Convergence Guidebook for Corporate Financial Reporting 1st Edition by Bruce Pounder 0470464143 9780470464144

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Product details:

ISBN 10: 0470464143 

ISBN 13: 9780470464144

Author: Bruce Pounder

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 endtoend impact and implement Convergence in financial reporting such that greater value is delivered to stakeholders.

Table of contents:

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?
Conclusion
Notes

Chapter 2: How Convergence Will Impact the United States
Direct Effects of Convergence
Indirect Effects of Convergence
Who Wins? Who Loses?
Conclusion
Notes

Chapter 3: Prepare for the Impact of Convergence Now
What’s the Rush?
Adverse Consequences of Waiting to Prepare
Impeding Factors
Conclusion
Part I Epilogue
Note

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
Conclusion
Notes

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
Conclusion
Notes

Chapter 6: Different Standards for Different Companies?
Background
Differential Standards: Three Questions
How Convergence Is Fostering Differential Standards
Conclusion
Notes

Chapter 7: Financial Statements: A First Look
References to Standards
Principal Financial Statements
Conclusion
Notes

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
Conclusion
Appendix: Summary of Recent Developments in Measurement Standards and Other Guidance
Notes

Chapter 9: Major Asset Classes
Inventory
Property, Plant, and Equipment
Intangibles
Conclusion
Notes

Chapter 10: Other Balance Sheet Items
Leases
Pensions and Other Postretirement Benefit Obligations
Deferred Income Tax Effects
Conclusion
Notes

Chapter 11: Reporting Financial Performance
Revenue Recognition and Measurement
Income Statement
Cash Flow
Conclusion
Notes

Chapter 12: Business Combinations, Intercompany Investments, and Segment Reporting
Business Combinations
Intercompany Investments
Segment Reporting
Conclusion
Notes

Chapter 13: Financial Statements: What Is Ahead
Financial Statement Presentation Project
Other Financial Statement Issues
Conclusion
Notes
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
Conclusion

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
Conclusion
Notes

Chapter 16: Commoditization of Talent
Global Homogenization of Employers’ Demand
From Demand Homogenization to Supply Commoditization
Intermarket Mobility of Employers
Conclusion

Chapter 17: Toward a Global Labor Market for Financial Reporting Talent
Global Desegregation of Labor Markets
Competition in the Global Labor Market
Conclusion
Notes

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
Conclusion
Notes
Part III Epilogue

Part IV Preparing for the Impact of Convergence
Chapter 19: Overview of the Challenges of Convergence
Why Preparation Matters
Three Challenges
Conclusion

Chapter 20: The Enterprise Challenge: Strategies for Choosing Standards and Implementing Your Choice
Opportunity and Obligation to Choose
Methodology for Choosing
Implementing Your Choice
Conclusion
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
Conclusion
Note

Chapter 22: Personal Challenge: Career Choices for a Hypercompetitive Labor Market
Hypercompetition in a Global Labor Market
Managing Your Career
Conclusion
Notes
Part IV Epilogue

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