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1、International Accounting, 6/eFrederick D.S. Choi Gary K. MeekChapter 3 Comparative Accounting : EuropeChoi/Meek, 6/e1Learning ObjectiveslUnderstand how financial reporting is regulated and enforced in four highly developed European countries: France, Germany, the Netherlands, and the U.K. lDescribe
2、the key similarities and differences between the accounting systems of these four countries.lIdentify the use of International Financial Reporting Standards at the levels of the individual company and the consolidated financial statements in these four countries.lDescribe the audit-oversight mechani
3、sms in these four countries.Choi/Meek, 6/e2Keywordslconsolidated financial statements.llisted companieslFair presentationllegal compliancelBalance sheetlIncome statementlDirectors reportslAuditors reportlcash flow statementlComprehensive IncomelSocial responsibility disclosuresChoi/Meek, 6/e3lGoodwi
4、lllResearch and development costslExpensed /capitalizedlFinance leases/ operating leases lProvisions(准备金）lLIFO/FIFO/Weighed average methodlDeferred taxeslDepreciation（折旧）lPensions（养老金）lTax -Oriented AccountinglPrivate sector/ public sector Choi/Meek, 6/e4IFRS in the European Union lStarting in 2005,
5、 all EU-listed companies must follow IFRS in their consolidated financial statements.lGenerally, IFRS consolidated statements are permitted for non-listed companies.lRequirements for individual company financial statements vary IFRS may be required, allowed, or prohibited.Choi/Meek, 6/e5l迄今为止，欧盟共有27
6、个成员国。分别是： 英国、法国、德国、意大利、荷兰、比利时 、卢森堡、丹麦、爱尔兰、希腊、葡萄牙、 西班牙、奥地利、瑞典、芬兰、马耳他、塞 浦路斯、波兰、匈牙利、捷克、斯洛伐克、 斯洛文尼亚、爱沙尼亚、拉脱维亚、立陶宛 、罗马尼亚、保加利亚 Choi/Meek, 6/e6Choi/Meek, 6/e7International Comparison of Significant Accounting PracticesChoi/Meek, 6/e8(contin)Choi/Meek, 6/e9Differences in Types of Financial Statementsl1. Bal
7、ance sheetl2. Income statementl3.Notes to financial statementsl4. Directors reports or Management report or Business reportl5. Auditors reportl6. cash flow statementl7. Comprehensive Incomel8. Social responsibility disclosuresl9. Value Added StatementChoi/Meek, 6/e10IFRS (contin)lIFRS are based on f
8、air presentation principleslIFRS may be overridden in(优先于） rare circumstances to achieve fair presentationlAccounting measurementslBusiness combinations purchase accountinglGoodwill annual impairments testlInvestments in associates equity methodlTranslation of financial statements of foreign operati
9、ons functional currency conceptlAssets valued at historical cost or fair valueChoi/Meek, 6/e11lResearch costs expensed; development costs capitalizedlLIFO not allowedlFinance leases capitalized; operating leases expensedlProvisions recognized when probable and estimablelDeferred taxes recognized in
10、full, using the liability method, for temporary differences between the carrying amount and tax baseChoi/Meek, 6/e12Choi/Meek, 6/e13Why do we choose the four countries?lP，P37lThey are home to the vast majority of the worlds multinational corporations and all four of these countries have highly devel
11、oped economies.lThey dominate the development of international accounting today and all of them are the founders of the International Accounting Standards Committee (now IASB).lThey have a major role in directing the IASBs agenda.Choi/Meek, 6/e14The contents that would be discussedlAccounting standa
12、rds-setting process.lThe resulting accounting standards and actual practice.lThe role and purpose of auditing in the countries.Choi/Meek, 6/e153.1 Basic Conceptsl P38 Accounting standards-setting organization l Accounting standard setting normally involves a combination of private and public sector
13、groupsl The private sector includes the accounting profession and other groups affected by the financial reporting process. Such as users and preparers of financial statements and employeesl The public sector includes such agencies as tax authorities, ministries responsible for commercial law,and se
14、curities commissions.Choi/Meek, 6/e16The orientations of accounting lFair presentation lwith a common law legal systemlShareholders as the principal source of finance.lThe private sector is relatively more influential in standards setting.lAuditors exercise more judgment and auditing profession tend
15、s to be more development and self- regulated .lThe purpose of audit is to attest to the fair presentation of financial reports.lThe accounting practice emphasize Fairness and substance over form l United Kingdom,United States, Canada, Mexico and Philippines are examples.Choi/Meek, 6/e173.1 Basic Con
16、ceptsl Compliance with legal requirements l Have a code law legal system lRely heavily on banks and the governments as sources of finance.lThe public sector is relatively more influential in standards setting.lHave a close linkage between financial and tax accounting.lThe accounting profession tends to be more state regulated.lThe main purpose of an audit is to ensure that the companys records and financial statements conform to legal requirements l
