Kieso Donald E., PhD, CPA; Weygandt Jeery J, PhD, CPA; Warfield Terry D, PhD - Intermediate Accounting, 14th Edition.pdf
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Relevant and reliable financial information
is a necessity for viable capital markets.
Unfortunately, companies outside the
United States often prepare financial state-
INTERNATIONAL ACCOUNTING STANDARDS
ments using standards different from U.S. GAAP (or simply GAAP). As a result, interna-
tional companies, such as
Coca-Cola
,
Microsoft
, and
IBM
, have to develop financial
information in different ways. Beyond the additional costs these companies incur, users
of the financial statements often must understand at least two sets of accounting
standards (understanding one set is hard enough!). It is not surprising, therefore, that
there is a growing demand for one set of high-quality international standards.
Presently, there are two sets of rules accepted for international use—
GAAP
and the
International Financial Reporting Standards (IFRS)
, issued by the London-based
International Accounting Standards Board (IASB). U.S. companies that list overseas
are still permitted to use GAAP, and foreign companies listed on U.S. exchanges
are permitted to use IFRS. As you will learn, there are many similarities between GAAP
and IFRS.
Already, over 115 countries have adopted IFRS, plus the European Union now
requires all listed companies in Europe (over 7,000 companies) to use it. The SEC laid
out a roadmap, shown below, by which all U.S. companies might be required to use
IFRS by 2015.
Foreign issuers
allowed to file in U.S.
without reconciliation
SEC issues
Roadmap
U.S. companies, investors,
auditors, and regulators prepare
for use of IFRS
SEC Policy
Statement
Required use of IFRS
2008
2009
2010
2011
2012
2013
2014
2015
SEC Staff
Work Plan
SEC decides
on required use of IFRS
by U.S. companies
Most parties recognize that global markets will best be
served if only one set of accounting standards is used.
For example, the FASB and the IASB formalized their
commitment to the convergence of GAAP and IFRS by
issuing a memorandum of understanding (often referred to as the Norwalk agreement).
The two boards agreed to use their best efforts to:
CONVERGENCE OF GAAP AND IFRS
•
Make their existing financial reporting standards fully compatible as soon as
practicable, and
•
Coordinate their future work programs to ensure that once achieved, compatibility
is maintained.
As a result of this agreement, the two Boards identified a number of short-term and
long-term projects that would lead to convergence.
EP-2
Because convergence is such an important issue, we provide a discussion of inter-
national accounting standards at the end of each chapter called
IFRS Insights
. This
feature will help you understand the changes that are taking place in the financial
reporting area as we move to one set of international standards. Each IFRS Insights, as
shown here, consists of four sections.
An
introduction
typically lists the
international accounting pronouncements
related to the chapter topic.
IFRS
Insights
The basic accounting and reporting issues related to recognition and measurement of
receivables, such as the use of allowance accounts, how to record discounts, use of the
allowance method to account for bad debts, and factoring, are similar for both IFRS and
GAAP.
IAS 1
(“Presentation of Financial Statements”) is the only standard that dis-
cusses issues specically related to cash.
IFRS 7
(“Financial Instruments: Disclosure”)
Relevant Facts
explain similarities and differences
of GAAP and IFRS.
RELEVANT FACTS
• The accounting and reporting related to cash is essentially the same under both IFRS
and GAAP. In addition, the denition used for cash equivalents is the same. One dif-
ference is that, in general, IFRS classies bank overdrafts as cash.
About the Numbers
generally discusses
and provides examples of IFRS applications
(in many cases, using real international
companies).
ABOUT THE NUMBERS
Impairment Evaluation Process
IFRS provides detailed guidelines to assess whether receivables should be consid-
ered uncollectible (often referred to as
impaired
). GAAP does not identify a speci c
approach. Under IFRS, companies assess their receivables for impairment each report-
ing period and start the impairment assessment by considering whether objective
On the Horizon
discusses convergence progress and plans
related to the accounting topics presented in the chapter.
ON THE HORIZON
The question of recording fair values for nancial instruments will continue to be an
important issue to resolve as the Boards work toward convergence. Both the IASB and
the FASB have indicated that they believe that nancial statements would be more
transparent and understandable if companies recorded
a
nd reported all nancial
instruments at fair value. That said, in
IFRS 9,
which was issued in 2009, the IASB
IFRS Insights
also includes IFRS Self-Test Questions, as well as IFRS Concepts and
Application, so students can test their understanding of the material. An International
Financial Reporting Problem, based on
Marks and Spencer plc
, offers students an
opportunity to analyze IFRS-based financial statements.
Having a basic understanding of international
accounting is becoming ever more imp
o
rtant as the pro-
fession moves toward convergence of GAAP and inter-
national standards. Thus, in addition to the
IFRS Insight
s
OTHER INTERNATIONAL COVERAGE
pages discussed above, we continue to include marginal
International
Perspectives
, marked with the icon shown here, which we updated throughout
to reflect changes in international accounting. These notes describe or compare
IFRS as well as accounting practices in other countries with GAAP. This feature helps
you to understand that other countries sometimes use different recognition and
measurement principles to report financial information.
I
NTERNATIONAL
P
ERSPECTIVE
EP-3
The
Wiley Accounting Team for Success
is ready when you
are to help prepare you and your students for the integration of IFRS into your courses.
No matter where you are in this transition, Wiley Accounting is here to provide the tools you
need to fully incorporate IFRS into your accounting courses. We offer the most extensive
Products
,
Content
,
Services
,
Support
, and
Training
available today—leading the way
to prepare you and your students for success!
Innovative Products:
New IFRS Editions of
Kieso, Intermediate Accounting
and
Weygandt, Financial Accounting
are the most current and only textbooks available based
fully on International Financial Reporting Standards. Wiley Accounting also offers numerous IFRS
resources that can serve to supplement your course.
Exclusive Content:
Our accounting publications feature more quality and
current coverage of IFRS topics than any other textbook available today! The Wiley Accounting
Team for Success authors integrate IFRS content within each chapter through features like
A Look at IFRS
, which demonstrates how international standards apply to each
U.S. GAAP topic, as well as provides an opportunity for practical application.
International
Insights
also provide an international perspective of the accounting topic discussed in the text.
Support & Services:
Wiley Accounting features a dedicated
IFRS website
(at
www.wileyifrs.com
)
and an
Accounting Weekly Updates website
(at
www.
wileyaccountingupdates.com
)
to make sure you have the most current resources available.
Timely Training:
Wiley Accounting and the
Wiley Faculty Network
provides free
IFRS virtual training workshops, IFRS Guest Lectures, and IFRS “Boot Camps” featuring authors
Paul Kimmel and Terry Warfield. You can also earn
CPE credit
for attending these sessions.
To learn more about how the Wiley Accounting Team for Success can help your students succeed,
visit
www.wileyteamforsuccess.com
or contact your Wiley sales representative today.
Intermediate
Accounting
14th edition
Donald E. Kieso PhD, CPA
Northern Illinois University
DeKalb, Illinois
Jerry J. Weygandt PhD, CPA
University of Wisconsin—Madison
Madison, Wisconsin
Terry D. Warfield, PhD
University of Wisconsin—Madison
Madison, Wisconsin
John Wiley & Sons, Inc.
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