BÀI GIẢNG kế TOÁN QUỐC tế chapter 2 the regulatory framework
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Chapter 2
THE REGULATORY
FRAMEWORK
Learning Objectives
1. The regulatory system
2. IASB
2
The regulatory system
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International influences
EU
IFAC
UN
OECD
• The international influence on European
accounting is very important. All listed
companies in the UK now have to prepare
their consolidated accounts under
International Financial Reporting
Standards.
4
Treatments in IASs/IFRSs
• A number of accounting standards gave
preparers of accounts a choice of accounting
treatments – the ‘benchmark’ treatment and the
‘allowed alternative’. Most of these standards
have now been revised to remove this choice.
There is now much more standardisation of
accounting treatment.
• Financial statements must give a ‘true and
fair view’ or ‘present fairly’ the entity’s
financial position.
5
IASB
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Standard setting process
The procedure can be summarised as follows.
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