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El. knyga: Aiming for Global Accounting Standards: The International Accounting Standards Board, 2001-2011

(Professor of Financial Accounting, VU University Amsterdam), (Professor of Accounting, Rice University)
  • Formatas: 728 pages
  • Išleidimo metai: 26-Mar-2015
  • Leidėjas: Oxford University Press
  • Kalba: eng
  • ISBN-13: 9780191057144
Kitos knygos pagal šią temą:
Aiming for Global Accounting Standards: The International Accounting Standards Board, 2001-2011Didesnis paveikslėlis
  • Formatas: 728 pages
  • Išleidimo metai: 26-Mar-2015
  • Leidėjas: Oxford University Press
  • Kalba: eng
  • ISBN-13: 9780191057144
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From 2001 to 2011, the International Accounting Standards Board (IASB) and its International Financial Reporting Standards (IFRSs), acquired a central position in the practice and regulation of financial reporting around the world. As a unique instance of a private-sector body setting standards with legal force in many jurisdictions, the IASB's rise to prominence has been accompanied by vivid political debates about its governance and accountability. Similarly, the IASB's often innovative attempts to change the face of financial reporting have made it the centre of numerous controversies.

This book traces the history of the IASB from its foundation as successor to the International Accounting Standards Committee (IASC), and discusses its operation, changing membership and leadership, the development of its standards, and their reception in jurisdictions around the world. The book gives particular attention to the IASB's relationships with the European Union, the United States, and Japan, as well as to the impact of the financial crisis on the IASB's work.

By its in-depth coverage of the history of the IASB, the book provides essential background information that will enrich the perspective of everyone who has to deal with IFRSs or the IASB at a technical or policy-making level.
List of Figures
xvi
List of Tables
xvii
List of Abbreviations
xviii
The International Accounting Standards Board until 2011: A Basic Chronology xxiii
1 Introduction
1(7)
1.1 Origins of this Book
1(1)
1.2 General Considerations of Method
2(2)
1.3 Scope
4(1)
1.4 Sources
5(2)
1.5 Structure of the Book
7(1)
2 Evolution of the IASC into the IASB
8(9)
2.1 The Origins of International Accounting Standards
8(2)
2.2 1987: A Turning Point for the IASC
10(5)
2.3 The Restructuring of the IASC
15(2)
3 Setting Up the IASB
17(39)
3.1 Portentous Changes as the IASC Becomes the IASB
17(1)
3.2 The Selection of the First Trustees
18(5)
3.2.1 The Trustees Begin Their Work
22(1)
3.3 The Selection of Sir David Tweedie as Chairman
23(2)
3.4 The Selection of the Other Board Members
25(9)
3.4.1 The Eleven Other Full-time Members
27(3)
3.4.2 The Two Part-time Members
30(1)
3.4.3 The Final Stage in the Selection Process
31(1)
3.4.4 Liaison Members
32(2)
3.5 The Board as a Group
34(3)
3.6 Residence in London
37(2)
3.7 Successor to Bob Herz In 2002
39(1)
3.8 The Standards Advisory Council
39(4)
3.9 The Interpretations Committee: From SIC to IFRIC
43(3)
3.10 Technical and Administrative Staff
46(1)
3.11 Fundraising
47(7)
3.11.1 Implications of Sarbanes-Oxley's Automatic Funding for the FASB
52(1)
3.11.2 Copyright Policy
53(1)
3.12 Trustee Activity and Turnover in Trustee Membership
54(2)
4 The First Wave of Jurisdictional Adoptions of IFRSs
56(37)
4.1 The EU's Adoption of International Accounting Standards
57(8)
4.1.1 The Financial Services Action Plan
57(2)
4.1.2 The IAS Regulation
59(2)
4.1.3 The Launch of the Endorsement Mechanism and the Creation of EFRAG
61(2)
4.1.4 Completing the Regulatory Arrangements
63(2)
4.2 Early Adopters: Hong Kong and South Africa
65(1)
4.3 Following the EU: Australia and New Zealand
66(3)
4.4 Acceptance of the IASB's Standards in Jurisdictions Around the World
69(2)
4.5 The United States
71(8)
4.5.1 The SEC Weighs In
72(3)
4.5.2 The Norwalk Agreement
75(2)
4.5.3 The SEC Begins to Ponder the Lifting of the Reconciliation Requirement
77(2)
4.6 Japan
79(7)
4.6.1 Launch of the ASBJ
80(1)
4.6.2 Initial Ambivalence over IFRSs
81(3)
4.6.3 A Japanese Listed Company Adopts IFRSs Beginning in 2002
84(1)
4.6.4 Equivalence Assessment by the EU
84(2)
4.7 Outreach by the Board and Trustees
86(4)
4.8 The IASB and the National Standard Setters
90(3)
5 The IASB sets its Agenda: `Improvement, Convergence, Leadership'
93(45)
5.1 Setting the Initial Agenda
93(5)
5.1.1 The `Stable Platform' of Standards
97(1)
5.2 Basic Values
98(1)
5.3 Working Procedures
99(4)
5.4 Early Achievements
103(12)
5.4.1 Improvements
103(3)
5.4.2 IFRS 1: First-time Adoption of IFRSs
106(1)
5.4.3 IFRS 2: Share-based Payment
107(5)
5.4.4 IFRS 3: Business Combinations
112(3)
5.5 Initial Difficulties
115(10)
5.5.1 Insurance Contracts
115(5)
5.5.2 Performance Reporting
120(5)
5.6 An Interim Standard on Extractive Industries
125(3)
5.7 Exploring Convergence
128(10)
5.7.1 Short-term Convergence with US GAAP
129(2)
5.7.2 IFRS 5 and the Difficulties of Short-term Convergence with US GAAP
131(1)
5.7.3 Good Intentions for Joint Projects with the FASB
132(1)
5.7.4 The IASB and the FASB: Learning to Work Together
133(2)
5.7.5 A Case of non-US Convergence: The Revision of IAS 19 in Line with UK GAAP
135(3)
6 Financial Instruments: The Confrontation with Europe
138(27)
6.1 The Inherited Interim Standard
138(3)
6.2 From Limited Improvements to a Politicized Debate
141(5)
6.2.1 Behind the Criticism: Fair Value and Hedge Accounting
142(2)
6.2.2 Behind the Criticism: France
144(1)
6.2.3 Political Intervention
144(1)
6.2.4 A Counterpoint: Brazil
145(1)
6.3 `The IASB Does Not Listen'
146(6)
6.4 The IASB Attempts to Close the Books on IAS 39
152(3)
6.5 The Fair Value Option and the European Central Bank
155(2)
6.6 The Carve-outs
157(3)
6.7 IFRS 7: The IASB and the Banks Produce a Principles-based Standard
160(5)
7 The IASC Foundation's First Constitution Review: Debating Governance and Due Process
165(12)
7.1 Debate Over the IASB's Legitimacy, Accountability, and Due Process
165(2)
7.2 The IASB Modifies its Due Process
167(3)
7.3 The First Constitution Review
170(7)
8 The United States Begins to Warm to the IASB
177(23)
8.1 Nicolaisen's Roadmap of April 2005
177(2)
8.2 The Roadmap Unblocks the IASB's Constitution Review
179(3)
8.3 Chairmanship of Cox and the Emergence of a More Formal Dialogue with European Regulators
182(2)
8.4 The SEC Lifts the 20-F Reconciliation Requirement
184(7)
8.5 The SEC's Initiative to Allow US Issuers to Adopt IFRSs
191(3)
8.6 The Proposing Release on the Mandatory Adoption of IFRS by US Issuers
194(6)
9 The IASB's Vexed Relation with Europe
200(29)
9.1 A New Start?
200(2)
9.2 Removal of One of the Carve-outs: The Fair Value Option
202(2)
9.3 Enhancement of EFRAG
204(2)
9.4 IFRIC 3: The IASB Stumbles over Emission Rights
206(4)
9.5 The EU Promotes IFRSs to the World: The Equivalence Assessments
210(4)
9.6 New Pressures on the IASB from the EU
214(15)
9.6.1 Institutional Changes in Europe
215(2)
9.6.2 EU Pressure for IASB Reform
217(2)
9.6.3 IFRS 8 Provides the Spark
219(4)
9.6.4 The IASB's Response
223(2)
9.6.5 Defusing the Conflict
225(4)
10 Adopt or Adapt: Diversity in Acceptance of IFRSs
229(32)
10.1 Canada Chooses IFRSs over US GAAP
229(4)
10.2 China
233(5)
10.3 South Korea
238(2)
10.4 Japan Seeks its Place in the Convergence Process
240(7)
10.4.1 The Tokyo Agreement
244(3)
10.5 Protection of the IASB's Brand: Compliance with IFRSs
247(5)
10.5.1 Societe Generale Controversially Claims IAS l's `Fair Presentation' Override
249(3)
10.6 Protection of the IASB's Brand: Jurisdictional Variations from IFRSs
252(9)
10.6.1 The IASB and the IAASB Respond to Jurisdictional Variations
255(3)
10.6.2 IOSCO Issues a Statement on the Financial Reporting Framework
258(3)
11 The IASB's Organization Matures
261(72)
11.1 The Trustees
262(7)
11.1.1 Trustee Appointments Process
262(1)
11.1.2 Changes in Trustee Chairmanship
262(1)
11.1.3 Appointments of the Other Trustees
263(4)
11.1.4 The Trustees as a Group
267(2)
11.2 Continuity and Change in the Composition of the Board
269(15)
11.2.1 The Board as a Group
281(3)
11.3 Evolution of the Standards Advisory Council
284(3)
11.4 IFRIC
287(2)
11.5 Enhanced Oversight and Elaboration of Due Process Requirements
289(4)
11.5.1 Due Process, a Continuing Discussion
292(1)
11.6 Responsiveness, Communications, and Transparency
293(3)
11.7 Specialized Advisory Groups
296(2)
11.8 Relations with National Standard Setters
298(3)
11.9 Changes in the Technical Staff
301(6)
11.9.1 Staff Numbers and Staff Policies
301(1)
11.9.2 Staff Comings and Goings
302(4)
11.9.3 Director-level Technical Staff
306(1)
11.9.4 Tom Seidenstein
307(1)
11.10 Fundraising from 2002 to 2011
307(26)
11.10.1 Casting Around for Funding Alternatives
308(6)
11.10.2 2006: A Turning Point
314(5)
11.10.3 What was the Foundation Saying Publicly From 2002 to 2006?
319(1)
11.10.4 The Big Fundraising Drive Continues
320(3)
11.10.5 New Funding and New Challenges
323(3)
11.10.6 The EU, the United States, and the Rest of the World
326(3)
11.10.7 Analysis of Contributions by Country and Regions
329(2)
11.10.8 Fundraising: Small Sums, Large Efforts
331(2)
12 Concepts and Convergence: An Ever Closer Relation with the FASB
333(68)
12.1 The IASB's Standard-setting Activities in the Middle of the Decade
333(1)
12.2 Planning the Convergence of IFRSs and US GAAP
334(11)
12.2.1 The SEC Roadmap and the Origins of the 2006 MoU
334(4)
12.2.2 The February 2006 MoU
338(3)
12.2.3 The 2008 MoU and the Emergence of the 2011 Deadline
341(4)
12.3 The IASB and the FASB: Still Learning to Work Together
345(2)
12.4 Business Combinations Phase II
347(4)
12.5 A Tangle of Issues in the Revision of IAS 37
351(4)
12.6 Revenue Recognition
355(3)
12.7 Revision of the Conceptual Framework
358(12)
12.7.1 Reliability
361(2)
12.7.2 Stewardship
363(3)
12.7.3 Elements, Recognition, and Measurement
366(1)
12.7.4 The Reporting Entity
367(1)
12.7.5 Limited Results of the Conceptual Framework Project
368(1)
12.7.6 Status of the Revised Conceptual Framework in Some Adopting Jurisdictions
369(1)
12.8 Financial Statement Presentation
370(8)
12.8.1 Phase A: No Single Performance Statement
371(4)
12.8.2 Phase B: The IASB Again Shrinks Back from Calling Net Income into Question
375(3)
12.9 Financial Instruments: Long-term Convergence and Short-term Maintenance
378(7)
12.9.1 Full Fair Value as a Long-term Objective
378(3)
12.9.2 Maintenance and Improvement of IAS 39: Removing the Carve-outs
381(1)
12.9.3 Maintenance and Improvement of IAS 32: Puttable Financial Instruments
382(3)
12.10 IFRS for Small and Medium-sized Entities
385(6)
12.11 Management Commentary
391(1)
12.12 Interpretations: IFRIC's Activities
392(9)
12.12.1 Negative Agenda Decisions
393(2)
12.12.2 IFRIC 12: Service Concession Arrangements
395(4)
12.12.3 IFRIC 15: Agreements for the Construction of Real Estate
399(2)
13 The IASB Survives the Financial Crisis
401(38)
13.1 A Slow Build-up of Pressure
401(3)
13.2 Emergence of the Reclassification Issue
404(3)
13.3 The IASB's Crisis of 13 October 2008
407(6)
13.4 Problems in Adopting the Amendment in Selected Other Jurisdictions
413(1)
13.5 Application of the Reclassification Option
414(1)
13.6 Devising a Response to Financial and Political Turmoil
415(2)
13.7 G20 Summit in Washington in November 2008
417(3)
13.8 Loan Impairment, Dynamic Provisioning, and the Role of the Prudential Regulators
420(1)
13.9 The FASB also Feels the Sting of Political Pressure
421(3)
13.10 Pressure on the IASB to Level the Playing Field
424(4)
13.11 The FCAG Speaks Out Against Political Pressure
428(3)
13.12 IFRS 9 and the Parting of the Ways of the IASB and the FASB
431(4)
13.13 Intermezzo: Pressure of a Different Kind
435(1)
13.14 The European Commission Fails to Endorse IFRS 9
436(3)
14 Preparing the IASB for the Second Decade
439(55)
14.1 A Strategic Review by the Trustees
440(2)
14.2 Narrowing the Issues and Moving Forward
442(1)
14.3 `Independence with Accountability'
442(2)
14.4 Joint Statement from Four Public Bodies on a Monitoring Group
444(3)
14.5 Run-up to the Constitution Review
447(2)
14.6 The First Phase of the Constitution Review
449(8)
14.6.1 Size and Composition of the IASB Board
453(2)
14.6.2 The January 2009 Trustees' Meeting
455(2)
14.7 Other Issues Considered During the Strategy Review
457(3)
14.8 Part Two of the Constitution Review
460(10)
14.8.1 Objectives: Principles-based Standards
461(1)
14.8.2 Objectives: Range of Entities and Economic Settings
462(1)
14.8.3 Objectives: Globally Accepted Standards
463(1)
14.8.4 Collaboration with Other Organizations
463(1)
14.8.5 Board Due Process: Agenda and Oversight
464(2)
14.8.6 Board Due Process: Fast-track Procedure
466(1)
14.8.7 Composition and Organization of the Trustees
467(1)
14.8.8 Organization of the Board
467(1)
14.8.9 Name Change
468(1)
14.8.10 Issues Left for Future Consideration
469(1)
14.8.11 From Constitution Review to the Next Strategy Review
470(1)
14.9 Organization of the Monitoring Board at its First Meeting
470(3)
14.10 The Monitoring Board Establishes its Presence
473(2)
14.11 Tommaso Padoa-Schioppa Becomes the Successor to Gerrit Zalm
475(3)
14.12 Choosing the Successor to David Tweedie
478(7)
14.12.1 David Tweedie---in Retrospect
483(2)
14.13 The Trustees and the Monitoring Board Begin Parallel Reviews
485(9)
14.13.1 Outcomes of the Strategy and Governance Reviews
488(6)
15 The Uncertain Path Towards a Single Global Standard
494(52)
15.1 Many Latin American and Caribbean Countries adopt IFRSs
494(8)
15.1.1 Chile
496(1)
15.1.2 Argentina
496(1)
15.1.3 Brazil
497(2)
15.1.4 Mexico
499(1)
15.1.5 Colombia
500(1)
15.1.6 Group of Latin American Accounting Standard Setters (GLASS)
501(1)
15.1.7 Compliance and Languages
501(1)
15.2 Africa
502(1)
15.3 Russia Goes for IFRSs
503(2)
15.4 The United States: The SEC Does Not Decide on IFRSs
505(12)
15.4.1 Change in SEC Chairman from Christopher Cox to Mary Schapiro in January 2009
505(3)
15.4.2 Comments on the Proposing Release
508(4)
15.4.3 The Series of Instalments in the SEC Staff's Work Plan, from 2010 Onwards
512(5)
15.5 Japan Pulls Back from Adopting IFRSs
517(10)
15.5.1 Building Momentum Towards IFRS Adoption
517(5)
15.5.2 Hesitation Sets In
522(4)
15.5.3 The Prospect of IFRS Adoption Fades
526(1)
15.6 China's Substantial Convergence
527(6)
15.6.1 Application and Development of the Converged Accounting Standards
527(3)
15.6.2 China Seeks Recognition of Equivalence
530(3)
15.7 Attempts in India to Adopt IFRSs
533(4)
15.8 The Asian-Oceanian Standard-Setters Group (AOSSG)
537(1)
15.9 Other Forms of Regional Cooperation in Asia
538(1)
15.10 The EU Holds on to IFRSs
539(7)
15.10.1 Another Enhancement of EFRAG
541(1)
15.10.2 UK GAAP Moves Closer to IFRSs
542(1)
15.10.3 The French Standard Setter Strikes Out on its Own
543(1)
15.10.4 Standard-Setter Crisis in Germany
544(2)
16 The IASB and the FASB Rush to Complete the Convergence Programme
546(61)
16.1 Tension Rises as 2011 Approaches
547(10)
16.1.1 A Tight Schedule
547(1)
16.1.2 Renewed Commitment
548(2)
16.1.3 An FAF Threat Leads to a Modification of the Work Plan
550(3)
16.1.4 The Target is Missed
553(4)
16.2 Review of Technical Projects
557(1)
16.3 Consolidation and Joint Arrangements
557(7)
16.3.1 Consolidation and Special Purpose Entities
558(3)
16.3.2 From Joint Ventures to Joint Arrangements
561(2)
16.3.3 A Difficult European Endorsement
563(1)
16.4 Fair Value Measurement: Leapfrogging to Convergence
564(5)
16.5 Employee Benefits: An MoU Project Without the FASB
569(4)
16.6 Revenue Recognition
573(3)
16.7 Leases
576(7)
16.8 Financial Instruments
583(10)
16.8.1 Mixed Measurement or Fair Value
584(3)
16.8.2 Impairment
587(2)
16.8.3 Derecognition
589(2)
16.8.4 Hedge Accounting
591(1)
16.8.5 Offsetting
592(1)
16.9 Insurance Contracts
593(4)
16.10 Liabilities and Equity
597(2)
16.11 Financial Statement Presentation: No Single Performance Statement (Again)
599(4)
16.12 Income Tax: The Last Failure of Short-term Convergence
603(4)
17 Epilogue
607(12)
17.1 A Changing Board in a Changing World
607(1)
17.2 The SEC's Reluctance to Move Towards IFRSs
608(1)
17.3 Mixed Signals from Other Jurisdictions
609(2)
17.4 Recalibrating the Organization
611(1)
17.5 Winding Down the Convergence Effort with the FASB
612(2)
17.6 Expansion of Trustee and Board Roles
614(1)
17.7 A World of National Standard Setters
614(2)
17.8 European Parliament Politicizes Funding of the IFRS Foundation
616(1)
17.9 US Financial Accounting Foundation Controversially Contributes up to $3 Million to the IFRS Foundation
616(3)
Appendix 1 Trustees, Members of the Board, the Advisory Council, and the Interpretations Committee 619(10)
Appendix 2 Standards and Interpretations 629(5)
Appendix 3 IASC-IFRS Foundation Summary Financial Data 2001--11 634(2)
Appendix 4 List of Interviewees 636(5)
Appendix 5 Sources and Referencing 641(2)
Index 643
Kees Camfferman (1966) is professor of financial accounting at VU University Amsterdam, and a qualified auditor (the Netherlands). His research, published in several international academic journals, is focused on the development of financial reporting practices and of the institutional framework of financial reporting from the 19th century to the present.



Stephen A. Zeff (1933) is a former president of the American Accounting Association and a former editor of The Accounting Review. He has been inducted into the Accounting Hall of Fame, and the AAA has given him its Outstanding Accounting Educator award. He has lectured in more than fifty countries and has served as the international research adviser to the Institute of Chartered Accountants of Scotland. His primary research interest is the comparative history of accounting standard setting and regulation.
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