1 / 15

DEBRIEFING – TOPIC 1

DEBRIEFING – TOPIC 1. LEARNING OUTCOME THE PUSH FOR IFRS GLOBALLY MASB CHALLENGES, STATUS. LEARNING OUTCOMES. IDENTIFY REFERENCE MATERIALS AND CURRENT REFERENCES FROM SELECTED DATABASES REVIEW EMPIRICAL LITERATURE IDENTIFY CHARACTERISTICS OF ISSUES COMMUNICATE IDEAS AS A GROUP. LO2.

fuller
Télécharger la présentation

DEBRIEFING – TOPIC 1

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. DEBRIEFING – TOPIC 1 • LEARNING OUTCOME • THE PUSH FOR IFRS GLOBALLY • MASB • CHALLENGES, STATUS

  2. LEARNING OUTCOMES • IDENTIFY REFERENCE MATERIALS AND CURRENT REFERENCES FROM SELECTED DATABASES • REVIEW EMPIRICAL LITERATURE • IDENTIFY CHARACTERISTICS OF ISSUES • COMMUNICATE IDEAS AS A GROUP

  3. LO2 • CAN EXPLAIN THE ADOPTION/CONVERGENCE AS A PROCESS, JOURNEY • CAN DEFINE STANDARDIZATION AND CONVERGENCE • CAN IDENTIFY TYPES AND STAGES OF CONVERGENCE TO IFRS • CAN IDENTIFY WORLD BODIES FOR SETTING ACCOUNTING STANDARDS

  4. WHY STANDARDISE • AT COUNTRY LEVEL • AT WORLD LEVEL – GLOBAL • >150 YEARS OF MODERNISATION HAS STANDARDISED OUR LIVES • ONE WAY OF RECOGNISING, MEASURING AND DISCLOSING A, L, OE, R AND EX

  5. FOR WHOSE GOOD? • FASB VERSUS IASB • SEPTEMBER 2002 NORWALK AGREEMENT • ENRON, WORLD.COM, PAMALAT, HIH • IS IT GOOD? FOR WHOM? • FOR STANDARD SETTERS • FOR AUDITORS (TOKAR,2005), FOR REGULATORS, USERS, PREPARERS

  6. LARSON AND STREET 2OO4 • STD ARE COMPLEX • INADEQUATE GUIDANCE FOR FIRST TIME USERS • TAX ORIENTATION OF MANY NATIONAL ACCOUNTING SYTEMS

  7. FONTES ET AL 2005 • PORTUGAL • MEASURE RATE OF CONVERGENCE • REQUIRED, PERMITTED, DISALLOWED • COMPLIANCE DE JOUR (RULES) AND DE FACTO (PRACTICE)

  8. MALAYSIA • PRE- FRA 1997: MICPA AND MIA • MICPA SINCE 1975 • ADOPTED IAS • 1987 MIA ADOPTED MICPA’S PRONOUNCEMENTS • POST FRA:MASB STANDARDS • PERS • SME • ISLAMIC

  9. IS IFRS APPLICABLE TO ALL ENTITIES? • DO WE NEED DIFFERENT STANDARDS • MASB: LEAVE IT TO NATIONAL JURISDICTION TO DECIDE WHETHER SME’S SHOULD HAVE DIFFERENT SET OF STANDARDS • PUBLIC ACCOUNTABILITY

  10. MASB • HOW ACTIVE ARE WE? • DO WE PROVIDE TIMELY INPUT? • INVOLVEMENT IN PRELIMINARY VIEWS, DISCUSSION PAPERS, EXPOSURE DRAFTS • WONG REPORT (IFAC 2004): TO ACHIEVE INTERNATIONAL CONVERGENCE, ACTION IS NECESSARY AT ALL POINTS

  11. TRAFFIC FLOW TO CITY 7-9 A.M SELAYANG, RAWANG SETAPAK PUSAT BANDAR KAJANG, SERDANG PJ, SHAH ALAM

  12. EU JAPAN,KOREA IFRS AUSTRALIA, NEW ZEALAND MALAYSIA

  13. AIR ASIA 2006 ACCOUNTS • OVERDUE CAUSED BY NEW STANDARDS ON TAXATION • COMPLIANCE WITH FRS 112 ADOPTED BY MASB HAS DISTORTED ITS ACCOUNTS • 2 SETS OF ACCOUNTS: MASB AND IFRS • BAD ADVERTISING FOR MALAYSIA

  14. AIR ASIA • DESPITE SHIFT TO GLOBAL STANDARDS, THERE IS ROOM FOR INTEPRETATION BECAUSE ECONOMIC CONDITIONS VARY FROM PLACE TO PLACE • AIR ASIA: PARA 36 IS INCONSISTENT WITH THE EQUIVALENT OF IFRS. • MASB: WE PUT IN PARA 36 TO SUIT MALAYSIAN CONTEXT (STAR BIZWEEK 18/11/06)

  15. CONCLUSION • CONVERGENCE IS A PROCESS • TAKES TIME • DIFFERENT FORM, PACE AND OUTCOMES • ALL STANDARDS, SOME ONLY • COMMITMENT, FULL ADOPTION, HARMONISATION

More Related