Focus your attention on the IFRS accounting standards which come into effect Jan 01, 2010
Much of the existing accounting texts, & CFA accounting curricula is effectively obsolete.
- The existing BS, P&L, CF statement dissappear entirely & are replaced with 4 new statements.
- The BS assets = liability + equity dissappears, & all existing BS & BS/P&L financial ratios will have to be calculated a different way
- Acquisitions, good will, MTM, etc. are accounted for differently, & there are transitional rules smoothing the impact of methodolgy changes.
- Disclosures is materially improved & much of what is currently off BS will now have to be revealed on 01/01/2010
- 23 new accounting standards that affect pretty much everything. Pick & choose by topic.
Europe allready has IFRS & has been using it for some time. Canada goes to IFRS 01/01/2010.
US GAAP will be going to IFRS - irrespective of objections.
Good thing on balance as all companies around the world will now use the same acounting. A US coy in the same industry now becomes directly comparable to its CDN, European, or Asian counterpart. Fail to move to IFRS, & you effectively relegate your financial system to 3rd world country status.
SD
Thanks for this. You are right on IFRS.
For anybody who is interested I found this site from Deloitte that provides free training.
good accounting books?
in General Discussion
Posted
Thanks for this. You are right on IFRS.
For anybody who is interested I found this site from Deloitte that provides free training.
http://www.deloitte.com/view/en_GX/global/services/Audit/global-ifrs-offerings-services/ifrs-implementation-services/ifrs-elearning/
Cheers
Suhit