International GAAP 2013: Generally Accepted Accounting Principles 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

3.2 IFRS/US GAAP convergence

3.2.1 Background

3.2.2 Status

3.2.3 The future for convergence

3.3 The impact of the financial crises

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

Chapter 1

International GAAP

1 Why International Financial Reporting Standards Matter

With globalisation has come the increasing integration of world markets for goods, services and capital – with the result that companies that traditionally were reliant on their domestic capital markets for financing now have substantially increased access to debt and equity capital both inside and outside their national borders.