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International Accounting - Comparative Accounting (Europe)

Presentation for International Accounting Course

Hector Bee

on 2 October 2012

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Transcript of International Accounting - Comparative Accounting (Europe)

Comparative Accounting - Europe French United Kingdom The Netherlands Rhenca Alvananda Pristara
Tria Arini F
Indah Putri U
Rani Widiasari
Inke Livia Delivered by Group Group Member Member Member Member Member Member Member (cc) photo by theaucitron on Flickr (cc) photo by theaucitron on Flickr copy paste branches if you need more.... Understand how financial reporting is regulated and enforced in five European countries: Describe the audit-oversight mechanisms in these five countries Describe the key similarities and differences between the accounting systems of these five countries Identify the use of International Financial Reporting Standards at the levels of the individual company and the consolidated financial statements in these five countries Learning Objectives Starting in 2005, all EU-listed companies must follow IFRS in their consolidated financial statements Generally, IFRS consolidated statements are permitted for non-listed companies Reaqauirements for individual company financial statements vary – IFRS may be required, allowed, or prohibited IFRS in the European Union IFRS Accounting measurements Repeat user Some Many Few fair presentation principles (cc) photo by twicepix on Flickr (cc) photo by tudor on Flickr France Accounting regulation and enforcement Other influences on French accounting rules Commercial legislation (Code de Commerce) Tax laws Unusual features of French financial reporting Must report results of environmental activities Reports aimed at preventing bankruptcies Social report CNC “The Plan” – national uniform chart of accounts CRC AMF ANC OEC CNCC Overview
Creditor Protection
Influence of Tax Law
Reliance on statutes and court decision Accounting Regulation and Enforcement
German Commercial Code
German Accounting Standar Board
Financial Reporting Enforcement Panel
Chamber of Accountants Unusual Features
Auditor's private report to board of directors and supervisory board on company's future prospects Four (cc) image by rocketboom on Flickr (cc) image by quoimedia on Flickr Topic Accounting changed directions several times in 20th century, reflecting the country’s political history Unusual Features
Form over substance still applies in some cases
Implementing accounting practices consistent with EU directives and IFRS Accounting regulation and enforcement
Ministry of Finance
Chamber of Auditors Different
perspectives Czech Republic Until end of World War II – German influences
After World War II – Soviet influences
After 1989 – EU influences (market orientation) Permissive requirements, but high professional practice standards
Code law country whose accounting is oriented toward fair presentation
Fair presentation orientation developed without a strong stock market Company law
Dutch Accounting Standards Board
Netherlands Authority for the Financial MarketsEnterprise Chamber
NIvRA (cc) photo by medhead on Flickr Accounting
Paradoxes Other Influences U.K. and U.S. as much as continental European countries
Accounting profession
Business economics (microeconomics approach)
IASB Accounting regulation and enforcement Unusual Featurers Financial statements may be in Dutch, French, German, or English
Other than consolidated financial statements of Dutch listed companies, financial statements may be based on Dutch guidelines, IFRS, or a combination
Flexible accounting measurements Tip Real
Huge This is a huge mountain First country to develop an accountancy profession
Fair presentation (true and fair view)
Exported British accounting around the world Legacy of British Accounting Accounting Regulation & Enforcement Companies Act
Financial Reporting Council Overseas Accounting Standar Board
Auditing Practices Board
Financial Reporting Review Panel
Professional Oversight Board Unusual
Feature True and fair override INTERNATIONAL ACCOUNTING
Comparative Accounting - Europe THANK YOU Question
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