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【正文】 f “principlesbased” versus “rulesbased” standards. ? The SEC allows foreign panies that trade shares in . markets to file their IFRS financial statements without reconciliation to GAAP. 138 ABOUT THE NUMBERS Illustration IFRS11 Global Companies 139 International Accounting Standards Board (IASB) ? Issues International Financial Reporting Standards (IFRS). ? Standards used on most foreign exchanges. ? Standards used by foreign panies listing on . securities exchanges. ? IFRS used in over 115 countries. International StandardSetting Organizations: 140 International Organization of Securities Commissions (IOSCO) ? Does not set accounting standards. ? Dedicated to ensuring that global markets can operate in an efficient and effective basis. 141 International Accounting Standards Board (IASB) Composed of four anizations— ? International Accounting Standards Committee Foundation (IASCF). ? International Accounting Standards Board (IASB). ? Standards Advisory Council. ? International Financial Reporting Interpretations Committee (IFRIC). 142 Illustration IFRS12 International StandardSetting Structure 143 IFRS stands for: a. International Federation of Reporting Services. b. Independent Financial Reporting Standards. c. International Financial Reporting Standards. d. Integrated Financial Reporting Services. Review Question 144 The major key players on the international side are the: a. IASB and FASB. b. SEC and FASB. c. IOSCO and the SEC. d. IASB and IOSCO. Review Question 145 Which body from the . side is similar to the IASB? a. SEC. b. FASB. c. FASC. d. FAF. Review Question 146 ? International Financial Reporting Standards. ? Framework for financial reporting. ? International financial reporting interpretations. Types of Pronouncements 147 Companies first look to: 1. International Financial Reporting Standards。 2. International Accounting Standards。 and 3. Interpretations originated by the International Financial Reporting Interpretations Committee (IFRIC) or the former Standing Interpretations Committee (SIC). Hierarchy of IFRS 148 IFRS is prised of: a. International Financial Reporting Standards and FASB financial reporting standards. b. International Financial Reporting Standards, International Accounting Standards, and international accounting interpretations. c. International Accounting Standards and international accounting interpretations. d. FASB financial reporting standards and International Accounting Standards. Review Question 149 The SEC appears mitted to move to IFRS, assuming that certain conditions are met. Illustration IFRS13 SEC Roadmap International Convergence 150 The SEC will decide, sometime in 2020, whether to mandate the use of IFRS. It is likely that not all panies would be required immediately to change to IFRS, but there would be a transition period in which this would be acplished. International Convergence 151 Copyright Copyright 169。 2020 John Wiley amp。 Sons, Inc. All rights reserved. Reproduction or translation of this work beyond that permitted in Section 117 of the 1976 United States Copyright Act without the express written permission of the copyright owner is unlawful. Request for further information should be addressed to the Permissions Department, John Wiley amp。 Sons, Inc. The purchaser may make backup copies for his/her own use only and not for distribution or resale. The Publisher assumes no responsibility for errors, omissions, or damages, caused by the use of these programs or from the use of the information contained herein.