国际会计学第六版_chapter_3ppt课件

1、International Accounting, 6/eFrederick D.S. ChoiGary K. MeekChapter 3: Comparative Accounting: EuropeLearning ObjectiveslUnderstand how financial reporting is regulated and enforced in five European countries: France, Germany, the Czech Republic, the Netherlands, and the U.K.lDescribe the key simila

2、rities and differences between the accounting systems of these five countries.lIdentify the use of International Financial Reporting Standards at the levels of the individual company and the consolidated financial statements in these five countries.lDescribe the audit-oversight mechanisms in these f

3、ive countries.IFRS in the European Union lStarting in 2019, all EU-listed companies must follow IFRS in their consolidated financial statements.lGenerally, IFRS consolidated statements are permitted for non-listed companies.lRequirements for individual company financial statements vary IFRS may be r

4、equired, allowed, or prohibited.IFRS (contin)lIFRS are based on fair presentation principleslIFRS may be overridden in rare circumstances to achieve fair presentationlAccounting measurementslBusiness combinations purchase accountinglGoodwill annual impairments testlInvestments in associates equity m

5、ethodlTranslation of financial statements of foreign operations functional currency conceptlAssets valued at historical cost or fair valuelResearch costs expensed; development costs capitalizedlLIFO （Last in, First out ）not allowedlFinance leases capitalized; operating leases expensedlProvisions rec

6、ognized when probable and estimablelDeferred taxes recognized in full, using the liability method, for temporary differences between the carrying amount and tax baseFrance lOverviewl“The Plan” national uniform chart of accounts (national accounting code)lObjectives and principles of financial report

7、inglDefinitions of elementslRecognition and valuation ruleslStandardized chart of accountslModel financial statementslOther influences on French accounting ruleslCommercial legislation (Code de Commerce)lTax lawsFrance (contin)lAccounting regulation and enforcementlCNC National Accounting BoardlKeep

8、s plan currentlMakes rulings and recommendations on accounting issueslCRC Accounting Regulation CommitteelConverts CNC rulings and recommendations into binding regulationslAMF Financial Markets AuthoritylSupervises securities marketslOEC Institute of Public AccountantslRepresents the accounting prof

9、essionlMembers prepare financial statements, and provide tax, information systems, and management advisory serviceslCNCC National Institute of Statutory AuditorslMembers audit and give an opinion on financial statementslMust report criminal acts to the High Council of External AuditorslSubstantial o

10、verlap in OEC and CNCC membershiplStatutory auditors not allowed to provide accounting services to the same clientlAMF oversees audits of listed companies, but relies on a committee of the CNCC to conduct audit-quality reviewsFrance (contin)lUnusual features of French financial reportinglMust report

11、 results of environmental activitieslReports aimed at preventing bankruptcieslSocial reportGermanylOverviewlCreditor protectionlConservative balance sheet valuationslReserves as protection against unforeseen risks and insolvencylAccounting is designed to compute a prudent income amount that leaves c

12、reditors unharmed after distributions are made to ownerslInfluence of tax lawlDetermination principle: taxable income is determined by what is booked in a companys financial recordslReliance on statutes and court decisionsGermany (contin)lAccounting regulation and enforcementlGerman Commercial Code

13、(HGB) lApplies to all business entitieslGerman Accounting Standards Board lDevelops recommendations for consolidated financial statementslFinancial Reporting Enforcement Panel lEnforces compliance with German financial reporting requirements and IFRS by listed companieslChamber of Accountants lOvers

14、ees WPs (“enterprise examiners”)lUnusual features of German financial reportinglAuditors private report to board of directors and supervisory board on companys future prospectsCzech RepubliclOverviewlAccounting changed directions several times in 20th century, reflecting the countrys political histo

15、rylUntil end of World War II German influenceslAfter World War II Soviet influenceslAfter 1989 EU influences (market orientation)lAccounting regulation and enforcementlMinistry of FinancelOversees Commercial Code (modeled on German commercial law)lOversees Accountancy Act (based on EU directives)lCh

16、amber of AuditorslOversees auditorslUnusual features of Czech financial reportinglForm over substance still applies in some caseslStill implementing accounting practices consistent with EU directives and IFRSThe NetherlandslOverviewlAccounting paradoxeslPermissive requirements, but high professional

17、 practice standardslCode law country whose accounting is oriented toward fair presentationlFair presentation orientation developed without a strong stock marketlOther influences on Dutch accountinglU.K. and U.S. as much as continental European countrieslAccounting professionlBusiness economics (micr

18、oeconomics)lIASBThe Netherlands (contin)lAccounting regulation and enforcementlCompany law Act on Annual Financial StatementslDutch Accounting Standards BoardlDevelops guidelines on generally acceptable accounting standardslEnterprise ChamberlEnforces compliance with accounting requirementslNIvRAlOv

19、ersees auditing professionlUnusual features of Dutch financial reportinglFinancial statements may be in Dutch, French, German, or EnglishlOther than consolidated financial statements of Dutch listed companies, financial statements may be based on Dutch guidelines, IFRS, or a combinationlFlexible acc

20、ounting measurementslCurrent values are permitted for tangible assetslOpportunities for income smoothingUnited KingdomlOverviewlLegacy of British accountinglFirst country to develop an accountancy professionlFair presentation (true and fair view)lExported British accounting around the worldUnited Kingdom (contin)lAccounting regulation and enforcementlCompanies Actl