国际会计第七版课后答案第三章.docx

国际会计第七版课后答案第三章.docx

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国际会计第七版课后答案第三章

Chapter3

ComparativeAccounting:

Europe

DiscussionQuestions

1.RegulatingandenforcingfinancialreportingisagovernmentfunctioninFrance.TheNationalAccountingBoard（CNC）andtheAccountingRegulationcommittee（CRC）setaccountingstandardsunderthejurisdictionoftheMinistryofEconomyandFinance.TheFinancialMarketsAuthority（AMF）ensurescompliancewithFrenchaccountingrules（forlistedcompanies）.Itisalsoagovernmentagency.

PublicandprivatesectorbodiesareinvolvedintheregulationandenforcementoffinancialreportinginGermany.TheGermanAccountingStandardsBoardisaprivatesectorbodythatdevelopsGermanreportingstandardsforconsolidatedfinancialstatements.However,Germanlaw（theHGB）governsfinancialstatementsattheindividualcompanylevel.Enforcementalsoinvolvesprivateandpublicsectorbodies.TheFinancialReportingEnforcementPanelisaprivatesectorbodythatinvestigatescomplianceandreliesoncompaniestovoluntarilycorrectanyproblemsthatitfinds.MattersthatcannotberesolvedarereferredtotheFederalFinancialSupervisoryAuthority,agovernmentagency,forfinalresolution.

TheregulationandenforcementoffinancialreportingisinthepublicsectorintheCzechRepublic.TheMinistryofFinanceisresponsibleforsettingaccountingprinciplesanditalsooverseestheCzechSecuritiesCommissionwhichisresponsibleforenforcingcompliancewithCzechrequirements.SomeobserversquestiontheeffectivenessoftheCzechsystem.

AprivatesectorgroupisresponsibleforregulatingfinancialreportingintheNetherlands.TheDutchAccountingStandardsBoardissuesguidelinesonacceptableaccountingprinciples.EnforcementishandledbytheEnterpriseChamber,aspecialaccountingcourt.Itrulesonwhethercompanieshaveusedacceptableaccountingpractices,butonlyafteraninterestedpartyhasbroughtacomplaint.TheFinancialReportingSupervisionDivisionoftheNetherlandsAuthorityforFinancialMarketsisresponsibleforenforcingreportingrequirementsforlistedcompanies.

RegulationoffinancialreportingisintheprivatesectorintheUnitedKingdom.TheAccountingStandardsBoarddeterminesFinancialReportingStandards.TheauthorityoftheASBissetoutinthelaw.Twogroupsareresponsibleforenforcingfinancialreportingstandards,oneintheprivatesectorandtheotherinthepublicsector.TheFinancialReportingReviewPanel（privatesector）andtheDepartmentofTradeandIndustry（publicsector）caninvestigatecomplaintsaboutdeparturesfromaccountingstandards.Ifnecessary,theycangotocourttoforcecompaniestoreviseitsfinancialstatements.

2.GiventherequirementthatallEUlistedcompaniesmustuseInternationalFinancialReportingStandardsintheirconsolidatedfinancialstatements,allfivecountriesfollowfairpresentationprinciplesforthisgroupofcompanies’financialstatements.Thedifferenceamongthecountriescomeswithlistedcompanies’individualfinancialstatementsandwithnon-listedcompanies.Theoverallpictureisquiteconfusing.

Attheindividualcompanylevel,FranceandGermanyrequirelocalaccountingstandards.Bothcanbecharacterizedaslegalcompliance,conservative,andtax-driven.IndividualcompanyfinancialstatementsintheNetherlandsandUnitedKingdommayuseeitherlocalrequirementsorIFRS.However,ineithercasetheresultisfairpresentationfinancialstatements.TheCzechRepublicrequiresIFRSinlistedcompanies’individualcompanyfinancialstatements,sotheresultisthattheyarefairpresentation.Inallfivecountries,non-listedcompaniesmayuseeitherIFRSorlocalaccountingstandardsfortheirconsolidatedfinancialstatements.Ascharacterizedabove,theresultingfinancialstatementswillbequitedifferentforGermanandFrenchcompanies.Czechaccountingstandardsaremostlyfairpresentation,butthereisstillsometaxinfluence.Thus,theresultingfinancialstatementscanalsobedifferentdependingonthechoicethatcompaniesmake.Finally,non-listedcompanies’individualfinancialstatementsmustbepreparedunderlocalaccountingstandardsintheCzechRepublic,France,andGermany.LocalaccountingstandardsorIFRSmaybeusedbythisgroupofcompaniesintheNetherlandsandUnitedKingdom.

3.Therecentlyestablishedauditoroversightbodiesdiscussedinthischapterare:

a.France–HautConseilduCommissariatauxComptes（HighCouncilofExternalAuditors）

b.Netherlands–NetherlandsAuthorityforFinancialMarkets

c.UnitedKingdom–ProfessionalOversightBoard

TheoversightbodyinFranceisinagovernmentagency,whiletheoneintheU.K.isaprivatesectorbody.TheDutchbodyisanautonomousadministrativeauthorityundertheMinistryofFinance.Theyarearesponsetorecentaccountingscandalsandrepresenteffortstothetightencontroloverauditors.

4.TaxlegislationisasignificantinfluenceonlocalaccountingrequirementsinFranceandGermany.ItisunimportantintheNetherlandsandUnitedKingdom.TaxlegislationhaslimitedinfluenceintheCzechRepublic.GiventhatCzechaccountingisstillevolving,taxlawcanbeexpectedtofillinareaswhereaccountingstandardsaremissing.

5.Consolidatedfinancialstatementsarethestatementsofagroupofcompaniesundercommonmanagementorcontrol.Individualcompanyfinancialstatementsarethestatementsoftheseparatelegalentities（parentandsubsidiaries）thatmakeupthegroup.EUcountriesprohibitIFRSforindividualcompanyfinancialstatementswhenthesestatementsarethebasisfortaxationanddividenddistributions.Theyare“legalcompliance”countries（seeChapter2）andindividualcompanyfinancialstatementsmustcomplywiththelaw.OthercountriespermitorrequireIFRSforindividualcompanyfinancialstatementsbecausetheyare“fairpresentation”countries（Chapter2）.Individualcompanyfinancialstatementsarenotthebasisfortaxationordividends.Localaccountingstandardsfollowfairpresentationprinciples.

6.Thereisnoconclusiveevidencelinkinghighlevelsoflegalaccountingandreportingrequirementsinacountryandcorrespondinghighqualitylevelsoffinancialreporting.Itappearsthathighlegalrequirements（forexample,inFranceandGermany）leadtoacertainamountofprofessionalorbureaucraticinertiaandformoversubstancethinkinginfinancialreporting.Indeed,countrieswithsignificantstateregulationofaccountingandaccountantsaregenerallynotamongtheinnovativeaccountingleadershipcountries.Ifanything,comparativelyhighlevelsoflegalrequirementsappeartodepresstheoverallqualityofreporting.

7.ThisquoteparaphrasesastatementinthepreambletothecharterestablishingtheGermanAccountingStandardsCommittee.Weagree.Privatesectorinitiatives（self-regulation）havebeenmoresuccessfulthangovernmentalinitiativesindevelopingfinancialreportingregulationsfornationalandinternationalcapitalmarkets.

TwonoteworthyexamplesaretheAccountingStandardsBoardintheU.K.（discussedinChapter3）andtheFinancialAccountingStandardsBoardintheU.S.（discussedinChapter4）.Bothhavebeenflexibleandadaptableindevelopingreportingstandardsinresponsetonewcircumstances.Theyarearguablythepremiernationalstandardsettingbodiesintheworld.ItisalsonoteworthythatGermanyandJapan（Chapter4）haverecentlymovedtoestablishprivatesectororganizations.

Chapter8discussesinternationalharmonizationandconvergence.There,theworkoftheInternationalAccountingStandardsBoardandtheEuropeanUnionarediscussed.TheEUwasnoteffectiveinestablishingstandardsforcapitalmarketsandhasnowendorsedtheeffortsoftheIASB.

8.ExistingFrenchcompanies’legislationintheformofthePlanComptableGénéralandCodedeCommercehavethegreatestinfluenceonday-to-dayFrenchaccountingpractices.Thetwootherauthoritativesourcesoffinancialaccountingstandardsandpracticeshavecomparativelymodestorsporadicinfluence.

9.Thestatementistrue.TheGermanAccountingStandardsBoardisaprivate-sectorbodyliketheFASB（U.S.）,ASB（U.K.）,andIASB.Theprocessforestablishingstandardsisalsosimilar.WorkinggroupsexamineissuesandmakerecommendationstotheBoard.Thesegroupsrepresentabroadconstituency.GASBdeliberationsfollowadueprocessandmeetingsareopen.

10.AccountingrequirementsintheCzechRepublicarebasedonEUDirectives.Examplesnotedinthechapterarethefollowing:

a.TrueandfairviewembodiedintheAccountancyAct.

b.Requiredaudit.

c.Statementofcashflowsnotarequiredfinancialstatement（thoughitisrequiredinthenotes）.

d.Disclosuresofemployeeinformationandrevenuesbysegment.

e.Consolidatedfinancialstatementsrequired.

f.Abbreviatedreportingrequirementsforsmallcompanies.

g.Notesincludeaccountingpolicies.

h.ListedcompaniesuseIFRSinconsolidatedfinancialstatements.

TheaccountingmeasurementsdiscussedarealsoconsistentwithEUDirectives,forexample,therequirementfortheequitymethod.

11.TheDutchEnterpriseChamberoftheCourtofJusticeofAmsterdamhelpsensurethatfiledorpublishedDutchfinancialstatementsconformtoallapplicablelaws.Shareholders,employees,tradeunions,orpublicprosecutorsmaybringproceedingstotheChamberbyallegingthatofficiallyfiledorpublishedfinancialstatementsdonotconformtoapplicablerequirements.

TheEnterpriseChambercarriesoutitsmissionbydeterminingwhethertheallegationsofdeficientfinancialreportingaretrueandhowmaterialsuchdeficienciesare.Dependinguponthecase,theChambermayrequirethatfinancialstatementsbemodifiedoritmayseekpenaltiesthroughtheCourto