A Standard-Setters View Geoffrey Whittington. Do we need a new standard? The EFRAG paper illustrates the unresolved conceptual issues FASB convergence.

Slides:

Advertisements

Similar presentations

©2006 EFRAG BRUSSELS 18. OCTOBER 2006 REVENUE RECOGNITION ADVISORY FORUM Stig Enevoldsen 18 October 2006.

Advertisements

Under IFRS Primarily IAS 18 & IAS 11. Very similar to language in FASBs conceptual framework.

1 FASB’s MOVE TOWARDS FAIR VALUE AND ACADEMIC RESEARCH Derivatives Contingencies Financial instruments Stock Options – 123R Guarantees – Int. 45 Fair value.

® International Accounting Standards Board A History of Lease Accounting & the Need for Change Warren McGregor IASB member The views expressed in this.

Back-up October 2006 Deutsches Rechnungslegungs Standards German Accounting Standards Committee e. V. ® Re-thinking Revenue Recognition Liesel.

Chapters 1 & 2 Financial Accounting and Accounting Standards and Conceptual Framework for Financial Reporting ACCT

TEMPLATE DESIGN © Franchisor Accounting: A Focus on Consolidation and Revenue Recognition Standards Julie Wynstra Marietta.

The Theoretical Foundations of Accounting Standards: The Conceptual Framework and accounting research Geoffrey Whittington CFPA Cambridge University.

® International Accounting Standards Board A set of slides to support our outreach activities 2006/7.

Accounting Standards Board of Japan 1 Japan’s Progress Toward Convergence Ikuo Nishikawa, vice-chairman Accounting Standards Board of Japan.

Mark Casson 2006 A Principles-based Framework for Financial Reporting A framework of financial reporting principles De-constructs, re-thinks and simplifies.

Adopting International Financial Reporting Standards in Canada The views expressed in this presentation are those of the presenters, and not necessarily.

Middle Tennessee State University John West & Sara Becher June 19, 2013 A Day of Acronyms with D&T.

Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved. Financial Statements and Business Decisions Chapter 1.

Financial Statements 2 Lecture 3

International Financial Reporting Standards The views expressed in this presentation are those of the presenter, not necessarily those of the IASC Foundation.

International Standards and Practices for Accounting, Audit and Non-financial Disclosures T N Manoharan President, ICAI.

® International Accounting Standards Board The Future of International Financial Reporting Sir David Tweedie IASB Chairman.

US Equipment Leasing Industry Perspective on the Lease Accounting Project 2007 Leaseurope Business Forum on Lease Accounting Brussels, Belgium Bill Bosco,

International Financial Reporting Standards The views expressed in this presentation are those of the presenter, not necessarily those of the IASC Foundation.

Financial Statements 2 Lecture 3 Conceptual Framework.

Copyright© Dorling Kindersley India Pvt Ltd Financial Accounting for Management 4 Conceptual Framework of Financial Statements.

© 2006 KPMG, the Trinidad and Tobago member firm of KPMG International, a Swiss cooperative. All rights reserved. The KPMG logo and name are trade marks.

EFRAG’s views on ED Leases Final comment letter 15 December 2010.

1 FINANCIAL REPORTING Annual Council Seminar Where should we be heading? Should US adopt IFRS? Norm Strauss – US/IASB convergence Tom Jones – case.

COPYRIGHT © 2007 Thomson South-Western, a part of The Thomson Corporation. Thomson, the Star logo, and South-Western are trademarks used herein under license.

Conceptual Framework For Financial Reporting

1 ASEM IFRS SEMINAR Shanghai, March 2006 Fair Value Measurement Dr Allister Wilson Technical & Audit Partner Ernst & Young, UK Senior Advisor to.

Hawawini & VialletChapter 41 MEASURING CASH FLOWS.

Accounting Standards Board of Japan 1 Japan’s Progress Toward Convergence Taiji Ishii, Board member Accounting Standards Board of Japan.

Underlying Principles – The Building Blocks Underlying Principles – The Building Blocks.

Measurement and the Conceptual Framework Recent changes at the IASB Geoffrey Whittington.

International Accounting Standards Board ® May 2006 The IASB’s project on Insurance Contracts Peter Clark Senior Project Manager International Accounting.

International Financial Reporting Standards The views expressed in this presentation are those of the presenter, not necessarily those of the IFRS Foundation.

AC113 Accounting for Non-Accounting Majors Seminar: Unit 2

FASB Update Baruch College Financial Reporting Conference May 3, 2007 Leslie F. Seidman The views expressed in this presentation are my own and do not.

1 THE FINANCIAL REPORTING SYSTEM Understanding the conceptual bases of the financial reporting system and the preparation of the financial statements is.

Chapter 1 – Part II Financial Statements. Balance sheet Economic resources and claims against those resources Assets – economic resources that are expected.

International Actuarial Association Page1 ASSOCIATION ACTUARIELLE INTERNATIONALE INTERNATIONAL ACTUARIAL ASSOCIATION IASB Board Meeting June 22, 2006 Presented.

1 Developments of Accounting Standards and XBRL Ikuo Nishikawa Vice Chairman Accounting Standards Board of Japan November 7, 2005.

The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation. International Financial Reporting.

Income Statement (“P&L”) Cash Flow Statement Balance Sheet An Introduction to Financial Statements.

International Financial Reporting for Insurance Contracts 2003 Bowles’ Symposium Sam Gutterman.

Introduction to Business Activities and Overview of Financial Statements and the Reporting Process 1.

REVENUE RECOGNITION ADVISORY FORUM Stig Enevoldsen 18 October 2006.

Introduction to Accounting Preparing for a User’s Perspective

The Role of Accounting in Business

CHAPTER4 The Recording Process. CHAPTER4 The Recording Process.

Re-thinking Revenue Recognition

Interpreting and using financial information

ACCT 201 FINANCIAL REPORTING Chapter 4

The Environment of Financial Reporting

groups that impact Accounting rules

April 2010 IASB Update SEMINARIO SOBRE NORMAS INTERNACIONALES DE INFORMACIÓN FINANCIERA SUPERINTENDENCIA DE ENTIDADES FINANCIERAS Y CAMBIARIAS Buenos.

ACCT 201 FINANCIAL REPORTING Chapter 4

Environment and Theoretical Structure of Financial Accounting

T N Manoharan President, ICAI

Financial Statements.

CONCEPTUAL FRAMEWORK UNDERLYING FINANCIAL ACCOUNTING

יסודות החשבונאות, סמסטר א' תשס"ט

إعداد القوائم المالية Preparation of Financial Statements

BUSINESS HIGH SCHOOL-ACCOUNTING I

Accounting for regulated activities in IFRS standards Berlin IEAF meeting 29 November 2010 CENC.

ألاطراف ذات العلاقة. ألاطراف ذات العلاقة التعريـف وفقاً للمعيار الدولي IAS 24 تتضمن الأطراف ذات العلاقة كل من المدراء والموظفين والشركات والمؤسسات.

Concepts – Evolution of a Global Conceptual Framework

4 Conceptual Framework of Financial Statements.

International Accounting Standards Board Update

Financial Accounting, Sixth Edition

CHAPTER1 Accounting in Action.

Financial Accounting Standards Board

Presentation transcript:

A Standard-Setters View Geoffrey Whittington

Do we need a new standard? The EFRAG paper illustrates the unresolved conceptual issues FASB convergence IAS 18 and 11 inconsistencies (requests for interpretation) Framework issues

The Asset/Liability Model Helps to focus recognition Earnings process does not necessarily conflict Danger of forgetting that revenue is a flow, not a balance sheet item

The Customer Consideration Approach Has the supplier performed in such a way that consideration is due (earned?) Essentially the approach explored in the EFRAG paper Also currently being explored by FASB/IASB

The Fair Value (Legal Layoff)Approach Initially proposed by FASB staff, and still preferred by some Board members Liability is the cost to the supplier of discharging obligations Day 1 profit is possible Fair value is calibrated on the market, not the suppliers own costs The Insurance project illustrates these issues