International Accounting Standards

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14 IFRS Significant differences between IFRS and US GAAP Consistency of <strong>Accounting</strong> Policies – required for similar transactions Consolidation – based on control, off‐balance sheet items now on balance sheet Income Taxes – No valuation allowance, Timing of measurement Impairment – No 2‐step test, reversals allowed Disclosures more substantial under IFRS Disclosure of management compensation 14
15 IFRS Significant differences between IFRS and US GAAP (cont.) Revenue Recognition ‐ Limited guidance in IAS 18 GAAP guidance highly detailed, industry specific IFRS may reduce revenues for some Provisions – Discounting required Self‐insured liabilities may be affected May have liabilities under IFRS & not GAAP Financial Instruments classified as liabilities – principles‐based definitions of liabilities and equity 15
Page 1 and 2: International Accounting Standards
Page 3 and 4: 3 IFRS Who IASB, FASB and SEC What
Page 5 and 6: 5 IFRS ‐ Key Players • IASB Int
Page 7 and 8: 7 IFRS On August 27, 2008, the SEC
Page 9 and 10: 9 Current IFRS Current Relevant Gui
Page 11 and 12: 11 IFRS -Open Items Open Items Spec
Page 13: 13 IFRS IFRS 1 -First Time Adoption
Page 17 and 18: 17 IFRS 4 ‐Phase I • Interim St
Page 19 and 20: 19 IFRS 4 -Phase II May 2007: IASB
Page 21 and 22: 21 IFRS 4 -Phase II Recent discussi
Page 23 and 24: 23 IFRS 4 ‐ Phase II: Recent Disc
Page 25 and 26: 25 IFRS 4 ‐ Phase II: Current Cha
Page 27 and 28: 27 IFRS ‐ Impact of Changes • R
Page 29 and 30: 29 IFRS ‐ Impact of Changes • A
Page 31 and 32: 31 Solvency II Solvency II (cont) F
Page 33: 33 IFRS ‐ Challenges New challeng

International Accounting Standards

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