CPE SESSION 25: SUNDAY, AUGUST 8, 1:00 PM – 4:00 PM

Update on IASB Activity and U.S. GAAP Convergence

Description/Objectives:
The workshop objective is to update participants on developments in International Financial Reporting Standards in 2003–2004. Specific matters to be addressed include:

• The case for global accounting standards
  • Benefits
  • Pitfalls
  • History, including brief summary of IASB structure
• Developments in the use of IFRS in:
  • Europe
  • United States
  • Elsewhere
• Brief overview of existing IAS/IFRS
• Summary of final IASB standards adopted 2003–2004
  • Including Preface; First-time Adoption; Business Combinations; IAS Nos. 32 and 39 Amendments; Improvements Project; Insurance; Share-Based Payment; Asset Disposals; Extractive Industries; some Convergence Proposals.
• Summary of IASB exposure drafts issued 2003–2004 for which final standards are not yet adopted
  • Including Purchase Method; some Convergence Proposals; Revenue Recognition.
• Summary of other projects on the IASB’s agenda
  • Including Performance Reporting; Consolidation and SPEs; Small and Medium-Sized Entities; Financial Risk Disclosures; Insurance Phase II.
• IASB research agenda:
  • Including measurement; concepts; leases; MD&A.
• Review of IFRIC activity during 2003–2004
• Other critical issues:
  • Including enforcement; accounting reform, corporate governance, and credibility; emerging IASB trends.
• Comparison of IFRS and U.S. GAAP, identifying remaining differences, and what (if anything) is being done about each

Format/Structure:
The workshop is primarily presentations by the two presenters, one of whom is a member of the IASB and the other a staff director. Audience participants are encouraged to make comments, cite examples, and ask questions. Informality is encouraged.

Intended Audience:
The workshop is aimed at faculty who teach an international accounting component of an undergraduate or graduate financial accounting course or a complete course in international accounting, and faculty who are developing such a component or course. Participants need not have more than a general understanding of the broad differences in the objectives of financial reporting, capital market structures, and regulatory environments among countries.

Presenters:
Paul Pacter, International Accounting Standards Board
Mary Barth, International Accounting Standards Board Member

Sponsor:
International Accounting Section

* Denotes special requirements or prerequisite