...cite this paper as: Severinson, C. (2010), “The New IAS 19 Exposure Draft”, OECD Working Papers on Finance, Insurance and Private Pensions, No. 5, OECD Publishing. doi: 10.1787/5km7rq4hlw5g-en OECD Working Papers on Finance, Insurance and Private Pensions No. 5 The New IAS 19 Exposure Draft Clara Severinson * JEL Classification: G23, G32, M41, M52 * OECD, France THE NEW IAS 19 EXPOSURE DRAFT Clara Severinson September 2010 OECD WORKING PAPER ON FINANCE, INSURANCE AND PRIVATE PENSIONS No. 5 ——————————————————————————————————————— Financial Affairs Division, Directorate for Financial and Enterprise Affairs Organisation for Economic Co-operation and Development 2 Rue André Pascal, Paris 75116, France www.oecd.org/daf/fin/wp ABSTRACT/RÉSUMÉ The New IAS 19 Exposure Draft At the end of April 2010, the International Accounting Standards Board (IASB) published an exposure draft with proposed changes to International Accounting Standard No. 19 (IAS 19). IAS 19 is the current standard for the financial reporting of company pension obligations that stem from defined benefit (DB) and similar plans. It is required for exchange-listed companies in many parts of the world. If enacted, the changes to IAS 19 proposed by the IASB are expected to have a significant impact on company financials on a global basis. The following paper summarizes the proposed changes as presented in the April 2010 exposure draft and explores some of their implications. This paper...
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...cga-canada.org © CGA-Canada, 2012 All rights reserved. These materials or parts thereof may not be reproduced or used in any manner without the prior written permission of the Certified General Accountants Association of Canada. Printed in Canada Every reasonable effort has been made to obtain permissions for all articles and data used in this edition. If errors or omissions have occurred, they will be corrected in future editions, provided written notification has been received by the publisher. Assignment 1 — Session 2 (Winter) This assignment is based on Modules 1 through 5 and is due at the end of Module 5. It is worth 5% of your final course grade. General instructions A. If this is your first time using the Online Learning Environment, check out the Course Orientation and the quick tutorials in the Support Centre. You will find general assignment FAQs in your Assignment Submission/Group Work area. B. Prepare your answers to these assignment questions in Word and save them as one Word document on your hard drive. For the recommended format and filename, see the Assignment Submission/Group Work/FAQ area. If this assignment Word file requires you to paste Accpac.RTF reports, Excel.xls sections, or other files, you are strongly advised to refer to How To/Use Software/Excel and/or How To/Use Software/Word to ensure you successfully submit your completed assignment. C. When your file is complete and you are ready to submit it for marking, select your...
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... 2002 Not too bad if you may claim so ….. The Bangladesh banking sector relative to the size of its economy is comparatively larger than many economies of similar level of development and per capita income. The total size of the sector at 26.54% of GDP dominates the financial system, which is proportionately large for a country with a per capita income of only about US$370. The non-bank financial sector, including capital market institutions is only 3.22% of GDP, which is much smaller than the banking sector. The market capitalization of the Dhaka Stock Exchange was US$1,025 million or 2.19% of GDP as at mid-June 2002. In contrast, the size of the total financial sector in India, including banks and non-banks as well as the capital market is 150% (March 2002) of its GDP, with commercial banks accounting for 58.3% of GDP. Access to banking services for the population has improved during the last three decades. While population per branch was 57,700 in 1972, it was 19,800 in 1991. In 2001 it again rose to 21,300, due to winding up of a number of branches and growth in population. Compared to India’s 15,000 persons per branch in 2000, Bangladesh is not far behind in this regard. This indicates that access to the banking system in the country is not a significant problem. However the story tells a different tale The finance sector remains predominantly bank-based, accounting for 96% of the sector’s resources. While there are sound banks, based on IAS, the banking sub-sector...
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...information of a business entity in a systematic manner. It certifies the accuracy of records by preparing financial statements like trading accounts and balance sheet. The management use the information provided to measure the financial performance of the business over the accounting period. The information is also very vital for them to make economic decisions regarding the entity operation. In addition, accounts keep track of cash inflows and outflow. Transaction recorders who are bookkeepers and decision makers like stockholders and managers have to make budgets, projections, financial reports, highlight areas of profitability or loss according to the accounts, to provide factual information about the financial position of the entity. This is done to maximize profit. Furthermore, accounts can provide information to governments. Tax authorities need the accounts to review or evaluate tax returns. Some government departments use the accounts information to check that whether the business entity is following government rules and regulation or not. Users...
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...Medinipur, West Bengal, India E-mail: alokdantan@sify.com Abstract The journey to have a common set of accounting standards started long before to give it a professional shape and essence. And accountants all over the world feel the necessity to shorten the gap among different streams of accounting practices through harmonization. Still, we have a couple of strong variants of accounting practices (say, for example, US GAAP, UK GAAP, IAS etc.) over the world existed and practiced simultaneously. These variants are working as threats towards harmonization of accounting practices. However, the profession has also witnessed some improvements in recent years in the process of global convergence putting some ray of hope. International and even local standard setting bodies have come up with projects of harmonization and in most of the cases became successful. The day is not far away when we will observe that accounting world is controlled and guided by a single set of standards giving it a status of legal discipline in true sense. The paper focuses on this harmonization issue, its current status, challenges with special reference to Indian perspective. Keywords: Harmonization of Accounting Standards, International Accounting Standards, International Financial Reporting Standards, Generally...
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...Social Issue Teen Pregnancy—A Social Issue Custom User AvatarBy Official_DKW, Ypsilanti, MI More by this author Email me when Official_DKW contributes work After researching various statistics, I found that premarital pregnancy is quite prevalent in teenagers throughout the world. Teen pregnancy is one of the most difficult experiences a young person might ever face when it interrupts school or other plans. It can create an emotional crisis resulting in feelings of shame and fear, and it may appear that you will crumble under pressures in your environment. The stress of how one would break the news to their parents might be even greater, and finding help may seem an impossible task. People might think that they can help others, or one might be too embarrassed to search for help. For the most part, when one sees teenagers raising children, we often think that the teen has been raped or is too mature for their age. For this reason, some totally miss the issues that one must have been exposed to in their society, the society of their home, community, school. There are many viewpoints as to why teenage females are having so many children out of wedlock. However, the facts are obvious—teenaged females are highly influenced by many social issues, but those with the lack of strong parental guidance, sex education, and positive mass media are more likely to have a premarital pregnancy. As one travels the globe, they will find that industrialized and developing countries have distinctly different...
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...Who are the real criminals in Rang de Basanti? I do not wholly agree with the message screened in Rang De Basanti. The movie, for all its comedy, drama and performances of the actors, suggests a very dangerous breed of patriotism. Simply put, you cannot assassinate the Defense Minister of the world’s largest democratic nation. It’s against one of the most fundamental ideals of the legalism India enjoys, that of due process, under which a convict is legally tried for his crime in the court of law. Similarly, the Defense Minister too should’ve been tried in the correct forum rather than being gunned down by a bunch of college students. Indeed, what the minister said and did in the movie was unbecoming and wrong, and undeniably, the movie gives a very strong base message (that the youth should make an effort to right the wrongs), however what Rakeysh Omprakash Mehra shows in the movie is drastic to say the least. Instead, if he had shown Aamir Khan and co. making an effort to rightfully convict the minister (Perhaps a sting operation? They could’ve sought access to the minister via Siddharth’s father), the movie would’ve made its mark much better. An analysis of the events transpiring before the assassination makes a rather strong case for Aamir Khan and his friends’ antipathy towards the minister. Amongst their best friend (an Indian Air Force officer) lays down his life in an aircraft crash to protect a town in Northern India, but rather than winning praises for his...
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...“Discuss and explore issues surrounding the recognition of elements in financial statements” Contents Title: 3 Introduction & Objectives 3 Definitions 5 Recognition 5 Measurement 6 Discussion 6 Revenue Recognition (IAS 18) 6 Property, Plant and Equipment (IAS 16) 8 Xerox Revenue Recognition Scandal 9 Recognition in the Annual Statements 10 Conclusion 13 Bibliography 14 Appendices 17 Appendix 1 – Standards from IASB 17 Appendix 2 – Proposed plan for FASB and IASB 18 Appendix 3 – TUI Travel Plc Annual Statement 21 Appendix 4 – Thomas Cook Annual Statement 27 Appendix 5 – PSA Peugeot Citroen Annual Statement 31 Appendix 6 – Daimler AG Annual Statement 37 Appendix 7 – Xerox Annual Statement 42 Title: Discuss and explore issues surrounding the recognition of elements in financial statements Introduction & Objectives Accounting has many elements to producing an annual statement each fiscal year; these different elements have regulations in which organisations have to abide by. Regulations have three categories; legislation, accounting standards and stock exchange regulations (Melville, 2008). Legislation can differ from country to country, which is the same for accounting standard board as each country has individually developed their own standards (Accounting Standards Board for the UK, also, International Accounting Standards Board that is trying to consolidate standards, which can be accepted globally). Attempts by...
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...Executive summary: This report examines the financial performances of DESCO on the basis of analyzing and calculating their five major types of ratios; Liquidity Ratio, Asset Management Ratio, Debt Management Ratio, Profitability Ratio and Stock Market Ratio. The paper also includes the calculations and evaluation of Du Pont Equation. The company current ratio, quick ratio, inventory turnover ratio and total asset turnover ratio etc. appears as better than the previous years. However, the average collection period and average payment period has become unsatisfactory which may lead to financial crisis as the company’s only service offering is electricity supply which is offered almost in all cases on credit. Fall in fixed asset turnover ratio signifies that the company should utilize its fixed asset more. In this paper, slight fall in ROA and ROE is observed. While the former urges more efficient utilization of assets, the latter calls for an increase in return to the shareholders. The substantial fall in EPS shows that the company is falling behind in providing return to consumers which is not a very good sign. The company should try to return more to its shareholders. In a nutshell it can be said that in the recent years the company has been somewhat efficient in utilizing, managing and maintaining resources but isn’t giving back enough to the shareholders which gives out a very grave signal. Introduction: Dhaka Electric Supply Co. Ltd. (DESCO) was created as a distribution...
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...Education and Action for Gender Violence The website I chose to study is http://www.jacksonkatz.com. This website is about Jackson Katz, who is an anti-sexist male activist. He is recognized for his work in gender violence prevention education and lectures at high schools, colleges and workshops across the world. He is the co-founder of the Mentors in Violence Prevention program; which according to the website is “the leading gender violence prevention initiative in professional and college athletics.” He is also the director of the “first worldwide domestic and sexual violence prevention program in the United States Marine Corps” and has created a handful of educational videos regarding gender violence. The home page of the website describes Jackson Katz’s accomplishments, acknowledgements and recent honors. The website has many tabs to lead readers to further information about Katz, including his full biography, publications, seminars, and lectures and consulting. After reading Katz full biography it is easy to determine that he has a multitude of experiences to support his work in gender violence prevention. Katz helped architect the “bystander” approach, which is used in the Mentors in Violence Prevention program to train students to be positive role models in the school environment and how to respond if they witness or know about a violent or abusive situation. This approach has been taught in high schools and colleges; as well as, professional sports teams and organizations...
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...subject of numerous studies, especially in the US. The purpose of this article is to examine the corresponding evidence in Europe. This review classi es the European literature into three groups: studies of the market reaction to newly released accounting information; studies of the long-term association between stock returns and accounting numbers; studies devoted to the use of accounting data by investors and to the impact of market pressure on accounting choices. The paper reviews and summarizes the main results related to each of these topics. It also addresses some methodological issues and provides suggestions for future research. 1. INTRODUCTION Since the pioneering work of Ball and Brown (1968), the relationship between accounting information and capital markets has attracted considerable attention, to the point that it is probably one of the most popular issues in the accounting literature. The interest for this subject is legitimate, given the generally accepted statement that accounting gures are aimed at providing investors with relevant information for their investment decisions. Even if accounting data are used in various contexts such as the contracting process within the rm or between the rm and its creditors and suppliers, regarding capital markets they are supposed to facilitate the prediction of rms’ future cash ows and help investors assess future securities’ risk and returns. This is certainly why innumerable studies have been conducted in the US during the...
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...Running Head: GLOBAL FINANCIAL REPORTING: Global Financial Reporting: Why Move Toward Global Financial Reporting Connie Cerruto Student ID 3247960261 Accounting Capstone: Senior Seminar in Accounting ACC 499 005016 Winter Semester 2008 Submitted to Professor Tee Thein March 16, 2008 Dedication and Acknowledgement I would like to take this time to thank my husband, George, for all his support over this last ten weeks. For graciously doing the laundry, vacuuming, dusting, grocery shopping, meal preparing, and dishes so I had time complete the needed research for my paper. I appreciate the sacrifices you made to support me in my efforts of obtaining a Bachelors Degree in Accounting. Table of Contents Page Abstract 5 Chapter 1: Introduction 6 1.1 Background 6 1.2 Problem 7 1.3 Purpose 7 1.4 Scope 8 Chapter 2: Review of Literature 9 Chapter 3: Methodologies 12 3.1 Perspective 12 3.2 Research Procedure 12 Chapter 4: Development of Accounting Principles 17 4.1 History of Accounting Differences 17 4.1.1 Ancient Recordkeeping 17 4.1.2 Double-Entry Accounting 19 ...
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...International Financial Reporting Standards (IFRS): Pros and Cons for Investors by Ray Ball* Sidney Davidson Professor of Accounting Graduate School of Business University of Chicago 5807 S. Woodlawn Ave Chicago, IL 60637 Tel. (773) 834 5941 ray.ball@gsb.uchicago.edu Acknowledgments This paper is based on the PD Leake Lecture delivered on 8 September 2005 at the Institute of Chartered Accountants in England and Wales, which can be accessed at http://www.icaew.co.uk/cbp/index.cfm. It draws extensively on the framework in Ball (1995) and benefited from comments by Steve Zeff. Financial support from the PD Leake Trust and the Graduate School of Business at the University of Chicago is gratefully acknowledged. 1 Abstract Accounting in shaped by economic and political forces. It follows that increased worldwide integration of both markets and politics (driven by reductions in communications and information processing costs) makes increased integration of financial reporting standards and practice almost inevitable. But most market and political forces will remain local for the foreseeable future, so it is unclear how much convergence in actual financial reporting practice will (or should) occur. Furthermore, there is little settled theory or evidence on which to build an assessment of the advantages and disadvantages of uniform accounting rules within a country, let alone internationally. The pros and cons of IFRS therefore are somewhat conjectural, the unbridled enthusiasm...
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...This article was downloaded by: [Library Services City University London] On: 26 July 2013, At: 08:32 Publisher: Routledge Informa Ltd Registered in England and Wales Registered Number: 1072954 Registered office: Mortimer House, 37-41 Mortimer Street, London W1T 3JH, UK Accounting and Business Research Publication details, including instructions for authors and subscription information: http://www.tandfonline.com/loi/rabr20 International Financial Reporting Standards (IFRS): pros and cons for investors Ray Ball a a University of Chicago Published online: 28 Feb 2012. To cite this article: Ray Ball (2006) International Financial Reporting Standards (IFRS): pros and cons for investors, Accounting and Business Research, 36:sup1, 5-27, DOI: 10.1080/00014788.2006.9730040 To link to this article: http://dx.doi.org/10.1080/00014788.2006.9730040 PLEASE SCROLL DOWN FOR ARTICLE Taylor & Francis makes every effort to ensure the accuracy of all the information (the “Content”) contained in the publications on our platform. However, Taylor & Francis, our agents, and our licensors make no representations or warranties whatsoever as to the accuracy, completeness, or suitability for any purpose of the Content. Any opinions and views expressed in this publication are the opinions and views of the authors, and are not the views of or endorsed by Taylor & Francis. The accuracy of the Content should not be relied upon and should be independently verified with primary sources of information...
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...the same If I saw you in heaven I must be strong, and carry on Cause I know I don't belong Here in heaven Cause I know I don't belong Here in heaven Title: David Archuleta - Crush lyrics Deep inside It was a rush What a rush 'Cause the possibility That you would ever feel the same way About me It's just too much Just too much Why do I keep running from the truth All I ever think about is you You got me hypnotized So mesmerized And I've just got to know [chorus:] Do you ever think When you're all alone All that we could be? Where this thing could go? Am I crazy or falling in love? Is it really just another crush? Do you catch a breath When I look at you? Are you holding back Like the way I do? 'Cause I'm trying, trying to walk away But I know this crush ain't going Away……Going away Has it ever crossed your mind When we're hanging, Spending time, girl, are we just friends Is there more Is there more See it's a chance we've gotta take 'Cause I believe that we can make this Into something that'll last Last forever Forever [chorus] Why do I keep running from the truth (Why do I keep running) All...
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