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25th Annual Accounting Show
September 29 October 1, 2010
Ft. Lauderdale
4:05-4:55pm IFRS...................................................................................35
Kim Lamplough, CPA
Partner / MarcumRachlin, a division of Marcum LLP
Ft. Lauderdale
1
William H. Hahn, CPA, DBA
Professor of Accounting
Southeastern University
Prior to his career at Southeastern, Dr. Hahn taught eight years and
served as a Division Chair at the College of St. Joseph in Vermont. Dr.
Hahn has contributed numerous academic, refereed, and trade
practitioner publications to his field and has written a monthly business
trend column for the Rutland Herald newspaper. His academic articles
have appeared in Accounting Forum, The Journal of Education for
Business, International Journal of Bank Marketing, and Journal of
Services Marketing. He believes that the classroom is a place to help
students learn bother the theoretical and the applied aspects of their
chosen career field.
2
Ed Plastow, CPA, PhD
Professor of Business
Southeastern University
In the mid-1980s, Dr. Plastow was the CFO for a large corporation in
California. He has also been a senior manager for Touche Ross, his
responsibilities involving working with professional sports franchises.
For about two decades, now, he has been teaching at the university
level, first at Dakota Wesleyan University and now at Southeastern
University. Dr. Plastow was the chair of the business program for five
years as it grew from seven students to 160 students and added
multiple academic majors. He was also the early collaborator for
instigating the evening business program.
Dr. Plastow has been a long-time college basketball coach, and after
many years of coaching men, he has spent the past five years
coaching the Southeastern Lady Fire, a team which has become a
national force. Dr. Plastow and his wife, Shannon, spend their
summers doing mission work in the Alaska Bush.
3
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NO. 1650-100 | OCTOBER 9, 2008
Financial
Accounting Series
EXPOSURE DRAFT
Proposed Statement of
Financial Accounting Standards
Going Concern
This Exposure Draft of a proposed Statement of Financial
Accounting Standards is issued by the Board for public comment.
Written comments should be addressed to:
Technical Director
File Reference No. 1650-100
13
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IFRS
35
Kim A. Lamplough, CPA
Partner Assurance Services
MarchumRachlin
Kim Lamplough is partner-in-charge of MarcumRachlin's Assurance
Division. She has more than 20 years of experience providing audit
and financial reporting services to both domestic and international
companies in the public and private sectors, which includes
commercial, SEC and not-for-profit clients. She also leads the firm's
Fort Lauderdale office.
Ms. Lamplough is the quality control partner for commercial and SEC
engagements. She is also the technical partner for the firm. In this role,
she is responsible for the firm's compliance with applicable auditing
standards and consulting with clients on various auditing and financial
reporting matters.
36
1
International
Financial Reporting
Standards
Presented by
Kim Lamplough, CPA
FLORIDA
P
P A S NEW
A S S OYORK
S II O N NEW JERSEY
N I N T E CONNECTICUT
G R I T Y PENNSYLVANIA
E
E X
X C E LL GRAND
C E LL E N CAYMAN
E N C
C E
E
A Division of Marcum LLP
FLORIDA
P
P A S NEW
A S S OYORK
S II O N NEW JERSEY
N I N T E CONNECTICUT
G R I T Y PENNSYLVANIA
E
E X
X C E LL GRAND
C E LL E N CAYMAN
E N C
C E
E
A Division of Marcum LLP
2
37
International Financial Reporting Standards contd
FLORIDA
P
P A S NEW
A S S OYORK
S II O N NEW JERSEY
N I N T E CONNECTICUT
G R I T Y PENNSYLVANIA
E
E X
X C E LL GRAND
C E LL E N CAYMAN
E N C
C E
E
A Division of Marcum LLP
3
FLORIDA
P
P A S NEW
A S S OYORK
S II O N NEW JERSEY
N I N T E CONNECTICUT
G R I T Y PENNSYLVANIA
E
E X
X C E LL GRAND
C E LL E N CAYMAN
E N C
C E
E
A Division of Marcum LLP
4
38
International Financial Reporting Standards contd
FLORIDA
P
P A S NEW
A S S OYORK
S II O N NEW JERSEY
N I N T E CONNECTICUT
G R I T Y PENNSYLVANIA
E
E X
X C E LL GRAND
C E LL E N CAYMAN
E N C
C E
E
A Division of Marcum LLP
5
FLORIDA
P
P A S NEW
A S S OYORK
S II O N NEW JERSEY
N I N T E CONNECTICUT
G R I T Y PENNSYLVANIA
E
E X
X C E LL GRAND
C E LL E N CAYMAN
E N C
C E
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A Division of Marcum LLP
6
39
International Financial Reporting Standards contd
Convergence or adoption?
Convergence, already underway, means FASB and IASB working
to develop high quality compatible standards.
Adoption means U.S. companies would be required to use IFRS as
generally accepted accounting principles from a date specified
forward.
FLORIDA
P
P A S NEW
A S S OYORK
S II O N NEW JERSEY
N I N T E CONNECTICUT
G R I T Y PENNSYLVANIA
E
E X
X C E LL GRAND
C E LL E N CAYMAN
E N C
C E
E
A Division of Marcum LLP
7
FLORIDA
P
P A S NEW
A S S OYORK
S II O N NEW JERSEY
N I N T E CONNECTICUT
G R I T Y PENNSYLVANIA
E
E X
X C E LL GRAND
C E LL E N CAYMAN
E N C
C E
E
A Division of Marcum LLP
8
40
International Financial Reporting Standards contd
FLORIDA
P
P A S NEW
A S S OYORK
S II O N NEW JERSEY
N I N T E CONNECTICUT
G R I T Y PENNSYLVANIA
E
E X
X C E LL GRAND
C E LL E N CAYMAN
E N C
C E
E
A Division of Marcum LLP
9
LIFO
Amortization of Goodwill
FLORIDA
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P A S NEW
A S S OYORK
S II O N NEW JERSEY
N I N T E CONNECTICUT
G R I T Y PENNSYLVANIA
E
E X
X C E LL GRAND
C E LL E N CAYMAN
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C E
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A Division of Marcum LLP
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41
International Financial Reporting Standards contd
Financial Instruments
Revenue Recognition
Leases
FLORIDA
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P A S NEW
A S S OYORK
S II O N NEW JERSEY
N I N T E CONNECTICUT
G R I T Y PENNSYLVANIA
E
E X
X C E LL GRAND
C E LL E N CAYMAN
E N C
C E
E
A Division of Marcum LLP
11
FLORIDA
P
P A S NEW
A S S OYORK
S II O N NEW JERSEY
N I N T E CONNECTICUT
G R I T Y PENNSYLVANIA
E
E X
X C E LL GRAND
C E LL E N CAYMAN
E N C
C E
E
A Division of Marcum LLP
12
42
International Financial Reporting Standards contd
FLORIDA
P
P A S NEW
A S S OYORK
S II O N NEW JERSEY
N I N T E CONNECTICUT
G R I T Y PENNSYLVANIA
E
E X
X C E LL GRAND
C E LL E N CAYMAN
E N C
C E
E
A Division of Marcum LLP
13
FLORIDA
P
P A S NEW
A S S OYORK
S II O N NEW JERSEY
N I N T E CONNECTICUT
G R I T Y PENNSYLVANIA
E
E X
X C E LL GRAND
C E LL E N CAYMAN
E N C
C E
E
A Division of Marcum LLP
14
43
International Financial Reporting Standards contd
FLORIDA
P
P A S NEW
A S S OYORK
S II O N NEW JERSEY
N I N T E CONNECTICUT
G R I T Y PENNSYLVANIA
E
E X
X C E LL GRAND
C E LL E N CAYMAN
E N C
C E
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A Division of Marcum LLP
15
Timeline
IASB first discussed potential project in 2001
Discussion paper for comment June 2004
Public roundtables October 2005
Exposure draft February 2007
Issued July 2009
FLORIDA
P
P A S NEW
A S S OYORK
S II O N NEW JERSEY
N I N T E CONNECTICUT
G R I T Y PENNSYLVANIA
E
E X
X C E LL GRAND
C E LL E N CAYMAN
E N C
C E
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A Division of Marcum LLP
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44
International Financial Reporting Standards contd
Key Features
FLORIDA
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P A S NEW
A S S OYORK
S II O N NEW JERSEY
N I N T E CONNECTICUT
G R I T Y PENNSYLVANIA
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C E LL E N CAYMAN
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A Division of Marcum LLP
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No public accountability
FLORIDA
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P A S NEW
A S S OYORK
S II O N NEW JERSEY
N I N T E CONNECTICUT
G R I T Y PENNSYLVANIA
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E X
X C E LL GRAND
C E LL E N CAYMAN
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A Division of Marcum LLP
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45
International Financial Reporting Standards contd
Public Accountability
FLORIDA
P
P A S NEW
A S S OYORK
S II O N NEW JERSEY
N I N T E CONNECTICUT
G R I T Y PENNSYLVANIA
E
E X
X C E LL GRAND
C E LL E N CAYMAN
E N C
C E
E
A Division of Marcum LLP
19
FLORIDA
P
P A S NEW
A S S OYORK
S II O N NEW JERSEY
N I N T E CONNECTICUT
G R I T Y PENNSYLVANIA
E
E X
X C E LL GRAND
C E LL E N CAYMAN
E N C
C E
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A Division of Marcum LLP
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46
International Financial Reporting Standards contd
General Guidelines
Must apply standards in full
No mix and match with full IFRS except financial instruments
Includes guidance for development and application of accounting
policies in absence of guidance
FLORIDA
P
P A S NEW
A S S OYORK
S II O N NEW JERSEY
N I N T E CONNECTICUT
G R I T Y PENNSYLVANIA
E
E X
X C E LL GRAND
C E LL E N CAYMAN
E N C
C E
E
A Division of Marcum LLP
21
FLORIDA
P
P A S NEW
A S S OYORK
S II O N NEW JERSEY
N I N T E CONNECTICUT
G R I T Y PENNSYLVANIA
E
E X
X C E LL GRAND
C E LL E N CAYMAN
E N C
C E
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A Division of Marcum LLP
22
47
International Financial Reporting Standards contd
Topics Omitted
Segment Reporting
Insurance
FLORIDA
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P A S NEW
A S S OYORK
S II O N NEW JERSEY
N I N T E CONNECTICUT
G R I T Y PENNSYLVANIA
E
E X
X C E LL GRAND
C E LL E N CAYMAN
E N C
C E
E
A Division of Marcum LLP
23
FLORIDA
P
P A S NEW
A S S OYORK
S II O N NEW JERSEY
N I N T E CONNECTICUT
G R I T Y PENNSYLVANIA
E
E X
X C E LL GRAND
C E LL E N CAYMAN
E N C
C E
E
A Division of Marcum LLP
24
48
International Financial Reporting Standards contd
FLORIDA
P
P A S NEW
A S S OYORK
S II O N NEW JERSEY
N I N T E CONNECTICUT
G R I T Y PENNSYLVANIA
E
E X
X C E LL GRAND
C E LL E N CAYMAN
E N C
C E
E
A Division of Marcum LLP
25
26
marcumrachlin.com
FLORIDA
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P A S NEW
A S S OYORK
S II O N NEW JERSEY
N I N T E CONNECTICUT
G R I T Y PENNSYLVANIA
E
E X
X C E LL GRAND
C E LL E N CAYMAN
E N C
C E
E
A Division of Marcum LLP
49
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