Download e-book for iPad: International Accounting and Reporting Issues: 2006 Review by United Nations

By United Nations

This quantity of the 2006 overview of foreign Accounting and Reporting matters comprises the complaints of the twenty-third consultation of the Intergovernmental operating workforce of specialists on overseas criteria of Accounting and Reporting. the 2 major time table goods the consultation handled have been: a evaluation of functional implementation problems with overseas monetary Reporting criteria; and comparison and relevance of present signs on company accountability.

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29 International Accounting and Reporting Issues: 2006 Review This page intentionally left blank 30 Chapter III REVIEW OF PRACTICAL IMPLEMENTATION ISSUES OF INTERNATIONAL FINANCIAL REPORTING STANDARDS: CASE STUDY OF GERMANY I. 24 Many changes have taken place in recent years in the accounting environment as a result of European regulations and numerous national laws, as a result of changes in capital markets. Predominant triggers were the increasing importance of capital markets to provide financing and the internationalization of investors.

In 1996 many other companies such as Deutsche Telekom, Fresenius Medical Care AG, Pfeiffer 36 In 1931 the obligation to audit annual financial statements was adopted in the German Commercial Code. See Article 316 HGB. 37 See Article 331 HGB. 38 Gesetz ├╝ber eine Berufsordnung der Wirtschaftspr├╝fer (Wirtschaftspr├╝ferordnung). de. 40 But companies were not solely driven by access to new sources of finances. Several other reasons drove them to seek a listing at the NYSE: o o o o listing as a marketing instrument (no other listing involves such publicity and makes the company known worldwide); improve company image and presentation to investors; align external financial reporting and internal management accounting to allow for a more efficient internal planning and control;41 preparation for buy-outs abroad, if shares are to be used as acquisition currency.

By contrast, this is mandatory in IFRS. With respect to premiums and discounts in acquisitions of investments assessed by the equity method, amortization of goodwill deriving from expected future results cannot exceed 10 years (according to the CVM), while IFRS stipulates that goodwill should not be amortized but tested for impairment annually. With respect to business combinations in Brazil, the legal form is more important than the essence of the transaction. IFRS principally require an assessment of the essence of the deal and consider practically all business combination transactions as acquisitions, unless it is impossible to identify the buyer.

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