The speaker holds a Ph.D. in Economics and Business Administration, as well as a Bachelor’s degree in Law and a Bachelor’s degree in Economics and Business Administration from the UAM. He is a specialist in accounting regulation and a contributor to working groups at the Ministry of Economy and the Spanish Institute of Accounting and Auditing.
IFRS (International Financial Reporting Standards) are used in most of Latin America, the European Union, Hong Kong, Australia, Malaysia, Pakistan, India, Russia, South Africa, Singapore, and Turkey, among others. By 2011, approximately 125 countries will be using IFRS, or parts thereof. Many other countries have decided to adopt the standards in the future, either through direct application or by adapting them to local legislation in their respective countries.
Since 2002, efforts have been made to harmonize international standards with U.S. standards. In the United States, publicly traded companies will have the option to choose whether to present their financial statements under US GAAP or under IAS/IFRS.
The use of IAS/IFRS is a reality worldwide. This application has created the need to evaluate specific situations or case studies that have been resolved through the application of the Conceptual Framework for the preparation of financial statements. This framework establishes the basic principles for IAS/IFRS and, in turn, the boundaries within which a wide range of users can make decisions.
The presentation included a discussion of the applications and the various solutions and insights provided by the speaker.