International GAAP 2012: Generally Accepted Accounting Practice under International Financial Reporting Standards

Chapter 1

International GAAP

1 Why International Financial Reporting Standards Matter

2 The IFRS Foundation and the IASB

2.1 The standard setting structure

2.1.1 The IFRS Foundation

2.1.2 The Monitoring Board

2.1.3 The International Accounting Standards Board (IASB)

2.1.4 The IASB’s Due Process Handbook

2.1.5 The IFRS Advisory Council (the Advisory Council)

2.1.6 The IFRS Interpretations Committee (the Interpretations Committee)

2.1.7 The IASB’s ‘Annual Improvements Process’

3 The IASB’s Technical Agenda and Global Convergence

3.1 The IASB’s current priorities and future agenda

3.1.1 The IASB’s current priorities

3.1.2 Agenda consultation 2011

3.1.3 New IASB leadership

3.2 IFRS/US GAAP convergence

3.2.1 Convergence with US GAAP: The Norwalk Agreement

3.2.2 Memorandum of Understanding between the FASB and the IASB

3.2.3 SEC Concept Release on allowing US issuers to prepare financial statements in accordance with IFRS

3.2.4 The proposed Roadmap

3.2.5 The future for convergence

3.3 The impact of the 2007 – 2010 financial crisis

4 The Adoption of IFRS Around the World

4.1 Worldwide adoption

4.2 Europe

4.2.1 EU

4.2.2 Russia

4.3 Americas

4.3.1 US

4.3.2 Canada

4.3.3 Brazil

4.4 Asia

4.4.1 China

4.4.1.A Mainland China

4.4.1.B Hong Kong

4.4.2 Japan

4.4.3 India

4.5 Australia/Oceania – Australia

4.6 Africa – South Africa

5 Summary

1 Why International Financial Reporting Standards Matter

With globalisation has come the increasing integration of world markets for goods, services and capital ...