https://padlet.com/lisaappleton6/8cvsjke56q0bth14 en-us 2022-10-11 10:42:51 UTC 2025-12-02 16:12:08 UTC hello@padlet.com lisaappleton6 https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335925641 2022-10-11 20:04:23 UTC https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335925641 lisaappleton6 https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335925773 2022-10-11 20:04:32 UTC https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335925773 lisaappleton6 https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335926343 Harmonization is a process of increasing the comparability of accounting practices by setting bounds to their degree of variation.]]> 2022-10-11 20:05:07 UTC https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335926343 lisaappleton6 https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335926912 2022-10-11 20:05:39 UTC https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335926912 lisaappleton6 https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335927010 2022-10-11 20:05:45 UTC https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335927010 lisaappleton6 https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335927240 2022-10-11 20:05:59 UTC https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335927240 lisaappleton6 https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335927396 2022-10-11 20:06:07 UTC https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335927396 lisaappleton6 https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335929423 Harmonisation is not a drive for uniformity but the creation of comparability. Consistency - similar treatment of similar items will result in comparable outcomes]]> 2022-10-11 20:07:55 UTC https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335929423 lisaappleton6 https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335935837 Enhances investor decisions by providing understanding of financial statements outside their home market creating:
- wider global markets
- lower risk 
- opportunity to spread investments
- access to wider funds for entities]]> 2022-10-11 20:14:59 UTC https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335935837 lisaappleton6 https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335936399 Provides access to investors for less established financial markets and opportunities to attract investment]]> 2022-10-11 20:15:37 UTC https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335936399 lisaappleton6 https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335937066 Creates a freedom of movement of goods due to understanding of supplier or customer financial information]]> 2022-10-11 20:16:20 UTC https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335937066 lisaappleton6 https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335937976 Consistent financial standards and information provides a global job market for accountants, allowing global travel and allowing companies to attract the best accounting team for their organisation irrespective of where they trained]]> 2022-10-11 20:17:24 UTC https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335937976 lisaappleton6 https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335938691 Eases the reporting burden and cost for entities with international presence
- transnational organisations
- global conglomerates
- entities with branches overseas]]> 2022-10-11 20:18:09 UTC https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335938691 lisaappleton6 https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335940203 Creates opportunities for governments to encourage inward investment into nations]]> 2022-10-11 20:19:54 UTC https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335940203 lisaappleton6 https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335940791 Stifles local or regional practices which reflect the substance of the transaction]]> 2022-10-11 20:20:33 UTC https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335940791 lisaappleton6 https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335942148 Creates a monopoly who can dominate the accounting standard guidance (current IASB board are mainly white, male and western - UK/EU educated)]]> 2022-10-11 20:22:04 UTC https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335942148 lisaappleton6 https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335943084 Creates uniformity of treatment which doesn't reflect commercial practices or provides clear narrative disclosures on how transactions occur]]> 2022-10-11 20:23:08 UTC https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335943084 lisaappleton6 https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335943971 Removes key local considerations such as language, culture, relation from accounting. Creating a formalised rules driven process]]> 2022-10-11 20:24:07 UTC https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335943971 lisaappleton6 https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335944915 Difficult to correct or alter common practice if there is a clear error or inconsistency with practice]]> 2022-10-11 20:25:13 UTC https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335944915 lisaappleton6 https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335949087 The power contained within the IASB enforces smaller nations to comply to ensure that they are able to access resources]]> 2022-10-11 20:29:38 UTC https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335949087 lisaappleton6 https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335950156 If all nations subscribe to the IASB model of accounting standards the IASB will have a monopoly]]> 2022-10-11 20:30:50 UTC https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335950156 lisaappleton6 https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335951143 The Norwalk .Agreement was signed by the FASB and IASB to "make their existing financial reporting standards fully compatible as soon as is practicable" Significant differences still remain]]> 2022-10-11 20:32:01 UTC https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335951143 lisaappleton6 https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335952990 The IASB Accounting standards are written in English and approved in English. Translations are available but some concepts lose their meaning in translation.
True and Fair is not translatable]]> 2022-10-11 20:34:01 UTC https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335952990 lisaappleton6 https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335954345 The IASB standards are used by 167 jurisdictions showing there is an appetite for a harmonised/comparable reporting framework]]> 2022-10-11 20:35:35 UTC https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335954345 lisaappleton6 https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335955085 Enhanced educational standards and the freedom of movement of accountants mean that all entities in all nations can access the formats and templates.]]> 2022-10-11 20:36:32 UTC https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335955085 lisaappleton6 https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335956440 93% of companies in the UK are privately owned. Complex rules and guidance are irrelevant to their business module for many. 
[could be considered under desirable]]]> 2022-10-11 20:38:06 UTC https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335956440 lisaappleton6 https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335958155 The Big 4 will dominate of the accounting, tax and audit market thus creating their version of the standards
[could be a positive in terms of consistency and possibly quality]]]> 2022-10-11 20:40:03 UTC https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335958155 lisaappleton6 https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335959499 While the FASB (US accounting body) does not follow the IASB standards the US is the largest financial contributor to the IASB]]> 2022-10-11 20:41:37 UTC https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335959499 lisaappleton6 https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335960184 With 167 jurisdictions reflected in the make up of the IASB coming to a consensus on a new approach or standard is both timely and complex. ]]> 2022-10-11 20:42:25 UTC https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335960184 lisaappleton6 https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335960746 Individuals/Entities which high lobbying powers could unduly influence the IASB if there is a single reporting body]]> 2022-10-11 20:43:07 UTC https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335960746 lisaappleton6 https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335961455 There is a cost constraint with compliance both with regards to time and money. 
This is especially important when considering changes to accounting software or reporting packages]]> 2022-10-11 20:44:01 UTC https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335961455 lisaappleton6 https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335962374 Increase in global entities and the expansion of organisations through mergers or organic growth influences their investors, suppliers, customers and staff's expectations]]> 2022-10-11 20:45:10 UTC https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335962374 lisaappleton6 https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335963196 Creates a stable infrastructure for national and entity reporting]]> 2022-10-11 20:46:15 UTC https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335963196 lisaappleton6 https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335963644 Doesn't align with national expectations or obligations such as taxation or economic investment]]> 2022-10-11 20:46:55 UTC https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335963644 lisaappleton6 https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335964640 The IASB is potentially too big to fail and therefore nations, regulators and entities may sustain it even when it is no longer fit for purpose]]> 2022-10-11 20:48:07 UTC https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335964640 lisaappleton6 https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335965313 There is no power to enforce compliance with a global standard which sits outside of national legislation]]> 2022-10-11 20:49:04 UTC https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335965313 lisaappleton6 https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335966291 A globally accepted format for reporting creates a template for new or growing markets ]]> 2022-10-11 20:50:26 UTC https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335966291 lisaappleton6 https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335966933 Accounting standards currently take up to 6 years to fully develop from the initial work plan. This is not fast enough to respond to a rapidly changing global, business or accounting world. ]]> 2022-10-11 20:51:18 UTC https://padlet.com/lisaappleton6/8cvsjke56q0bth14/wish/2335966933