible simple format per period
Possible Simple Format (per period)

Sort statements (Net: assets-liabilities)

People

Fixed Assets

Product (Flow)

Financial (Flow)

Communication (Information Flow)

Four statements and aligned/ related Disclosure:

Statement of Financial Position

Cash Flows

Recognized Income and Expense for Period

Statement of Changes in Equity-NET (including to owners)

Add Related Disclosure:

(People, Fixed Assets, Product, Financial, Communication)

3 global adoption
3. Global adoption
  • World Standard Setter’s Meeting
  • Organizational Changes
  • Latin America and Columbia
world standard setters meeting
World Standard Setters Meeting
  • September 24, 25 in London
  • 40 Nations participating (Iran, Israel….
  • Agenda
  • Welcome Sir David Tweedie, IASB Chairman
  • Adoption and Implementation of IFRSs (Australia, China, Japan, Canada, Korea, India, Mexico)
  • US GAAP/IFRS Convergence Update
  • Implementation and Enforcement of IFRSs
  • SMEs
  • Other special topics (Framework, presentation of Financial Statements, Fair Value Measurements)
ifrs adoption in latin america
Required

Permitted

Future

Costa Rica, Guatemala, Honduras, Nicaragua, Panama, Venezuela

El Salvador, Mexico, Paraguay, Peru

Brazil (2010), Chile (2009)

Ecuador (2008)

Uruguay ???

Columbia????

IFRS adoption in Latin America
xbrl international jurisdictions
XBRL International Jurisdictions

NO

SE

FI

NL

DE

CZ

DK

IASB

LU

PL

RU

HU

CA

SI

UK

AT

UA

IE

BE

TR

US

ES

GR

CN

FR

PT

IL

LB

JP

IT

KR

CH

IN

MT

VZ

TW

HK

Established Jurisdictions

AE

CO

SG

Provisional Jurisdictions

BR

Focus in 2008

AU

ZA

Projects Ongoing

NZ

AR

Ibero-América

28

tagging of financial data
Tagging of Financial Data

RFID - NFC

Radio Near Field

Frequency Communication

Identification

5329000000

5329000000

Unit

Context

29

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Tomorrow’s Financial and Business Reporting Supply Chain

ERP

System

XBRL GL

Business

Events

Entities

Data Aggregators

Users

Electronic input:

  • Electronic bank statements
  • Electronic invoices
  • Credit cards

Regulators

XBRL

XBRL

XBRL

XBRL

XBRL

Commercial

  • Scanning
  • Paper

Others

Management Reports

External Reports

Proprietary

Software

Proprietary

Software

Proprietary

Software

Proprietary

Software

Assurance

30

3 impact on the accounting profession political and technical
3. Impact on the Accounting Profession(Political and technical)
  • US SEC (task forces)
  • FEI (Casey speech)
  • PIOB (Audit)
  • Europe (EFRAG and parliament)
  • Capital Markets (stock exchanges)
  • Large software companies (SAP/Oracle)
  • Data aggregators (Thomson/Reuters)
slide34
1

Also in IFRS

2

Convergence

3

4

Multi-language

No stress

4 challenges future reporting
4. Challenges – Future - Reporting
  • Conventional Standards (Concepts)
  • Technology
  • Localization
  • Currencies and Capital Markets
  • Legal
  • Read my Blog! (or contact me)
  • http://blog.hitachixbrl.com/2007/09/05/financial-reporting-reform-and-xbrl-part-i/
  • http://blog.hitachixbrl.com/2007/09/12/financial-reporting-reform-and-xbrl-part-2
slide36
XBRL: It’s Unstoppable

Kurt Ramin

Kurt Ramin:自中世纪的意大利僧侣发明

Emeritus Chairman, XBRL International SteeringCommittee

[email protected] 51 30 44 N 0 05 41 W

XBRL: Transforming Financial and Business Reporting

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