The International Research Environment Essay

The International Research Environment Essay

NYT 12.3

The IFRS Interpretations Committee has been criticized for not issuing enough interpretive

guidance, and for not responding in a timely manner to areas of diversity in practice. 11 This has

recently begun to change, as the IFRS Interpretations Committee has become more active in

issuing interpretive guidance in recent years. Yet, IFRS was initially heralded as being a more

principles-based reporting framework. Do you think the recent increase in interpretive guidance

is a positive development for IFRS? Explain.

The International Research Environment Essay

NYT 12.4

1. During 2017, one of the groups just described commissioned an independent survey evaluating

how stakeholders perceive the work of the IFRS Foundation and the IASB. Among the

findings: The Foundation earned high marks on independence and transparency but identified

areas of improvement, including the complexity and timeliness of its standards.14 Which

of the groups just described would you expect to have initiated this survey process? Explain.

2. Given the IFRS Foundation’s mission, explain what value you would expect the Foundation’s

advisory bodies to bring to its standard-setting activities.

EXERCISE

Exercises requiring basic (free) access to ifrs.org. (Become a registered user for free to access individual

standards.)

These questions involve IFRS, as well as firm resources. Cite the source for each of your responses.

1. Has South Africa adopted IFRS? Describe your process for locating this information.

2. Locate an IFRS/U.S. GAAP comparison guide. Name one difference between the U.S. GAAP and IFRS requirements

related to contingent liabilities.

3. Locate IAS 7, and identify the guidance considered integral to this standard. Explain how you located this

information.

4. Locate the most recent Form 20-F of Toyota Motor Corporation.

a. First, determine whether the financial statements were prepared in accordance with IFRS or another reporting

framework, and describe where you located this basis of preparation information.

b. Considering what you learned in this chapter, why might Toyota be permitted to prepare financial statements

for the U.S. SEC in accordance with a repotting framework other than GAAP?

c. Finally, identify Toyota’s auditor and describe the auditing standards applied by the company’s auditors.

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