Convergence Guidebook for Corporate Financial Reporting

  • ID: 2216870
  • Book
  • 256 Pages
  • John Wiley and Sons Ltd
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Praise for Convergence Guidebook For Corporate Financial Reporting

"A revolution in financial reporting is barreling its way toward the United States. No book will prepare you, your department, or your company as well as Bruce Pounder′s Convergence Guidebook for Corporate Financial Reporting."
Scott S. Cohen Publisher, Compliance Week

"Mr. Pounder has written the first book that I know of that holistically addresses Convergence from a value perspective the value to organizations, the value to one′s career, the value to investors, and the value to economic development by taking Convergence seriously now! By starting off his practical guidebook with an emphasis on the financial reporting supply chain, he is emphasizing that Convergence is much more than implementing standards it is also an opportunity for the management accountant to partner with operations to assess the end–to–end impact and implement Convergence in financial reporting such that greater value is delivered to stakeholders."
Jeffrey C. Thomson President and CEO, Institute of Management Accountants

"This thoroughly accessible guide presents a clear, no–nonsense review of the process of Convergence and the impact this will have on preparers and users of financial reports, as well as the labor market, in the U.S.. The author expertly dispels many of the myths surrounding rules vs. principles based reporting and offers realistic and practical advice to those who need to ensure their skills are updated to face the challenges of the future. This book is a timely wake up call for accounting practitioners and educators alike."
Muir Brown Head of Strategic Business Unit Americas & Caribbean, ACCA

"Talk about timely! Anybody that has to make a decision about IFRS, or is otherwise going to be affected by IFRS, should read the insights in these chapters. This is the clearest road map I′ve seen for what the future holds for accounting."
Gary Illiano, National Partner–in–Charge, International and Domestic Accounting, Grant Thornton LLP

"Convergence is coming. Preparers and auditors need to get ready. The Guidebook is a must–read as you get ready to lead your company through this change."
Arleen R. Thomas, CPA Senior Vice President, Member Competency and Development, AICPA

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Part I. Phenomenon of Convergence.

Chapter 1. Introduction to the Convergence of Financial Reporting Standards.

Financial Reporting Supply Chain.

Role of Standards in the Financial Reporting Supply Chain.

Financial Reporting Standards.

How Financial Reporting Standards Differ among Countries.

What Convergence Is and Is Not.

What Is Causing Convergence?



Chapter 2. How Convergence Will Impact the United States.

Direct Effects of Convergence.

Indirect Effects of Convergence.

Who Wins? Who Loses?



Chapter 3. Prepare for the Impact of Convergence Now.

What′s the Rush?

Adverse Consequences of Waiting to Prepare.

Impeding Factors.


Part I. Epilogue.


Part II. Impact of Convergence on Financial Reporting in the United States.

Chapter 4. Conceptual Frameworks.

Comparison of Conceptual Frameworks.

FASB–IASB Joint Conceptual Framework Project.



Chapter 5. Principles–Based Standards.

Principles versus Rules.

U.S. GAAP versus IFRS: Where Are We Now?

Principles Alone versus Principles Plus Rules .

Outlook for Converged Standards.



Chapter 6. Different Standards for Different Companies?


Differential Standards: Three Questions.

How Convergence Is Fostering Differential Standards.



Chapter 7. Financial Statements: A First Look.

References to Standards.

Principal Financial Statements.



Chapter 8. Fair Value and Related Measurement Issues.

Background on Measurement.

Focus on Current Exit Price.

Current Exit Price and Fair Value.

Fair Value: Not One Measurement, But Many.

Additional Opposition to Fair Value.

Outlook for Improvement and Convergence.


Appendix. Summary of Recent Developments in Measurement Standards and Other Guidance.


Chapter 9. Major Asset Classes.


Property, Plant, and Equipment.




Chapter 10. Other Balance Sheet Items.


Pensions and Other Postretirement Benefit Obligations.

Deferred Income Tax Effects.



Chapter 11. Reporting Financial Performance.

Revenue Recognition and Measurement.

Income Statement.

Cash Flow.



Chapter 12. Business Combinations, Intercompany Investments, and Segment Reporting.

Business Combinations.

Intercompany Investments.

Segment Reporting.



Chapter 13. Financial Statements: What Is Ahead.

Financial Statement Presentation Project.

Other Financial Statement Issues.


Part II Epilogue.


Part III. Impact of Convergence on U.S. Labor Markets.

Chapter 14. Overview of U.S. Labor Markets for Financial Reporting Talent.

Geographic Scope of Supply and Demand.

Role of U.S. GAAP.

Talent Supply Pipeline.


Chapter 15. Obsolescence of Knowledge, Skills, and Abilities.

Why Demand Will Change.

Quantitative Changes in Demand.

Qualitative Changes in Demand.

Short–Term Imbalances in Supply and Demand.



Chapter 16. Commoditization of Talent.

Global Homogenization of Employers′ Demand.

From Demand Homogenization to Supply Commoditization.

Intermarket Mobility of Employers.


Chapter 17. Toward a Global Labor Market for Financial Reporting Talent.

Global Desegregation of Labor Markets.

Competition in the Global Labor Market.



Chapter 18. Transformation of the Talent Supply Pipeline.

Overview of the U.S. Talent Supply Pipeline.

Educational Activities in the U.S. Talent Supply Pipeline.

Certification of KSAs.

Interpipeline Competition.



Part III Epilogue.

Part IV. Preparing for the Impact of Convergence.

Chapter 19. Overview of the Challenges of Convergence.

Why Preparation Matters.

Three Challenges.


Chapter 20. The Enterprise Challenge: Strategies for Choosing Standards and Implementing Your Choice.

Opportunity and Obligation to Choose.

Methodology for Choosing.

Implementing Your Choice.


Appendix. Checklist for Impact Assessment.

Chapter 21. Departmental Challenge: Tactics for Managing Talent.

Identifying Your Department′s Talent Needs.

Assuring the Supply of Talent for Your Department.

Training and Development.

Technical Supervision.



Chapter 22. Personal Challenge: Career Choices for a Hypercompetitive Labor Market.

Hypercompetition in a Global Labor Market.

Managing Your Career.



Part IV Epilogue.


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"This guidebook for chief financial officers, vice presidents of finance, controllers, and managers of financial reporting and accounting explains apects related to the global convergence of financial reporting standards, including why the US generally accepted accounting principles (GAAP) have changed as a result, how to prepare for its challenges, how it will affect financial reporting and US labor markets for financial reporting talent, and how it will impact decision making." (Book News, August 2009)

"As he explains in his book, the Convergence Guidebook for Corporate Financial Reporting, both US GAAP and IFRS will change profoundly as the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board continue to converge the two sets of standards." (, May 2009)

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