Page 37 - DCOM509_ADVANCED_AUDITING

Advanced Auditing

Notes
Italy Required via EU adoption and implementation process since 2005
Japan Permitted from 2010 for a number of international companies;
decision about mandatory adoption expected around 2012
Mexico Required from 2012
Republic of Korea Required from 2011
Russia Required for consolidated financial statements of banks since 2004,
for insurance and listed companies from 2012
Saudi Arabia Not permitted for listed companies
South Africa Required for listed entities since 2005
Turkey Required for listed entities since 2005
United Kingdom Required via EU adoption and implementation process since 2005
United States Allowed for foreign issuers in the US since 2007, not publicly
traded US companies are permitted to use IFRSs; target date for
substantial convergence between IFRSs and US GAAP is 2011;
decision about possible adoption for US publicly traded
companies expected in 2011

* Data actuality - July, 2011
Source: http://www.readyratios.com/reference/accounting/
international_financial_reporting_standards_ifrs.html
Self Assessment

Fill in the blanks:
11. ..................................... represent a set of internationally accepted accounting principles used
by companies to prepare financial statements.
12. In the coming years, critical ..................................... will need to be made regarding the use
of global accounting standards in the United States.
13. Accounting standards around the world have evolved over centuries of business and
..................................... development.

14. The growing dynamic of ................................. presented a challenge to these “legacy systems.”
15. Since ....................................., IFRS has become accepted or been adopted for public reporting
purposes in over 100 countries, including the 27 member-states of the European Union.

Task Give light on International Financial Reporting Standards.



Case Study PetroChina Company Limited

etroChina Company Limited (PetroChina) was established as a joint stock company
under the company law of the People’s Republic of China in 1999 as part of the
Prestructuring of China National Petroleum Corporation. PetroChina is an integrated

Contd....

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