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1、国际会计学第六版chapter3 Still waters run deep.流静水深流静水深,人静心深人静心深 Where there is life, there is hope。有生命必有希望。有生命必有希望Learning ObjectiveslUnderstand how financial reporting is regulated and enforced in five European countries: France, Germany, the Czech Republic, the Netherlands, and the U.K.lDescribe the key
2、similarities and differences between the accounting systems of these five countries.2lIdentify the use of International Financial Reporting Standards at the levels of the individual company and the consolidated financial statements in these five countries.lDescribe the audit-oversight mechanisms in
3、these five countries.3IFRS in the European Union lStarting in 2005, 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
4、may be required, allowed, or prohibited.45IFRS (contin)lIFRS are based on fair presentation principleslIFRS may be overridden in rare circumstances to achieve fair presentationlAccounting measurementslBusiness combinations purchase accountinglGoodwill annual impairments testlInvestments in associate
5、s equity methodlTranslation of financial statements of foreign operations functional currency concept6lAssets valued at historical cost or fair valuelResearch costs expensed; development costs capitalizedlLIFO （Last in, First out ）not allowedlFinance leases capitalized; operating leases expensedlPro
6、visions recognized when probable and estimablelDeferred taxes recognized in full, using the liability method, for temporary differences between the carrying amount and tax base78France lOverviewl“The Plan” national uniform chart of accounts (national accounting code)lObjectives and principles of fin
7、ancial reportinglDefinitions of elementslRecognition and valuation ruleslStandardized chart of accountslModel financial statementslOther influences on French accounting ruleslCommercial legislation (Code de Commerce)lTax laws9France (contin)lAccounting regulation and enforcementlCNC National Account
8、ing BoardlKeeps plan currentlMakes rulings and recommendations on accounting issueslCRC Accounting Regulation CommitteelConverts CNC rulings and recommendations into binding regulations10lAMF Financial Markets AuthoritylSupervises securities marketslOEC Institute of Public AccountantslRepresents the
9、 accounting professionlMembers prepare financial statements, and provide tax, information systems, and management advisory services11lCNCC National Institute of Statutory AuditorslMembers audit and give an opinion on financial statementslMust report criminal acts to the High Council of External Audi
10、torslSubstantial overlap in OEC and CNCC membershiplStatutory auditors not allowed to provide accounting services to the same clientlAMF oversees audits of listed companies, but relies on a committee of the CNCC to conduct audit-quality reviews12France (contin)lUnusual features of French financial r
11、eportinglMust report results of environmental activitieslReports aimed at preventing bankruptcieslSocial report13GermanylOverviewlCreditor protectionlConservative balance sheet valuationslReserves as protection against unforeseen risks and insolvencylAccounting is designed to compute a prudent incom
12、e amount that leaves creditors unharmed after distributions are made to owners14lInfluence of tax lawlDetermination principle: taxable income is determined by what is booked in a companys financial recordslReliance on statutes and court decisions15Germany (contin)lAccounting regulation and enforceme
13、ntlGerman Commercial Code (HGB) lApplies to all business entitieslGerman Accounting Standards Board lDevelops recommendations for consolidated financial statements16lFinancial Reporting Enforcement Panel lEnforces compliance with German financial reporting requirements and IFRS by listed companieslC
14、hamber of Accountants lOversees WPs (“enterprise examiners”)lUnusual features of German financial reportinglAuditors private report to board of directors and supervisory board on companys future prospects17Czech RepubliclOverviewlAccounting changed directions several times in 20th century, reflectin
15、g the countrys political historylUntil end of World War II German influenceslAfter World War II Soviet influenceslAfter 1989 EU influences (market orientation)18lAccounting regulation and enforcementlMinistry of FinancelOversees Commercial Code (modeled on German commercial law)lOversees Accountancy
16、 Act (based on EU directives)lChamber of AuditorslOversees auditorslUnusual features of Czech financial reportinglForm over substance still applies in some caseslStill implementing accounting practices consistent with EU directives and IFRS19The NetherlandslOverviewlAccounting paradoxeslPermissive r
17、equirements, but high professional practice standardslCode law country whose accounting is oriented toward fair presentationlFair presentation orientation developed without a strong stock marketlOther influences on Dutch accountinglU.K. and U.S. as much as continental European countrieslAccounting p
18、rofessionlBusiness economics (microeconomics)lIASB20The Netherlands (contin)lAccounting regulation and enforcementlCompany law Act on Annual Financial StatementslDutch Accounting Standards BoardlDevelops guidelines on generally acceptable accounting standardslEnterprise ChamberlEnforces compliance w
19、ith accounting requirementslNIvRAlOversees auditing professionlUnusual features of Dutch financial reportinglFinancial statements may be in Dutch, French, German, or EnglishlOther than consolidated financial statements of Dutch listed companies, financial statements may be based on Dutch guidelines,
20、 IFRS, or a combinationlFlexible accounting measurementslCurrent values are permitted for tangible assetslOpportunities for income smoothing21United KingdomlOverviewlLegacy of British accountinglFirst country to develop an accountancy professionlFair presentation (true and fair view)lExported Britis
21、h accounting around the world22United Kingdom (contin)lAccounting regulation and enforcementlCompanies ActlBroad financial reporting frameworklFinancial Reporting Council oversees:lAccounting Standards BoardIssues Financial Reporting Standards (FRSs)UITF clarifies FRSslAuditing Practices BoardIssues
22、 auditing standardslFinancial Reporting Review PanelEnforces compliance with FRSslProfessional Oversight BoardOversees auditing professionAudit Inspection UnitMonitors the audit of listed companiesAccountancy Investigation and Discipline BoardInvestigates and disciplines accountants for professional misconductlUnusual features of British accountinglTrue and fair override 2324Other Chapter Exhibits25Other Chapter Exhibits (contin)26Other Chapter Exhibits (contin)27
