® The Accounting Language of the 21st Century David TWEEDIE Chairman, International Accounting Standards Board United Kingdom.

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Presentation transcript:

® The Accounting Language of the 21st Century David TWEEDIE Chairman, International Accounting Standards Board United Kingdom

® International Accounting Standards Board IASB – the Crucible of Convergence Sir David Tweedie IASB Chairman

® US Problems Special Purpose Entities Enron Revenue/Expense Recognition Enron Xerox Global Crossing Waste Management World Com

® US Problems Related Parties Enron Baptist Foundation Leasing Xerox Global Crossing

® Need for Convergence Attracting investment through transparency Reducing the cost of capital Increasing world-wide investment Reducing costs

® IASC Developments Improvements Project

® IASC Developments Improvements Project IOSCO Agreement

® IASC Developments Improvements Project IOSCO Agreement The Restructuring

® IASB Structure 19 Trustees Standards Advisory Council IASB IFRIC National Standard Setters

® IASC Developments Improvements IOSCO etc The restructuring EU/Australia 2005

® Convergence Agreement – FASB Remove differences Align agendas interpretations

® Role of National Standard Setter Deal with national issues Align agenda Influence IASB debate Lead on certain issues

® Problems for IASB Principles v rules

® Problems for IASB Principles v rules Acceptance of Standards  EU  SEC

® Problems for IASB Principles v rules Acceptance of Standards  EU  SEC Enforcement

® IASB – The Global Standard-Setter A common conceptual framework

® The Agenda Improvements

® The Agenda Improvements Differences between national standards

® The Agenda Improvements Differences between national standards Conceptual issues

® The Agenda Improvements Differences between national standards Conceptual issues Leadership projects

® Leadership Derecognition Leases Financial Instruments Performance reporting Share-based payments

®