财务管理 会计 外文翻译 外文文献Word文件下载.docx

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TheRoadAheadByLangmead,JosephM,Soroosh,Jalal

Publication:

TheCPAJournal

Date:

Sunday,March12009

InDecember2007,theSECeliminatedtherequirementtoprovideU.S.GAAPinformationformanyforeigncompanyfilersthatuseInternationalFinancialReportingStandards（IFRS）.TheSEChasalsopublishedaproposedruleforU.S.companiestostartpreparingtheirfinancialstatementsusingIFRS.IFRSiseffectivelyintheprocessofreplacingU.S.GAAPintheU.S.capitalmarkets-ithasalreadyreplacedGAAPfornon-U.S.companieslistedindomesticmarkets,andwillsoonreplaceGAAPforU.S.publiccompanies.TheserapiddevelopmentswillrequireCPAstoretoolandlearnmoreaboutIFRSquickly.DoingsorequiresanappreciationofwhyIFRSisofsuchimmediateinteresttoU.S.businessesandpractitioners,afamiliaritywiththehistoryandbackgroundofIFRS.andanunderstandingofthekeysimilaritiesanddifferencesbetweenIFRSandU.S.GAAP.ThisprimeronIFRSconcludeswithsomepracticalconsiderationsforacompanyconvertingU.S.GAAPtoIFRS.

Background

WhyisIFRSbackinthenews?

TheFASBandtheInternationalAccountingStandardsBoard（IASB）havecommittedrepeatedly-beginningwiththeNorwalkAgreementof2002-totheconvergenceofthetwobodiesofstandardsonanaggressivetimetable.U.S.accountantsmighthaveexpectedthatalltheyneededtodowaskeepupwiththechangestoU.S.standards,which,ingoodtime,wouldbethesameasIFRS.Ifonewantedtokeepupwiththeprogressoftheconvergenceeffort,onecouldeasilyaccessSECfilingsforsomenon-U.S.registrantsusingIFRSandreviewtherequiredreconciliationstoU.S.GAAPasconvergencematuredandthedifferencesgraduallydisappeared.

Apassiveapproachmaynolongerberealistic.AccordingtoaDecember2007rulechangebytheSEC,manynon-U.S.filerswhouseIFRSarenolongerrequiredtopreparereconciliationsoftheirkeyfinancialstatementamountstoU.S.GAAP.ThelastreconciliationsformanyIFRScompanieswerefiledwiththeSECfor2006,meaningthattheonlyrecentfinancialinformationonrecordisIFRSinformation.Thevisibilityofthosedifferencesislost.Furthermore,implicitinthenewrule,theSEChaseffectivelyacknowledgedIFRSasanalternativeaccountingmodelfornon-U.S.companieswhosesecuritiestradeinU.S.markets.AslongasIFRSandU.S.GAAPcontaindifferences-astheycertainlydotodaythereareeffectivelytwosetsofacceptablestandardsintheUnitedStates.

OnemighthavetakensomecomfortinthefactthatU.S.companieswouldcontinuetouseU.S.GAAP.Butthatassumptionisintheprocessofbeingdismantled.In2007,theSECissuedaconceptreleaseasacompanionpiecetotheaforementionednewrule.Thereleaseexaminedissues

1

andquestions-andinvitedcomments-surroundingthestrikingscenarioinwhichU.S.publiccompanies,oratleastsomeofthem,wouldbegintouseIFRSastheirnewaccountingandreportingmodel.Thisreleasewasmuchdiscussedand,afteravotebytheSEC,araleproposalwasissuedonNovember14,2008（www.sec.gov/rules/proposed/2008/33-8982.pdf）,providinga"

roadmap"

forthefullreplacementofU.S.GAAPwithIFRSforallU.S.publiccompaniesinaseriesofstagesby2016.

TheseSECinitiativesputtwopartsofawidelyacceptedagendaatoddswitheachother:

1）adriveforasingle,high-qualitysetofaccountingandreportingstandardsappropriateforusearoundtheworldassoonaspossible,and2）continuedpursuitofthemorecomplicatedandtime-consumingprocessofconvergenceofU.S.GAAPandIFRS.Thefast-trackingoftheformerisplainlyapriorityattheSEC,evenwhilethelatterremainsanactive,albeitmoregradual,agendaitem.Unfortunately,theeffectoftoostronganemphasisonuniversalitymightbetodecouplethetwodimensionsand,inadvertentlyperhaps,weakentheconvergenceeffortorrenderitirrelevant.

TheSEC'

s2003studyreport,undertakenpursuanttosection108（d）oftheSarbanes-OxleyAct（SOX）,concludedthatconvergenceshouldbeapriority,butthisconclusionwasaccompaniedbyarelatedoverarchingpointalreadyembeddedinthelanguageofSOXitself:

TheU.S.GAAPmodelwasflawed-too"

rules-based"

andamore"

principles-based"

modelshouldbesoughtasareplacement[SOXsection108（d）（B）].ThestudyreportcitedseveralU.S.standardsthatrelyonstrictralesofapplication,therebyrenderingthemsubjecttocircumvention.U.S.GAAPwasthusdeemedpartoftheproblematiclandscapethathelpedgiverisetothedebaclesofEnronandWorldCom.IFRSwasalsoflawedbut,onbalance,bothSOXandtheresultingstudyreportmadeitclearthatconvergenceshouldmeanamovementawayfromtherulesmentalityofU.S.GAAPandtowardtheprinciplesmentalitymorecharacterist