International Financial Reporting Standards: Expanding Standards, Expanding Geographically, Expanding Literature

Abstract

The advance of International Financial Reporting Standards (IFRS) across the globe has accelerated over the last few years. This is placing increasing demands on educators to respond to these changes by an increased focus on IFRS in the curricula of accounting students. This paper reviews a range of educational texts covering IFRS within the context of a review of the progress of IFRS themselves.

Keywords:

• IFRS
• IFRS education
• IFRS texts

Notes

http://www.ifrs.org/NR/rdonlyres/F9EC8205-E883-4A53-9972-AD95BD28E0B5/0/WhoWeAre21JULY2010.pdf. Provides a recent list of the 120+ jurisdictions utilising IFRS in some way, as of December 2010 (accessed 29 December 2010).

Quarks have the same colours (see http://en.wikipedia.org/wiki/Color_chargeand like quarks, the colour of the bound volume bears no direct relationship to the (subject) matter therein.

The Green Book is also split into two parts but the split is not the same as for the Red Book. IFRS past are not so readily available, except via earlier editions of the Bound Volumes.

See http://ec.europa.eu/internal_market/accounting/ias/index_en.htm (accessed 28 December 2010).

See http://www.ifrs.org/IFRSs/IFRS.htm (accessed 28 December 2010).

See Larson and Street in this issue of Accounting Education for an extensive review of electronic sources for IFRS.

See http://www.ifrs.org/IFRS+for+SMEs/Training+material.htm (accessed 28 December 2010).

There was another reason for dropping ‘IFRS for Non Publicly Accountable Entities’. The acronym became ‘IFRS for NPAEs’, pronounced ‘nappies’. Nappies in English are diapers in American—and as Tweedie tastefully pointed out verbally on occasion ‘everyone knows what they are full of’. The IASB Observer Notes at http://www.kpmg.no/arch/_img/9479516.pdfcoyly hint at the dilemma (accessed 9 February 2011).

For example, Wood and Sangster (2008) now refer to the accruals concept rather than the matching concept.

The US, SEC (2008) has published their ‘Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards by U.S. Issuers’ and more recently a ‘Work Plan for the Consideration of Incorporating International Financial Reporting Standards into the Financial Reporting System for U.S. Issuers’ (SEC, 2010) that attend to issues concerning the possible use of IFRS in the USA.

A French version of this textbook has been developed.

In this case, a French version of English, where an original French vocabulary is discernible through the English text, rather than the humorous versions that are more widely known.

http://www.frc.org.uk/about/trueandfair.cfm (accessed 28 December 2010).

See, e.g. Roberts et al. (2008) Chapters 12 and 14.

This provides an excellent opportunity for students to watch the debates. It is also not unknown for educators to ask their students to prepare responses to EDs, and send them in, but the IASB technical staff may view such responses with a jaundiced eye. A better approach may be for the lecturer to oversee a single response after a class debate. This should raise the quality of response and, especially if Master's level students with work experience are involved, actually constitute a valuable response.

This model can be more readily found in Alexander and Nobes (2010), Chapter 5; Nobes and Parker (2010) Chapter 3; or Roberts et al. (2008) Chapter 8.

Francisco's role is restricted to 8 lines in the first 23 lines of the play; see http://www.opensourceshakespeare.org/views/plays/characters/charlines.php?CharID=francisco&WorkID=hamlet (accessed 9 February 2011).

Ramanna et al. (2009) also made a case study an IFRS in China available. Location. http.//www.hbs.edu/units/am/. Publisher already in reference list (accessed 12 January 2011).

These case studies are available free of charge at http://www.unctad.org (accessed 11 January 2011).