The document discusses financial reporting standards and the International Accounting Standards Board (IASB). It notes that the IASB chairman position was vacant for almost a year but has now been filled. It summarizes recent standards issued by the IASB and discusses the agenda consultation process. It also discusses the potential adoption of IFRS standards in the United States and Japan and comments from the European Financial Reporting Advisory Group (EFRAG).
6. Stockholm 27 September 2011 IASB Chairman He also said: “ Without proper transparency about risks, stability is bound to collapse in the end. Stability is not the same as transparency, but there can be no durable stability without transparency
33. FRANCE IASB UK US/FASB JAPAN GERMANY AUS CANADA SPAIN Accounting languages ? INDIA China Stockholm 27 September 2011 BRAZIL ? ? ?
34. Roadmaps issued by Japanese FSA and US SEC on whether to allow or require US and Japanese companies to use IFRS IFRS – USA and JAPAN Stockholm 27 September 2011
40. US SEC is doing a lot of activities to create a basis to conclude on whether to allow or require US companies to use IFRS IFRS – USA Stockholm 27 September 2011
46. Will the US (+Japan) go to IFRS? To be decided in autumn 2011 (12) IFRS – USA Stockholm 27 September 2011 What will it mean if they do? And if they do not?
48. EU has opted for IAS/IFRS and Same accounting in Europe European Regulation Stockholm 27 September 2011
49. We have a global standard setter EU and IFRS IFRS has improved the quality and the credibility of European financial reporting Stockholm 27 September 2011
50. EU companies, auditors and regulators have spent the money to implement IFRS EU and IFRS EU has a competitive advantage!! Stockholm 27 September 2011
53. IFRSC Trustees EU and IFRS The response analysis reported not really surprises Stockholm 27 September 2011 Strategy Review for consultation in November 2010
54. Monitoring Board EU and IFRS MB issued Consultative Report with many questions MB wanted more influence Stockholm 27 September 2011 How much influence should the monitoring board have?
59. IASB governance IASB and GOVERNANCE How much influence should each part of the world have?? And each constituents group Stockholm 27 September 2011
60. Global Accounting EU - influence US influence ?!? IASB Japan Others Stockholm 27 September 2011
72. EU and IFRS EU has adopted IFRS Might be blocking minority for endorsing new standards on F.I. But most likely also blocking minority for any other solution No other infrastructure Stockholm 27 September 2011
83. ACCOUNTING REGULATORY COMMITTEE -ARC EU COMMISSION Advice Vote / Approval EU PARLIAMENT COUNCIL OF MINISTERS EU Structure IFRS/IFRIC Performs scrutiny Stockholm 27 September 2011
84. Stockholm 27 September 2011 Invite for field testing EFRAG Update Proactive Invitation to comment Endorsement status report
91. Stockholm 27 September 2011 EU and ENDORSEMENT It still takes too long Francoise Flores, Chairman of EFRAG: “ Only IFRS as issued by the IASB make sense for Europe”
Joint proposals : 16 page document Clear distinction is always made in publications between pro-active work and endorsement advise. EFRAG aims to reach a tentative view on endorsement no later than the publication date of an IASB pronouncement. In general, a period of one month is allowed for comments to be given to EFRAG. In the case of a negative advice of the TEG, this advice will be directly submitted to the Commission. The Supervisory Board will submit a separate statement directly to the Commission to provide its commentary. A decision to give negative endorsement advice requires the minimum consent of two thirds of the members of the TEG (an abstention will be counted as a vote in favour of the endorsement). Endorsement: a) not contrary to the true and fair view principle (4 th and 7 th Directives) b) meet the criteria of understandability, relevance, reliability and comparability Status Endorsement by the Commission of IFRS standards extant on September 14 2002 (effective date IAS Regulation): ARC meeting of July 16 is expected to vote on the split endorsement : all but financial instruments standards (IAS 32/39 and 3 related SICs). Reason is that the amendments currently being considered may be so considerable. It is acknowledged that the existence of high quality standards dealing with financial instruments, including derivatives, is important to the Community capital market.
Joint proposals : 16 page document Clear distinction is always made in publications between pro-active work and endorsement advise. EFRAG aims to reach a tentative view on endorsement no later than the publication date of an IASB pronouncement. In general, a period of one month is allowed for comments to be given to EFRAG. In the case of a negative advice of the TEG, this advice will be directly submitted to the Commission. The Supervisory Board will submit a separate statement directly to the Commission to provide its commentary. A decision to give negative endorsement advice requires the minimum consent of two thirds of the members of the TEG (an abstention will be counted as a vote in favour of the endorsement). Endorsement: a) not contrary to the true and fair view principle (4 th and 7 th Directives) b) meet the criteria of understandability, relevance, reliability and comparability Status Endorsement by the Commission of IFRS standards extant on September 14 2002 (effective date IAS Regulation): ARC meeting of July 16 is expected to vote on the split endorsement : all but financial instruments standards (IAS 32/39 and 3 related SICs). Reason is that the amendments currently being considered may be so considerable. It is acknowledged that the existence of high quality standards dealing with financial instruments, including derivatives, is important to the Community capital market.
Joint proposals : 16 page document Clear distinction is always made in publications between pro-active work and endorsement advise. EFRAG aims to reach a tentative view on endorsement no later than the publication date of an IASB pronouncement. In general, a period of one month is allowed for comments to be given to EFRAG. In the case of a negative advice of the TEG, this advice will be directly submitted to the Commission. The Supervisory Board will submit a separate statement directly to the Commission to provide its commentary. A decision to give negative endorsement advice requires the minimum consent of two thirds of the members of the TEG (an abstention will be counted as a vote in favour of the endorsement). Endorsement: a) not contrary to the true and fair view principle (4 th and 7 th Directives) b) meet the criteria of understandability, relevance, reliability and comparability Status Endorsement by the Commission of IFRS standards extant on September 14 2002 (effective date IAS Regulation): ARC meeting of July 16 is expected to vote on the split endorsement : all but financial instruments standards (IAS 32/39 and 3 related SICs). Reason is that the amendments currently being considered may be so considerable. It is acknowledged that the existence of high quality standards dealing with financial instruments, including derivatives, is important to the Community capital market.
Joint proposals : 16 page document Clear distinction is always made in publications between pro-active work and endorsement advise. EFRAG aims to reach a tentative view on endorsement no later than the publication date of an IASB pronouncement. In general, a period of one month is allowed for comments to be given to EFRAG. In the case of a negative advice of the TEG, this advice will be directly submitted to the Commission. The Supervisory Board will submit a separate statement directly to the Commission to provide its commentary. A decision to give negative endorsement advice requires the minimum consent of two thirds of the members of the TEG (an abstention will be counted as a vote in favour of the endorsement). Endorsement: a) not contrary to the true and fair view principle (4 th and 7 th Directives) b) meet the criteria of understandability, relevance, reliability and comparability Status Endorsement by the Commission of IFRS standards extant on September 14 2002 (effective date IAS Regulation): ARC meeting of July 16 is expected to vote on the split endorsement : all but financial instruments standards (IAS 32/39 and 3 related SICs). Reason is that the amendments currently being considered may be so considerable. It is acknowledged that the existence of high quality standards dealing with financial instruments, including derivatives, is important to the Community capital market.
