TAILIEUCHUNG - Incorporating International Financial Reporting Standards (IFRS) into Intermediate Accounting

Just as the share ownership structure delineates a firm’s agency problem, it also impacts the firm’s reporting. When an owner effectively controls a firm, he/she also controls the production of the firm’s accounting information and reporting policies. When the controlling owner is entrenched by his/her voting power and there is a large separation of the voting and cash flow rights, the credibility of the accounting information is reduced. That is, outside investors pay less attention to the reported accounting numbers, because they expect that the controlling owner reports accounting information out of self-interest rather than as a reflection of the firm’s true underlying economic transactions. In particular, outside. | Incorporating International Financial Reporting Standards IFRS into Intermediate Accounting Rebecca G. Fay John A. Brozovsky Jennifer E. Edmonds Patricia G. Lobingier Sam A. Hicks ÍỊỊVirginiaTech Invent the Future We express our appreciation to the Deloitte Foundation and to Carl Cronin and Greg Aliff both Deloitte partners and Virginia Tech alums for the encouragement and financial support that made this project possible. Any errors or omissions are solely the responsibility of the authors and not Deloitte. i Preface The purpose of these materials is to allow the intermediate accounting student and their faculty members to get started incorporating the International Financial Reporting Standards in their course sooner rather than later. The materials are NOT exhaustive rather the materials cover the basic differences between . GAAP and IFRS for those topics normally discussed in the Intermediate Accounting Course. As of July 2008 there is no timetable for conversion from . GAAP to IFRS for public companies operating in the United States. However most of the rest of the developed world has adopted IFRS so it is important that today s accounting students have a basic understanding of these standards even if they do not become . GAAP. We hope these materials help with that process. We do not plan to update these materials. They will be available on the American Accounting Association s web site at http commons. If you have comments have suggestions for improvements or corrections please contact John Brozovsky at jbrozovs@ or Sam A. Hicks at shicks@ . If you prefer surface mail contact either at Department of Accounting and Information Systems Virginia Tech Mail Code 0101 Blacksburg VA 24061. We will make corrections and add comments until December 31 2008. 1 Table of Contents Table of US GAAP IFRS and Intermediate Textbook chapters by Unit 1 - Unit 2 - Conceptual Unit 3 - Income Statement and Other .

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