Transcript Document

International Financial Reporting Standards
Les Normes IFRS serontelles un jour le référentiel
comptable mondial?
Colloque CSOEC-INTEC
26/11/2010
The views expressed in this presentation are those of the presenter,
not necessarily those of the IFRS Foundation or the IASB
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
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Avant 2005…
International Financial Reporting Standards
FONDATION IFRS
Mission et gouvernance
www.ifrs.org
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
Une citation pour commencer..
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“D’évidence, les événements de 2002 ont fourni trop d’exemples
d’échecs des normes comptables et d’audit, aux USA et ailleurs.
Dés lors, le besoin d’agir et de réformer n’a jamais été aussi clair.
La Fondation et l’IASB ont un role central à jouer pour améliorer
l’infrastructure des marchés financiers en voie de globalisation. En
particulier, les récents événements renforcent singulierèment la logique
visant à élaborer et mettre en application des standards comptables
internationalement reconnus et de haute qualité…”
Paul A. Volcker, premier Chairman des Trustees de la Fondation IFRS
– Nov. 2002
Who we are and what we do
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The IFRS Foundation and the International Accounting Standards Board
Our objective
• To develop a single set of high quality, understandable, enforceable and globally
accepted financial reporting standards based upon clearly articulated principles.
How do we do this?
• An independent standard-setting board, overseen by a geographically
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and professionally diverse body of trustees, publicly accountable to a Monitoring
Board of public capital market authorities
Supported by an external IFRS Advisory Council and an IFRS Interpretations
Committee to offer guidance where divergence in practice occurs
A thorough, open, participatory and transparent due process
Engagement with investors, regulators, business leaders and the
global accountancy profession at every stage of the process
Collaborative efforts with the worldwide standard-setting community
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The Monitoring Board
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• Trustees’ meeting in New Delhi, January 2009: decision to enhance the
organisation’s public accountability by establishing a link to a Monitoring
Board of public authorities.
• Members of the Monitoring Board are, at this moment: the Emerging Markets
and Technical Committees of the International Organization of Securities
Commissions (IOSCO), the European Commission, the Financial Services
Agency of Japan (JFSA), and US Securities and Exchange Commission
(SEC). The Basel Committee on Banking Supervision participates in the
Monitoring Board as an observer.
• Through the Monitoring Board, securities regulators that allow or require the
use of IFRS in their jurisdictions will be able to more effectively carry out
their mandates regarding investor protection, market integrity, and capital
formation.
• Monitoring Board’s main responsibilities: to ensure that the Trustees
continue to discharge their duties as defined by the IFRS Foundation
Constitution, as well as approving the appointment or reappointment of
Trustees. For more information on the Monitoring Board, including details of
members, meeting dates, press releases and contacts, please see the
International Organization of Securities Commissions (IOSCO) website.
Les membres de l’IASB au 1er Octobre
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Members are appointed by the Trustees. Following a decision at the January 2009 Trustees meeting, the IASB will
be expanded to 16 members by 2012 with a required balance of geographic origins and professional
backgrounds.
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Sir David Tweedie *(UK)
Stephen Cooper (UK)
Philippe Danjou *(F)
Jan Engström (Sw)
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Patrick Finnegan (US)
Amaro Luiz de Oliveira Gomes (Br)
Prabhakar Kalavacherla (‘PK’) (India)
Dr Elke König (D)
Patricia McConnell (US)
Warren McGregor*(Aus)
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Paul Pacter (US)
Darrel Scott (RSA)
John Smith (US)
Tatsumi Yamada *(Jap)
Zhang Wei-Guo (China)
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Hans Hoogervorst et Ian MacIntosh nommés à effet du 01/07/2011
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2 recrutements en cours (mais un membre rééligible)
(*) Mandat expire le 30 Juin 2011
30 Cannon St
London
International Financial Reporting Standards
Retour sur 2001-2010
Resolution du Comite Technique
IOSCO de Mai 2000
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In order to respond to the significant growth in cross-border capital flows, IOSCO has sought to facilitate
cross-border offerings and listings. IOSCO believes that cross-border offerings and listings would be
facilitated by high quality, internationally accepted accounting standards that could be used by incoming
multinational issuers in cross-border offerings and listings. Therefore, IOSCO has worked with the
International Accounting Standards Committee (IASC) as it sought to develop a reasonably complete set
of accounting standards through the IASC core standards work program.
IOSCO has assessed 30 IASC standards, including their related interpretations (“the IASC 2000
standards”), considering their suitability for use in cross-border offerings and listings. IOSCO has
identified outstanding substantive issues relating to the IASC 2000 standards in a report that includes an
analysis of those issues and specifies supplemental treatments that may be required in a particular
jurisdiction to address each of these concerns.
The Presidents’ Committee congratulates the IASC for its hard work and contribution to raising the quality of
financial reporting worldwide. The IASC’s work to date has succeeded in effecting significant
improvements in the quality of the IASC standards. Accordingly, the Presidents’ Committee recommends
that IOSCO members permit incoming multinational issuers to use the 30 IASC 2000 standards to
prepare their financial statements for cross-border offerings and listings, as supplemented in the manner
described below (the “supplemental treatments”) where necessary to address outstanding substantive
issues at a national or regional level.
IOSCO notes that a body of accounting standards like the IASC standards must continue to evolve in order
to address existing and emerging issues. IOSCO’s recommendation assumes that IOSCO will continue
to be involved in the IASC work and structure and that the IASC will continue to develop its body of
standards. IOSCO strongly urges the IASC in its future work program to address the concerns identified
in the Assessment Report, in particular, future projects.
Retour sur 2001-2010: une dynamique
de succès
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• (1973-2000: Travail fondateur de l’IASC et cooperation avec IOSCO)
• 2001 : création de l’IFRS Foundation a l’initiative de l’UE+SEC+IOSCO;
premier IAS Board nommé; programme initial de 9 sujets a traiter;
création IFRIC et SAC
• 2002 : Réglement Européen IFRS (>2005); FASB et IASB annoncent
une initiative de convergence des normes et de coopération; annonce
d’un programme technique plus complet aprés consultation du SAC et
des régulateurs boursiers; scandales comptables (Enron etc) aux USA
• 2003 : publication IFRS1; Australie, HK, NZ, RSA adoptent IFRS
• 2004: plate-forme stable de nouveaux standards; accord de coopération
avec normalisateur comptable japonais; publication d’IFRS 2 (Sharebased payments) qui servira de base à la norme US SFAS 123; IFRS 4
(Insurance Contracts)
Retour sur 2001-2010: une dynamique
de succés
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• 2005: transition aux IFRS en Europe; SEC publie une
“roadmap” décrivant les étapes pour aboutir à une
adoption des IFRS aux USA
• 2006: FASB et IASB signent un “Memorandum of
Understanding” pour faire progresser la convergence;
la Chine adopte de nouvelles normes substantiellement
alignées sur les IFRS
• 2007: Brésil, Canada, Chili, Inde, Japon et Corée
publient des calendriers d’adoption ou de convergence
avec les IFRS
Retour sur 2001-2010: une dynamique
de succés
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• 2007: La SEC autorise les émetteurs étrangers à
accéder au marché financier US avec des comptes
établis en IFRS sans reconciliation US GAAP, et
lance une consultation sur l’adoption des IFRS aux
USA
• 2008 : Israel, Malaisie et Mexique adoptent IFRS;
l’IASB adapte son programme de travail en
réponse à la crise financière et devient un membre
du Financial Stability Board; première nouvelle
norme commune IASB-FASB (>IFRS 3R)
• 2009 : Publication des “IFRS pour les PME”
Retour sur 2001-2010: une dynamique
de succés
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Communiqué du G20 Pittsburgh (26 Septembre 2009)
“We call on our international accounting bodies to redouble their
efforts to achieve a single set of high quality, global accounting
standards within the context of their independent standard setting
process, and complete their convergence project by June 2011. The
International Accounting Standards Board’s (IASB) institutional
framework should further enhance the involvement of various
stakeholders”
Retour sur 2001-2010: une dynamique
de succés
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• 2009 : L’IASB conclut la première phase de son
programme de travail en réponse a la crise financière
(IFRS 9); le Japon publie un calendrier pour
l’adoption des IFRS et autorise certaines sociétés
japonaises à reporter en IFRS; accélération des
travaux de convergence avec le FASB en réponse a
la demande des leaders du G20 (nouveau MoU, joint
meetings, progress reports)
• 2010: la SEC publie un “statement’ réaffirmant son
soutien aux IFRS et confirmant son plan à long terme
d’adoption aux USA
Retour sur 2001-2010: une dynamique de
succés
Source of information (adapted from): www.iasplus.com
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Country Status for listed companies as of April 2010
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Argentina Required for fiscal years beginning on or after 1 January 2011
Australia Required for all private sector reporting entities and as the basis for public sector reporting since
2005
Brazil Required for consolidated financial statements of banks and listed companies from 31 December
2010 and for individual company accounts progressively since January 2008
Canada Required from 1 January 2011 for all listed entities and permitted for private sector entities
including not-for-profit organisations
China Substantially converged national standards
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European Union All member states of the EU are required to use IFRSs as adopted by the EU for listed
companies since 2005
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India India is converging with IFRSs over a period beginning 1 April 2011
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Indonesia Convergence process ongoing; a decision about a target date for full compliance with IFRSs is
expected to be made in 2012
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Japan Permitted from 2010 for a number of international companies; decision about mandatory adoption
by 2016 expected around 2012
Mexico Required from 2012
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Republic of Korea Required from 2011
Russia Required for banking institutions and some other securities issuers; permitted for other companies
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Saudi Arabia Not permitted for listed companies
South Africa Required for listed entities since 2005
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Turkey Required for listed entities since 2008
United States Allowed for foreign issuers in the US since 2007; target date for substantial convergence
with IFRSs is 2011 and decision about possible adoption for US companies expected in 2011.
Modified joint strategy and work plan
(October 2010)
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Target date for priority projects remains June 2011
 Prioritise major projects to permit sharper focus on
those areas in most urgent need for improvement in
both IFRS and US GAAP
 Phasing of publication of EDs and related
consultations to enable broad-based, effective
stakeholder participation
 Publication of separate consultation document
seeking stakeholder input about effective dates and
transition methods (Request for views; 19/10/2010)
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
The major joint projects
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Financial Crisis (MoU)
Other (MoU)
 Financial instruments
 Revenue recognition
 Fair value measurement
 Leases
 Consolidation
 Post-retirement benefits
 Derecognition
 Financial statement
presentation
 Liability/Equity
Other (Non MoU)
 Insurance contracts
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
The major projects
Project
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ED issued
Completion
Derecognition disclosures
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 Q4 2010
Consolidation
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 Q4 2010
Financial statement
presentation (OCI)
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 Q4 2010
Fair value measurement
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 Q1 2011
Post-employment benefits
(Defined benefit plans)
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 Q1 2011
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
The major projects
Project
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ED issued
Completion
Q4 2010
 Q2 2011
Revenue recognition
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 Q2 2011
Leases
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 Q2 2011
Insurance (FASB will
publish IASB ED as a
Discussion Paper with a
FASB wrap-around)
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 Q2 2011
Financial instruments
(phases 2 & 3)
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
A quoi ressembleront les normes du futur?
Principles
Rules
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International Financial Reporting Standards
DIFFICULTES A
SURMONTER
Nos principaux challenges pour 2011 et
après
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• “Réconciliation” avec l’Union Europeenne et adoption de la norme IFRS 9
• Achever de clarifier le role de la comptabilité dans la stabilité financière
• Gérer une nouvelle plate-forme normative stabilisée
• Revue post-implementation de plusieurs standards
• Participation plus active des investisseurs
• Convaincre les dirigeants d’entreprise
• Convergence ou adoption des IFRS?
• 2011= fin du calendrier de convergence…la SEC décidera-t’elle
d’adopter les IFRS aux USA?
• Impact de la décision de la SEC sur d’autres juridictions?
• Consultation publique par l’IASB sur le work program post 2011
• Trustees and Monitoring Board: Strategic Reviews
Une citation pour finir…
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“The crisis has changed standard-setting forever, but in a good
way.
It is no longer acceptable to take more than a decade to
develop a new standard, or to simply drop proposals on to our
constituents and wait for the replies.
Proactive, responsive and accountable – these are the
attributes of modern-day standard setting.”
David Tweedie, Chairman of the IASB, May 2010
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Questions?
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Expressions of individual views
by members of the IASB and
its staff are encouraged.
The views expressed in this
presentation are those of the
presenter. Official positions of
the IASB on accounting matters
are determined only after
extensive due process
and deliberation.
www.ifrs.org