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Lecture Accounting and auditing research: Tools and strategies - Chapter 5: Environment of international research

This chapter presents the following content: International accounting environment, international accounting standards board (IASB), IASB authorities, IASB due process, interpretations committee due process, IASB’s conceptual framework,. | Chapter 5 Environment of International Research IASB Role is to issue high-quality, enforceable, global financial reporting standards Several entities/procedures involved in standard setting: The Monitoring Board International Financial Reporting Standards Foundation (IFRS Foundation) IFRS Foundation Constitution (The Constitution) IFRS Advisory Council (The Advisory Council) The Board itself (IASB) The Interpretations Committee (IFRIC) IFRS for SMEs 2 Other Regional and National Standard-Setting Bodies and Influential Organizations DPOC - Due Process Oversight Committee Oversees the IASB and IFRIC due process procedures EFRAG – European Financial Reporting Advisory Group “Provides advice to European commission on all IFRS to the EU” 20 finance ministers and central bank governors representing 19 countries plus the EU IFAC – International Federation of Accountants Global organization of international accountants IOSCO – International Organization of Securities Commissions Develops, implements ,and promotes adherence to internationally recognized standards IASB Authorities Most IFRS contain the following: An introduction Table of contents Objective Scope Definitions Actual standard List of voting IASB members Basis for qualifying or dissenting votes Appendices IASB Due Process Six stages Input from working groups Plan the research project Develop and publish a discussion paper (optional) Develop and publish an exposure draft (ED) Draft an IFRS or publish a second ED Hold meetings with constituents with respect to implementation guidance IFRIC Due Process IFRICs clarify IFRS or prevent diverging viewpoints Seven stage due process Study to identify the issue Agenda is set IFRIC meetings and voting occurs Draft interpretation is developed IASB is consulted Comment period allowed Interpretation is approved by IFRIC and IASB Conceptual Framework Establishes objectives and concepts for development of accounting standards Board uses framework for developing future . | Chapter 5 Environment of International Research IASB Role is to issue high-quality, enforceable, global financial reporting standards Several entities/procedures involved in standard setting: The Monitoring Board International Financial Reporting Standards Foundation (IFRS Foundation) IFRS Foundation Constitution (The Constitution) IFRS Advisory Council (The Advisory Council) The Board itself (IASB) The Interpretations Committee (IFRIC) IFRS for SMEs 2 Other Regional and National Standard-Setting Bodies and Influential Organizations DPOC - Due Process Oversight Committee Oversees the IASB and IFRIC due process procedures EFRAG – European Financial Reporting Advisory Group “Provides advice to European commission on all IFRS to the EU” 20 finance ministers and central bank governors representing 19 countries plus the EU IFAC – International Federation of Accountants Global organization of international accountants IOSCO – International Organization of Securities Commissions Develops, .