国际会计学第六版-chapter-3.ppt

* * * * * * * * * * * * * * * * * * International Accounting, 6/e Frederick D.S. Choi Gary K. Meek Chapter 3: Comparative Accounting: Europe * Learning Objectives Understand how financial reporting is regulated and enforced in five European countries: France, Germany, the Czech Republic, the Netherlands, and the U.K. Describe the key similarities and differences between the accounting systems of these five countries. * Identify the use of International Financial Reporting Standards at the levels of the individual company and the consolidated financial statements in these five countries. Describe the audit-oversight mechanisms in these five countries. * 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