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International

Accounting StandardsBoard

Update on International

Accounting Standards


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Special Libraries Association Toronto, June 2005

History1973 International Accounting Standards

Committee (IASC) founded by 10national accountancy organisations.

1981 All members of IFAC becamemembers of IASC.

1999 100+ countries. Structure reviewed.

2001 International Accounting StandardsBoard (IASB) began operations.2005 Europe, Australia, 90+ countries

adopting IFRS


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Board (14)(approves IAS

[IFRS], ED, SIC[IFRIC])

7 Liaison Members

Intnl. Financial ReportingInterpretations Committee (12+1)

(publishes draft Interpretationsand prepares draft of final

Interpretations)

Standards AdvisoryCouncil (SAC)(advises Board)

Trustees (19)(appoint Board, IFRIC and SAC)

(6 North America, 6 Europe, 4Asia/Pacific, 3 Other)

National standardsetters (Australia/NZ,

Canada, France,Germany, Japan, UK,US.)

IASBStructure

Structure


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IASC Foundation19 trustees:

6 from North America6 from Europe4 from Asia Pacific3 from any area

Appoint IASB members, SAC and IFRICMonitor IASBs effectiveness, raise funds,approve budget, responsible for constitution


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Standards Advisory

Council (SAC)About 50 members from throughout the

worldMeets three times each yearProvides advice to IASB on priorities

Informs IASB of implications ofproposed standards


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IASBHas the sole responsibility for settingstandards.Approves principles-based standards,

does not issue detailed applicationguidelines.Addresses business ventures notpublic sector, government or not-for-profit activities.


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IASB CompositionAustralia / NZ* 1 Auditor 5

Canada* 1 Preparer 3

France* 1 Analyst/User 2Germany* 1 Academic 2Japan* 1 Other 2South Africa 1 14

Sweden 1 * National standard-setter liaisonUnited Kingdom* 3

United States* 414


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International Financial Reporting

Interpretations Committee (IFRIC)

12 voting members and a non-voting

chairmanProvide guidance on reporting issuesnot specifically addressed in IASBs

standards, or where unsatisfactory orconflicting interpretations havedeveloped.


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IASB is committed to developing, in the

public interest, a single set of highquality , global accounting standardsthat require transparent andcomparable information in financialstatements


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Convergence

Benefits (SEC 2003)Inter-firm comparability = lower cost toinvestors

Lower listing costs with multiple listings

Greater competition amongst exchanges

More efficient resource allocationLower cost of capital

Higher global economic growth rate


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IASBHas an agreement with FASB toachieve convergence of standards.Works in close co-operation with othernational standard setters.Board members have liaisonresponsibilities with a large number ofcountries and internationalorganisations.


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IFRS

How does it affect me?EU Adoption (+ Australia/New Zealand)

Consequences for parent/subsidiaryaccountingConsequences for comparabilityConsequences for raising capital in EU

IFRS/US ConvergenceConsequences for future global standards


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Special Libraries Association

Toronto, June 2005

Roadmap to convergence:

April 2005 Highlights the steps needed to eliminatethe U.S. GAAP reconciliationrequirement for foreign private issuersthat use IFRS.Establishes a goal of eliminating the

requirement as early as possiblebetween now and 2009 at the latest.

Donaldson (SEC) and McCreevy (EU)


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ProcessComment period for each document

Decisions made in open, publicmeetingsExplain basis for conclusions in eachstandardVoting approval by 8 of 14 membersDissenting views published


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Toronto, June 2005

ProcessResearch

Discussion PaperExposure DraftStandard

Implementation


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Toronto, June 2005

Tracking the processWebsite

www.iasb.org


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Toronto, June 2005


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Toronto, June 2005

Tracking the processWebsite

www.iasb.orgMeetings:

Observer notes

Web cast of IASB meetingDecision summaries / Update


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Publications and EducationStandards, exposure drafts, etc.

Educational materials are beingprepared

Available from the IASCFShop on the website

www.iasb.org
http://www.iasb.org/http://www.iasb.org/


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Toronto, June 2005

Publications and EducationComprehensive subscription package

Standards, EDs, Newsletters, etc.

Education materials Practical, implementation oriented

Seminars High level


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Toronto, June 2005

Publications (1)A Briefing for Chief Executives, AuditCommittees and Boards of Directors

Overview of each standardin non-technical language


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Toronto, June 2005

Publications (2)Framework DVD/CD-Rom

High-level comparison of IASB Frameworkand FASB Framework (US)


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Toronto, June 2005

In development (1)Electronic Illustrated IFRSs

A high-level summary of IFRS x

The conceptual context of IFRS xLink IFRS x to the Framework and IFRSsexplanatory texthow to examples (recognition and measurement) Pictorial presentations (presentation anddisclosure)

Market Preparers, users and businessschools


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Toronto, June 2005

In development (2)Financial Instruments Volume

Electronic version multi-languageHardcopy Languages for which ademand is indicated

Market Executives, preparers, usersand business schools


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International

Accounting StandardsBoard

Special Libraries Association Toronto June 2005

Questions? Comments?

Further informationwww.iasb.org

[email protected]

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