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International Accounting, Chapter 4 ch 04

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International Accounting, 6/e

Frederick D.S. Choi

Gary K. Meek

Chapter 4:

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Learning Objectives

Understand how financial reporting is regulated and

enforced in five countries of the Americas and Asia: the

U.S., Mexico, Japan, China, and India.

Describe the key similarities and differences among the

accounting systems of these five countries.

Describe the auditor-oversight mechanisms in these

five countries.

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United States

Overview

Financial Accounting Standards Board (FASB)

Private-sector organization that determines accounting standards

The Securities and Exchange Commission (SEC) – a governmental

agency – underpins FASB’s authority

Public Company Accounting Oversight Board (PCAOB)

Private organization overseen by the SEC

Regulates audits and auditors of public companies

In 2002, took over the responsibility for setting auditing standards

from the American Institute of Certified Public Accountants (AICPA)

Financial statements “present fairly”

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United States (contin)

Accounting regulation and enforcement

Securities and Exchange Commission

 Has jurisdiction over listed companies

 Relies on private sector (FASB) to set accounting standards  Pressures FASB on the direction of accounting standards

Financial Accounting Standards Board

 Conceptual Framework is a significant feature of accounting standard setting  Standard setting in the U.S. is both political and technical

 Generally accepted accounting principles (GAAP) are voluminous and detailed  Committed to converging U.S. GAAP with IFRS

Sarbanes-Oxley Act (2002)

 Expanded requirements on corporate governance, disclosure and reporting, and the

regulation of the audit profession

 Established PCAOB

Sets standards for auditors

Oversees and inspects audit firms  Sanctions auditors for defective work

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United States (contin)

Unusual features of U.S. financial reporting

No federal law for preparing financial statements or having them

audited, except for listed companies

LIFO

Rules-based GAAP versus principles-based GAAP

Rules-based

More specific requirements

More detailed implementation guidance

May result in more comparability

May foster “check-the-box” mentality

Principles-based

Sets forth broad objectives and fundamentals

Requires professional judgment for implementation

More flexible

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Mexico

Overview

Accounting is oriented toward fair presentation despite code law legal system

General price-level accounting (inflation-adjusted financial statements) are a

fundamental feature

Accounting profession is well-developed and influential in setting accounting and

auditing standards

Accounting regulation and enforcement

Council for Research and Development of Financial Information Standards

(CINIF)

 Independent public/private-sector partnership patterned after FASB and IASB  Determines Mexican GAAP

 Aim – align Mexican GAAP with IFRS

Mexican Institute of Public Accounting

 Issues auditing standards through its Auditing Standards and Procedures

Commission

Unusual features of Mexican financial reporting

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Japan

Overview

Strong bureaucratic control over business,

including accounting

Structural reforms under way

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Japan

Accounting regulation and enforcement

Triangular legal system

 Company Law

 Administered by Ministry of Justice

Creditor and shareholder protection the fundamental principle

 Securities and Exchange Law

For publicly owned companies

 Providing information for investment decision-making the main objective

 Corporate Income Tax Law

Expenses must be booked to be claimed for tax purposes

Accounting Standards Board of Japan

 Private-sector organization

 Responsible for developing accounting standards  Modeled after FASB and IASB

 Convergence with IFRS a major goal

 Took over from the Business Accounting Council (a government agency) in 2001

Japanese Institute of Certified Public Accountants

 Provides guidance on conduct of audit

Business Accounting Council

 Responsible for auditing standards

Certified Public Accountant and Auditing Oversight Board

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Japan (contin)

Unusual features of Japanese financial

reporting

Forecasts of cash flows, capital investments, and

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China

Overview

Embracing IFRS as part of structural market reforms

Ministry of Finance responsible for all aspects of

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China (contin)

Accounting regulation and enforcement

Chinese Accounting Standards Committee

 Under the Ministry of Finance

 Responsible for developing accounting standards

Chinese Institute of Certified Public Accountants

 Under the Ministry of Finance

 Responsible for developing auditing standards and code of professional ethics

China Securities Regulatory Commission

 Under Ministry of Finance

 Regulates China’s two stock exchanges

Accounting Standards for Business Enterprises (ASBE)

 Comprehensive framework for accounting and financial reporting  Includes detailed implementation guidance on accounting issues  Largely in line with IFRS

 First introduced in 1992 by Ministry of Finance and revised several times since

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India

Overview

British influence on accounting and auditing

For example:

True and fair view

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India (contin)

Accounting regulation and enforcement

Companies Act

Broad framework for accounting and auditing

Institute of Chartered Accountants of India

Supervised by Ministry of Company Affairs, a government agency

Regulates profession of chartered accountancy

Responsible for developing both accounting and auditing standards

 Accounting Standards Board

 Issues Indian Accounting Standards

Auditing and Assurance Standards Board

Issues Auditing and Assurance Standards

Securities and Exchange Board of India

Agency of the Ministry of Finance

Oversees stock markets

Unusual features of Indian financial reporting

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