DFS - International Accounting Standards
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As you guys know - International Accounting Standards (IASs) kick in from the June 06 exam. A subject maybe a lot of you are dreading. "How am I going to learn all those new standards!! 
" I've got some good news for you.
The UK GAAP has, over the years, predominantly worked "in tangent" with the international bodies. Therefore, UK standards have more or less been in line with international standards. PLCs now currently have to report under the IASs and from 2007 it will affect other companies. You won't notice that much of a change from GAAP to IAS. This also applies to Auditing standards. As an auditor myself, I was surprised at the little change that has actually taken place. In terms of auditing standards, they now place emphasis on Fraud whereas the UK auditing standards placed Fraud on the shoulders of management rather than the Auditors.
A subject which has appeared a lot in accounting journals (and which I suspect could be examinable as a discursive question, perhaps) is the problem that companies are facing with IAS's and the effect they have on the reporting performance, especially when it is necessary to re-state prior year's performance. Don't take this as "set in stone" - I am not an examiner - but in terms of a discussion question (perhaps) there has been quite a bit of controversy over IAS's. They may not examine it but it's worth just being forewarned, especially as this is the first year it is going to be examined.
As a revision aid you can access the IAS's and their contents at the following website:
http://www.iasb.org/standards/summaries.asp
In addition, I am well-versed in IASs and the impact global harmonisation will have on reporting entities. If any of you have any questions/need any help - either put a post up on the boards or send me a PM - I will be happy to help.
best regards
Steve
" I've got some good news for you.The UK GAAP has, over the years, predominantly worked "in tangent" with the international bodies. Therefore, UK standards have more or less been in line with international standards. PLCs now currently have to report under the IASs and from 2007 it will affect other companies. You won't notice that much of a change from GAAP to IAS. This also applies to Auditing standards. As an auditor myself, I was surprised at the little change that has actually taken place. In terms of auditing standards, they now place emphasis on Fraud whereas the UK auditing standards placed Fraud on the shoulders of management rather than the Auditors.
A subject which has appeared a lot in accounting journals (and which I suspect could be examinable as a discursive question, perhaps) is the problem that companies are facing with IAS's and the effect they have on the reporting performance, especially when it is necessary to re-state prior year's performance. Don't take this as "set in stone" - I am not an examiner - but in terms of a discussion question (perhaps) there has been quite a bit of controversy over IAS's. They may not examine it but it's worth just being forewarned, especially as this is the first year it is going to be examined.
As a revision aid you can access the IAS's and their contents at the following website:
http://www.iasb.org/standards/summaries.asp
In addition, I am well-versed in IASs and the impact global harmonisation will have on reporting entities. If any of you have any questions/need any help - either put a post up on the boards or send me a PM - I will be happy to help.
best regards
Steve
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Comments
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Re:DFS - International Accounting Standards
God I dont know how you learn it all so quick.
Here are some more good links by the way:
Transistion to IFRS (using IFRS 1)
http://www.accaglobal.com/publications/studentaccountant/2314374
Massive resource by Deloitte
http://www.iasplus.com/index.htm
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Re:DFS - International Accounting Standards
Thanks to you both - I need all the help I can get!
Jackie0 -
Re:DFS - International Accounting Standards
Hi Lincs,
It can be daunting sometimes! Luckily though there's not much difference to what we do anyway - just have to learn all the IAS numbers. The other good thing is that our practice software does the majority of the reporting automatically!
Regards
Steve0