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CHAPTER 1:
A Survey of
International
Accounting
Prepared by
Learning Objectives
LO1 Describe the conceptual framework for
financial reporting.
LO2 Identify factors that can influence a countrys
accounting standards.
LO3 Identify the role that the IASB intends to play in
the establishment of uniform worldwide accounting
standards.
LO4 Identify the direction that the FASB intends to
follow for public companies.
2013 McGraw-Hill Ryerson Limited
Chapter 2 Slide 2
Learning Objectives
LO5 Describe how accounting standards in Canada
are tailored to different types of organizations.
LO6 Analyze and interpret financial statements to
assess the impact of different accounting
methods on key financial statement ratios.
LO7 Identify some of the differences between
IFRS and ASPE.
Chapter 2 Slide 3
LO1
Underlying assumptions
Chapter 2 Slide 4
LO1
Chapter 2 Slide 5
LO1
Chapter 2 Slide 6
LO2
Chapter 2 Slide 7
LO2
The pressure
toward accounting harmonization and convergence
LO2
Chapter 2 Slide 9
LO3
Chapter 2 Slide 10
LO3
Chapter 2 Slide 11
International adoption of
LO3
principles-based on IFRS
LO4
Chapter 2 Slide 13
LO4
Chapter 2 Slide 14
LO4
Chapter 2 Slide 15
LO5
Part V All other entities not using Parts I-IV will use
Pre-Changeover GAAP until new parts adopted.
Chapter 2 Slide 16
LO5
Chapter 2 Slide 17
LO6
Chapter 2 Slide 18
LO7
disclosure requirements
impaired loans
revaluation and depreciation of components of
property, plant and equipment
impairment losses and subsequent reversal of loss
development costs
post-employment benefits
interest capitalization
classification of preferred shares
Chapter 2 Slide 19