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Επίσημη Μετάφραση των Διεθνών Προτύπων Ελέγχου από την ΕΛΤΕ

2010-11-30T03:55:00.001-08:00

www.elte.org.gr

Η Επιτροπή Λογιστικής Τυποποίησης και Ελέγχων (ΕΛΤΕ) ανακοινώνει τα ακόλουθα σχετικά με τα Διεθνή Πρότυπα Ελέγχου:

1. Σύμφωνα με την κείμενη νομοθεσία (ν. 3693/2008), οι υποχρεωτικοί έλεγχοι, όπως αυτοί ορίζονται στο άρθρο 2 παρ. 1 του ν. 3693/2008, διενεργούνται, ανάλογα με τη φύση τους, σύμφωνα με τα ελεγκτικά πρότυπα του άρθρου 24 του ιδίου νόμου. Σε αυτά, συμπεριλαμβάνονται τα Διεθνή Ελεγκτικά Πρότυπα (εφεξής Διεθνή Πρότυπα Ελέγχου').

2. Τα Διεθνή Πρότυπα Ελέγχου εκδίδονται από το Διεθνές Συμβούλιο Προτύπων Ελέγχου και Διασφάλισης (International Auditing and Assurance Standards Board - IAASB) της Διεθνούς Ομοσπονδίας Λογιστών (International Federation of Accountants - IFAC) στην αγγλική γλώσσα. Το IAASB έχει εκδώσει τα Αποσαφηνισμένα Διεθνή Πρότυπα Ελέγχου (Clarified International Standards on Auditing), τα οποία έχουν εφαρμογή σε ελέγχους οικονομικών καταστάσεων για περιόδους που ξεκινούν από την 15η Δεκεμβρίου 2009.

3. Με σκοπό τη διευκόλυνση της εφαρμογής των προτύπων αυτών, το Σώμα Ορκωτών Ελεγκτών Λογιστών (ΣΟΕΛ), κατ' εξουσιοδότηση της ΕΛΤΕ, πραγματοποίησε τη μετάφραση των Αποσαφηνισμένων Διεθνών Πρότυπων Ελέγχου στην ελληνική γλώσσα. Η εν λόγω μετάφραση έχει εγκριθεί από την αρμόδια Διεύθυνση της Ευρωπαϊκής Επιτροπής (Directorate General for Translation).

4. Τα Αποσαφηνισμένα Διεθνή Πρότυπα Ελέγχου στην ελληνική γλώσσα είναι αναρτημένα στην ιστοσελίδα της ΕΛΤΕ www.elte.org.gr

5. Εξυπακούεται ότι η υπ' αρ. 483/6.10.2004 (ΦΕΚ Β' 1589/2004) απόφαση του Διοικητικού Συμβουλίου της ΕΛΤΕ θεωρείται κατηργημένη βάσει της διάταξης του άρθρου 44 παρ. 2 του ν. 3693/2008 για τους υποχρεωτικούς ελέγχους, που διέπονται από το νόμο 3693/2008 και διενεργούνται βάσει των διατάξεών του, σύμφωνα με τα Διεθνή Πρότυπα Ελέγχου.

Αγγλικό κείμενο των Διεθνών Πρότυπων Ελέγχου και Διεθνών Πρότυπων Δικλίδων Ποιότητας © 2009 από τη Διεθνή Ομοσπονδία Λογιστών (IFAC). Με επιφύλαξη παντός δικαιώματος. | Ελληνικό κείμενο των Διεθνών Πρότυπων Ελέγχου και Διεθνών Πρότυπων Δικλίδων Ποιότητας © 2010 από τη Διεθνή Ομοσπονδία Λογιστών (IFAC). Με επιφύλαξη παντός δικαιώματος. | Πρωτότυπος Τίτλος: ‘IFAC Handbook of International Standards on Auditing and Quality Control’ ISBN number: 978-1-934779-92-7

Kατεβάστε το πλήρες αρχείο 922 σελίδων
IFRS Handbook in Greek

Η Διαφάνεια των Οικονομικών Καταστάσεων στο επίκεντρο του ενδιαφέροντος

2010-11-16T05:51:00.001-08:00

της Ειρήνη Γκίνη, CFO Agenda

Τα θέματα διαφάνειας στις οικονομικές καταστάσεις των επιχειρήσεων, μέσα από τη σωστή εφαρμογή των Διεθνών Λογιστικών Προτύπων, αποτέλεσαν το επίκεντρο των παρουσιάσεων του πρόσφατου Πανελλήνιου Χρηματοοικονομικού Συνεδρίου "IFRS Convention".

Η σωστή εφαρμογή των Διεθνών Λογιστικών Προτύπων αποτελεί θέσφατο για την εδραίωση της διαφάνειας στις ελληνικές επιχειρήσεις » όπως χαρακτηριστικά δήλωσε ο Γιαννάκης Θεοκλήτου, CSE Practice Director και Partner της Ernst & Young, παραφράζοντας τον - δυστυχώς - εξαιρετικά δημοφιλή όρο «greek statistics».

Σύμφωνα με τον ίδιο «Οι επιχειρήσεις δεν πρέπει να εφαρμόζουν “greek IFRS” ... οι δύο λέξεις που πρέπει να χαρακτηρίζουν την εφαρμογή των Διεθνών Λογιστικών Προτύπων στις ελληνικές επιχειρήσεις είναι αξιοπιστία και συνάφεια».

Στο πεδίο της διαφάνειας, ιδιαίτερη έμφαση δόθηκε από τους συμμετέχοντες στο IFRS Convention, στην κακή πρακτική πολλών επιχειρήσεων να προβάλουν επιλεκτικά πληροφορίες. Η πρακτική αυτή, όμως, εμπίπτει στα διαβόητα προαναφερθέντα «greek IFRS» Για παράδειγμα, στη συζήτηση σχετικά με το segment reporting και το IFRS8, αναφέρθηκε ότι «το πρότυπο θεωρεί ότι δεν μπορεί να υπάρχει competitive harm, δηλαδή καμία πληροφορία δεν μπορεί να είναι απόρρητη. Δεν νοείται να υπάρχει εισηγμένη εταιρεία που να δικαιούται να μην γνωστοποιεί πληροφορίες ανά τομέα».

Ναι στην διαφάνεια, όχι στην αδιαλλαξία

Από τις συζητήσεις και τις παρουσιάσεις που πραγματοποιήθηκαν στο πλαίσιο του "IFRS Convention", προέκυψε το εξής παράδοξο: από την μία, οι ελληνικές επιχειρήσεις σπεύδουν να εφαρμόσουν με σπουδή κάθε νέα αναθεώρηση των Διεθνών Λογιστικών Προτύπων, έστω κι αν στο τέλος καταλήγουν να υιοθετούν μια πιο «βολική» για την ελληνική πραγματικότητα εκδοχή αυτής!

Σε κάθε περίπτωση, η Ελλάδα ανήκει στις πρωτοπόρες χώρες, όσον αφορά την εφαρμογή των Διεθνών Λογιστικών Προτύπων στις επιχειρήσεις. Σύμφωνα με τους εισηγητές του Συνεδρίου, οι ελληνικές επιχειρήσεις καλό θα είναι να μην ενστερνίζονται με ζέση κάθε νέο πρότυπο στις οικονομικές τους καταστάσεις - τουλάχιστον όχι πριν κατανοήσουν απόλυτα τι ακριβώς προτείνει το κάθε αναθεωρημένο πρότυπο.

Η διαφάνεια στην εφαρμογή των Διεθνών Λογιστικών Προτύπων, δεν συνάδει με την αδιαλλαξία » όπως χαρακτηριστικά ανέφερε ο Γιάννης Φίλος, Επίκουρος Καθηγητής στο Πάντειο Πανεπιστήμιο.

«... οι επιχειρήσεις πρέπει να εξετάζουν προσεκτικά τι εικόνα παρουσιάζει ο κλάδος τους πριν αποφασίσουν τι θα εμφανίσουν στις οικονομικές τους καταστάσεις. Για ποιο λόγο να δημοσιεύσει μια επιχείρηση έλεγχο από έναν ζημιογόνο κλάδο, αν οι ανταγωνιστές της δεν ακολουθούν την ίδια οδό;».

Ασάφεια στην εκτίμηση ακινήτων

Η τιμή των ακινήτων αποτελεί μείζον θέμα και θα συνεχίσει να μας απασχολεί και στο μέλλον » όπως έθιξε με την τοποθέτησή του ο Μπάμπης Χαραλαμπόπουλος, Πρόεδρος του Ελληνικού Ινστιτούτου Εκτιμητικής.

Τα κακώς κείμενα της ελληνικής νομοθεσίας, που αφήνουν (σκοπίμως;) ασαφή το ρόλο και τις προϋποθέσεις που πρέπει να πληροί ο εκτιμητής ακινήτων καυτηρίασε στην παρουσίασή του, προβλέποντας ότι «οι ισολογισμοί θα αλλάξουν στο μέλλον, εξαιτίας των ακινήτων », ενώ σύμφωνα με τον ίδιο, πρέπει να αποσαφηνιστεί ο ορισμός του εκτιμητή ακινήτων το συντομότερο δυνατό.

Χαμένοι στη μετάφραση

Το θέμα της λανθασμένης μετάφρασης αγγλικών λογιστικών όρων στα ελληνικά, αποτέλεσε ένα πεδίο έντονης συζήτησης μεταξύ των συνέδρων του IFRS Convention, οι οποίοι δεν παρέλειψαν να αναφερθούν σε λάθη που «βγάζουν μάτι» και αλλοιώνουν σημαντικές έννοιες στα κείμενα των Διεθνών Λογιστικών Προτύπων. Με μεταφράσεις που θα μπορούσαν να έχουν βγει από το Google Translate, χωρίς καμία πρόσθετη παρέμβαση, εκφράσεις όπως «δάπεδο επιτοκίου», ως απόδοση του interest floor, δηλαδή του κατώτατου ορίου επιτοκίου, θα μπορούσαν να είναι ιδιαίτερα διασκεδαστικές, αν δεν αφορούσαν σε σημαντικά λογιστικά θέματα.

Πηγή: CFOagenda.gr | Περισσότερα: ifrsconvention.blogspot.com

The challenges of global financial reporting

2010-11-12T07:22:00.000-08:00

Hosted by Ernst & Young's Global IFRS Services

The global financial reporting landscape is changing. Over the last 12 months, the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) have continued with convergence efforts to jointly develop a single set of high-quality global accounting standards.

As the development of accounting standards moves towards implementation, globally consistent interpretation by preparers, auditors and regulators is critical. However, regulation remains largely national. How do we address these challenges?

Join James Luke, a member of Ernst & Young's Global IFRS Services team, and our panel of experienced Ernst & Young professionals as they take a look at the global landscape and consider what the global interpretation and regulation challenges mean for the future of financial reporting.

The online panel includes:

James S. Turley Chairman and CEO
Ernst & Young

Ruth Picker Leader, Global IFRS Services
Ernst & Young Global Limited

Danita Ostling Americas IFRS Technical Leader
Ernst & Young LLP

These webcasts are designed for CEOs, CFOs and audit committee members to help understand the direction that financial reporting is taking now and in the long term.

Ernst & Young is offering this global webcast on three occasions to account for public holidays and global time zones. Please see below for details and register for the webcast that best fits your scheduling needs.

" The challenges of global financial reporting "
Hosted by Ernst & Young's Global IFRS Services

Tuesday, 23 November 2010
16:00-17:00 London; 17:00-18:00 Paris;
11:00 a.m.-12:00 p.m. New York

Register online at: webcast.ey.com/thoughtcenter

IASB | Stripping Costs in the Production Phase of a Surface Mine

2010-11-06T05:18:00.000-07:00

www.ifrs.org

The IFRS Interpretations Committee of IASB, published proposed guidance on the accounting for stripping costs in the production phase of a surface mine.

The committee was asked to consider how to account for the process of removing waste from a surface mine in order to gain access to mineral ore deposits given the divergence in practice that exists. The committee has proposed that costs associated with a “stripping campaign” should be accounted for as an additional component of an existing asset, and that this component should be written down over the reserves that directly benefit from the campaign.

The full proposal (DI/2010/1) is open for comment until November 30 and can be accessed under the “Comment on a Proposal” section of www.ifrs.org

SEC | Progress in IFRS Update

2010-11-06T04:43:00.000-07:00

JournalofAccountancy.com

A Securities and Exchange Commission staff report detailed research and analysis still to be done as the SEC considers whether, when and how to allow U.S. domestic issuers to use IFRS. The report, issued on Friday, describes progress under its IFRS work plan.

In the recently released IFRS Progress Report , the SEC staff details its progress thus far and remaining research and analysis to be done as the commission considers whether, when and how to allow domestic issuers in the U.S. to use IFRS.

The SEC staff’s first update draws no major conclusions. It highlights concerns among regulators that now rely on U.S. GAAP as a basis for their reporting regimes about the impact of a shift to IFRS and worries over the funding mechanism for the International Accounting Standards Board (IASB).

The 44-page report details staff efforts and its list of to dos across six major areas the commission is weighing.

Development of IFRS for the U.S. domestic reporting system
Independence of standard setting
Investor understanding and education regarding IFRS
Examination of the U.S. regulatory environment that would be affected by a change in accounting standards
The impact on issuers, such as changes to accounting systems and contractual arrangements
Human capital readiness

Earlier this year, the commission signaled that it would make a determination in 2011 about the use of global standards by U.S. public companies following completion of the SEC’s IFRS work plan and the convergence projects agreed to by FASB and the IASB.

The SEC has stressed the importance of having a well-funded standard setter with a governance structure to support the independent development of global standards for the “ultimate benefit of investors.” According to the progress report, the SEC staff is analyzing how the IASB and its parent organization, the IFRS Foundation, are funded through review of “publicly available data and outreach to foreign regulators.”

The assessment will involve current, planned and proposed funding mechanisms. The staff is also in the process of considering a range of possibilities with respect to contributions to the IFRS Foundation and the IASB from the United States.

“Based on current existing funding commitments, the IFRS Foundation has indicated that it could be in an operating deficit for fiscal year 2010,” the progress report states. “In addition, the IFRS Foundation indicated it could expect a $4 million funding ‘gap’ with respect to its self-determined contribution target for the United States.”

Read more on Journal of Accountancy : Download the Report

FASB could be swayed to modify its fair-value plan

2010-10-07T12:12:00.001-07:00

An updated report from Reuters

Strong opposition to a controversial proposal to expand fair value accounting could sway rulemakers to modify the plan, a member of the U.S. accounting rule-making board said on Tuesday.

Lawrence Smith, a member of the Financial Accounting Standards Board, said rule makers could be persuaded to modify their plan to expand fair-value accounting rules, an effort that has faced strong opposition. Smith said comment letters are overwhelmingly against the proposal, which would require financial assets to be valued based on mark-to-market standards.

The proposal by the Financial Accounting Standards Board calls for loans and other financial assets to be valued based on what they would fetch in the market, known as mark-to-market, or fair value. That change is intended to give investors a clearer picture of assets held on banks' books.

Read more on reuters.com

Οι Guru των ΔΛΠ μιλούν στην Ετήσια Συνάντηση Κορυφής "IFRS Convention"

2010-02-11T12:13:00.002-08:00

www.ifrsconvention.com

Η Ετήσια Συνάντηση Κορυφής για τα Διεθνή Λογιστικά Πρότυπα "IFRS Convention", για δεύτερη συνεχόμενη χρονιά, φιλοξενεί κορυφαίους επιστήμονες και συγκεντρώνει το ενδιαφέρον της Χρηματοοικονομικής, Λογιστικής και Ελεγκτικής κοινότητας.

Το θέμα της φετινής διοργάνωσης "Financial Crisis & the Role of IFRS: The Next Day" πραγματεύεται τις επιπτώσεις της Κρίσης στην Εθνική μας Οικονομία, την απεικόνιση στα αποτελέσματα των Εισηγμένων Εταιριών, τις εξελίξεις στις Μικρομεσαίες Επιχειρήσεις, τις Ασφαλιστικές και τον Τραπεζικό Κλάδο.

Στην Ετήσια Συνάντηση Κορυφής για τα Διεθνή Λογιστικά Πρότυπα συμμετέχουν υπεύθυνα, με κύρος και γνώση, οι Διακεκριμένοι Επιστήμονες:

Απόστολος Ρεφενές
Πρόεδρος Επιτροπής Λογιστικής Τυποποίησης & Ελέγχων (ΕΛΤΕ)
Παναγιώτης Δράκος
Πρόεδρος ΕΕ Ένωσης Εισηγμένων Εταιριών
Τάκης Ζαφειρόπουλος
Πρόεδρος Ινστιτούτου Οικονομικής Διοίκησης,
Γενικός Διευθυντής Ελέγχου Εμπορικής Τράπεζας
Ελένη Βρέντζου
Πρόεδρος Συμβουλίου Λογιστικής Τυποποίησης (ΣΛΟΤ)
Ξενοφών Αυλωνίτης
Αντιπρόεδρος Επιτροπής Κεφαλαιαγοράς
Δρ. Δημήτριος Ντζανάτος
Πρόεδρος Grant Thornton, Μέλος ΔΣ HFAA
Γιαννάκης Θεοκλήτου
CSE Practice Director, Partner, Ernst & Young
Σταμάτης Δρίτσας
Executive Partner, KPMG
Ανθή Ελιαδάκη
Παρακολούθηση ΧρηματοΟικονομικής Πληροφόρησης,
Επιτροπή Κεφαλαιαγοράς
Παύλος Στελλάκης
Executive Partner, IBC Director, Grant Thornton
Τάσος Ιωσηφίδης
Partner, Ernst & Young
Χαράλαμπος Ξένος
Executive Partner, ΣΟΛ ΑΕ
Δέσποινα Ξενάκη
Partner, Ernst & Young
Iωάννης Φίλος
Επίκουρος Καθηγητής, Πάντειο Πανεπιστήμιο

H διοργάνωση θα διεξαχθεί με την υποστήριξη και την ενεργή συμμετοχή του Συνδέσμου Επιστημόνων Χρηματοοικονομικής & Λογιστικής, της Επιτροπής Λογιστικής Τυποποίησης & Ελέγχων, του Ινστιτούτου Οικονομικής Διοίκησης της ΕΕΔΕ, της Επιτροπής Κεφαλαιαγοράς και της Ένωσης Εισηγμένων Εταιριών.

Μιλήστε με τους Guru των ΔΛΠ στο IFRS Convention
Πέμπτη 04 Μαρτίου 2010, Athens Hilton, 09.00-18.00
www.ifrsconvention.com

Διεθνή Λογιστικά Πρότυπα και Παγκόσμια Οικονομική Κρίση

2010-02-11T12:13:00.001-08:00

από τον Δρ. Χρίστο Βλάχο, CEO Globaltraining
www.globaltraining.gr

Η υιοθέτηση των ΔΛΠ/ΔΠΧΑ στην Ελλάδα, επέφερε μία πραγματική λογιστική και επιχειρηματική «Eπανάσταση», αναφορικά με την παρουσίαση και τη γνωστοποίηση των χρηματοοικονομικών πληροφοριών.

Διανύοντας ήδη το πέμπτο έτος εφαρμογής των Διεθνών Λογιστικών Προτύπων (ΔΛΠ) και των Διεθνών Προτύπων Χρηματοοικονομικής Αναφοράς (ΔΠΧΑ) για τις εισηγμένες εταιρείες στην Ευρωπαϊκή Ένωση, η «Eπανάσταση» αυτή οδήγησε σε θεμελιώδεις μεταβολές στην εργασία και τις ευθύνες των μελών του Διοικητικού Συμβουλίου, της οικονομικής διεύθυνσης, του λογιστηρίου και των λογιστών-ελεγκτών των εταιρειών. Επιπρόσθετα, τα IFRS αύξησαν κατακόρυφα τον λογιστικό, ελεγκτικό και δικαστικό κίνδυνο για τις εταιρείες, τους λογιστές και τους ελεγκτές. Οι λόγοι είναι πολύ συγκεκριμένοι ...

Διαβάστε περισσότερα:
http://credisvisca.gr/ifrsconvention/vlachos.html

Διεθνή Λογιστικά Πρότυπα : Καταστροφή ή Ευκαιρία?

2010-01-08T08:25:00.003-08:00

του Θάνου Αλαφογιάννη, CEO, Prosvasis
www.prosvasis.net

Φαίνεται ότι κάθε 7 έως 10 χρόνια και η παγκόσμια οικονομία διέρχεται από φάσεις με "οξείς αφύσικες καταστροφές". Είναι πεποίθησή μου ότι αυτός ο κύκλος των καταστροφών είναι ένα εντελώς φυσικό φαινόμενο.

Το σημερινό οικονομικό περιβάλλον μπορεί κατά πολύ να συγκριθεί με το φυσικό περιβάλλον της γης μας, όπου συχνά το άμεσο χάος και η καταστροφή μπορούν να φέρουν ως αποτέλεσμα μακροχρόνια εποικοδομητικά επακόλουθα. Έχετε ποτέ σκεφθεί τι θα γινόταν στη φύση εάν τα δάση, τα βρύα και οι λειχήνες, καθώς και όλος ο υπόλοιπος φυτικός κόσμος, μαζί με όλα τα είδη ζώων και πουλιών συνέχιζαν να πολλαπλασιάζονται χωρίς έλεγχο και χωρίς την περίφημη φυσική επιλογή;

Στη φύση για παράδειγμα, εάν δεν υπήρχαν οι καταστροφές για να "ξεδιαλέγουν" (να αποδεκατίζουν εξισορροπητικά), να καθαρίζουν και να ανανεώνουν ένα δάσος, το όλο οικοσύστημα εξασθενίζει, μαραίνεται και τέλος πεθαίνει...

Διαβάστε περισσότερα:
http://credisvisca.gr/ifrsconvention/alafogiannis.html

HFAA : 8o Ετήσιο Συνέδριο Συνδέσμου Επιστημόνων Χρηματοοικονομικής και Λογιστικής

2009-12-17T08:09:00.002-08:00

www.hfaa.gr

Το Τμήμα Λογιστικής και Χρηματοοικονομικής του Πανεπιστημίου Μακεδονίας διοργανώνει το 8ο Ετήσιο Συνέδριο του Συνδέσμου Επιστημόνων Χρηματοοικονομικής και Λογιστικής Ελλάδος (HFAA).

Στο Συνέδριο, που θα πραγματοποιηθεί στη Θεσσαλονίκη στις 18 & 19 Δεκεμβρίου 2009, συμμετέχουν αναγνωρισμένα στελέχη της ακαδημαϊκής και επιστημονικής κοινότητας.

Το κόστος συμμετοχής ανέρχεται στα 100Ευρώ ενώ στους μεταπτυχιακούς φοιτητές και υποψήφιους διδάκτορες παρέχεται έκπτωση 50%

Κατεβάστε το αναλυτικό πρόγραμμα:
http://www.hfaa.gr/Docs/HFAA%202009/Program%20HFAA%202009.doc

Κατεβάστε τη φόρμα συμμετοχής:
http://www.hfaa.gr/Docs/HFAA%202009/Registration%20Form2.doc

Γνωστοποιήσεις, Διεθνή Λογιστικά Πρότυπα και Δίκαιη Αξία : του Δρ. Δημήτριου Ντζανάτου

2009-11-22T10:20:00.000-08:00

dntzanatos.gr

Οι ελεγκτές και οι λογιστές που έχουν ασχοληθεί, είναι τώρα πιο σοφοί και μπορούν να τα δουν με άλλα μάτια. Σε μεγάλο βαθμό έφυγε το δέος που φέρνει η άγνοια, κατανοήθηκε ποια από τα προβλήματα που σχετίζονται με τα ΔΛΠ είναι πραγματικά και ποια είναι εικονικά.

Δυστυχώς, θα απαιτηθεί αρκετός χρόνος, να αντιμετωπιστεί συνολικά και ικανοποιητικά το πρόβλημα. Δεν είναι πια κυρίως θέμα γνώσης. Είναι θέμα οργάνωσης των ελληνικών εταιριών και «σταθεροποίησης» του περιεχομένου των προτύπων.

«Πρότυπο» σημαίνει κατά τεκμήριο κάτι σταθερό, που οι μεταβολές του είναι οριακές. Εδώ έχουμε πρότυπα τα οποία μεταβάλλονται με φρενήρεις ρυθμούς. Οι παλιότερες αλλαγές της ελληνικής φορολογικής νομοθεσίας, δεν είναι τίποτε μπροστά σε αυτό που γίνεται με τα ΔΛΠ. Στο τέλος του Δεκέμβρη υπήρχαν σε εξέλιξη 12 projects αλλαγών εγκεκριμένα από το συμβούλιο των προτύπων (IASB), που εκκρεμούσαν για έγκριση από την ΕΕ και 36 projects αλλαγών από το ίδιο το συμβούλιο. Κάποια από τα projects αφορούν αλλαγές ολόκληρων προτύπων, κάποια άλλα αφορούν τροποποιήσεις που επιδρούν σε πλήθος άλλων προτύπων. Για το μέσο χρήστη, πρόκειται για μία χαώδη κατάσταση.

Η διαρκής μεταβλητότητα έχει πολλές και συγκεκριμένες αιτίες, στις οποίες δεν θα αναφερθούμε ειδικά. Υποδηλώνει μεταξύ άλλων και αδυναμίες στο περιεχόμενο. Οι έμπειροι λογιστές και ελεγκτές, ξέρουν τώρα ότι τα ΔΛΠ δεν είναι πανάκεια, ότι έχουν πολλά κενά, ασαφείς προσεγγίσεις, περιττές υποχρεώσεις, αδυναμίες στον τρόπο παρουσίασής τους. Ιδιαίτερα μεγάλα προβλήματα υπάρχουν στη μετάφραση επιστημονικών όρων στα ελληνικά. Παρόλα αυτά είναι ένα μεγάλο επίτευγμα. Διαμορφώνεται μία κοινή γλώσσα επικοινωνίας των λογιστών και των χρηστών των οικονομικών καταστάσεων σε παγκόσμιο επίπεδο. Οι μακροχρόνιες ωφέλειες θα είναι ανυπολόγιστες. Για τις επόμενες γενιές επαγγελματιών, τα πράγματα θα είναι πιο εύκολα. Η πρώτη γενιά όμως, είναι προφανές ότι θα υποφέρει.

Ένα ζήτημα που σχετίζεται με τα ΔΛΠ αφορά το χρόνο που ένα πρότυπο ή τροποποίηση, αποκτούν νομική ισχύ. Ανήκουμε σε κράτος δικαίου που εντάσσεται σε μία υπερεθνική οντότητα. Ισχύουν για μας οι κανονισμοί που θεσμοθετούνται για τα πρότυπα από την ΕΕ. Το IASB δεν έχει νομοθετική ισχύ, ούτε στη χώρα μας ούτε αλλού. Ένα πρότυπο που εγκρίνεται από το IASB είναι καλό να το ξέρουμε, αλλά είμαστε υποχρεωμένοι να εφαρμόσουμε μόνο τα πρότυπα για τα οποία έχουν εκδοθεί κανονισμοί. Το Νοέμβρη του 2008, η ΕΕ έκανε κωδικοποίηση των μέχρι τότε προτύπων, τα οποία είχαν θεσμοθετηθεί με κανονισμούς (Κανονισμός 1126/3.11.2008). Από τότε έχουν εγκριθεί και άλλοι κανονισμοί και θα συνεχίσουν να εκδίδονται. Οι χρήστες δεν έχουν υποστήριξη, ώστε εύκολα να γνωρίζουν τι ισχύει κάθε φορά. Είναι ζήτημα που μπορεί να λυθεί και θα λυθεί, αλλά ακόμη δημιουργεί προβλήματα.

Το κύριο πρόβλημα όμως που σχετίζεται με τα ΔΛΠ, είναι η πληρότητα των Notes.

Έχουν γίνει κάποιες έρευνες και θα γίνουν και άλλες, αλλά η πραγματικότητα για τους λογιστές και τους ελεγκτές είναι γνωστή. Οι απαιτήσεις για γνωστοποιήσεις που επιβάλλουν τα πρότυπα, ικανοποιούνται μόνο κατά ένα ποσοστό. Κάποιες που θα έπρεπε να εμφανίζονται δεν εμφανίζονται καθόλου, ενώ για κάποιες άλλες, οι πληροφορίες που παρέχονται είναι ατελείς, σε σχέση με τις ρυθμίσεις των προτύπων.

Οι αιτίες είναι πολλές:

Ο όγκος της πληροφόρησης που επιβάλλουν τα ΔΛΠ είναι τεράστιος. Ένα προσάρτημα των οικονομικών καταστάσεων με τα ελληνικά πρότυπα, μπορεί να έχει όγκο 5 με 10 σελίδες. Οι πλήρεις οικονομικές καταστάσεις με τα ΔΛΠ, μπορεί να έχουν όγκο εκατοντάδων σελίδων.
Η άντληση αυτών των πληροφοριών, με βάση τα πληροφοριακά συστήματα των εταιριών, δεν είναι πάντα εύκολη.
Πολλές ρυθμίσεις για γνωστοποιήσεις είναι ασαφείς και επιδέχονται διαφορετικές ερμηνείες.
Οι κατευθύνσεις παρουσίασης αυτών των πληροφοριών είναι πολύ γενικές.
Διαρκής μεταβολή του περιεχομένου των προτύπων και κατ’ επέκταση των γνωστοποιήσεων.

Έτσι πολλά πράγματα αφήνονται στην «πρωτοβουλία» των επιχειρήσεων. Το τελικό θύμα αυτής της κατάστασης είναι ο χρήστης, αλλά και ο ελεγκτής, που δεν ξέρει κάθε φορά τι ψάχνει να βρει και που θα το βρει.

Τα θεσμικά όργανα, έχουν επιβάλλει στις επιχειρήσεις να δημοσιεύουν στον τύπο συγκεκριμένες πληροφορίες. Ανεξάρτητα από το γεγονός ότι είναι αποσπασματικές και καλύπτουν ένα μικρό μέρος των συνολικών γνωστοποιήσεων, έχουν ένα πολύ σημαντικό θετικό χαρακτηριστικό. Είναι ομοιόμορφες. Ο αναγνώστης ξέρει που θα κοιτάξει να βρει μία πληροφορία και την ίδια πληροφορία μπορεί να τη βρει για όλες τις εταιρίες που θα εξετάσει. Αντίθετα, αν πάρει τις συνολικές οικονομικές καταστάσεις διάφορων εταιριών, δεν θα ξέρει που να ψάξει για πολλές πληροφορίες.

Δεν θα ξέρει αν η εταιρία έπρεπε να δώσει μία πληροφορία και δεν την έδωσε. Μία εταιρία θα έχει την πληροφορία με τον ένα τρόπο και μία άλλη με διαφορετικό, μη συγκρίσιμο τρόπο.

Έτσι, ενώ επιβλήθηκε ένα σύστημα πολύ αναλυτικότερης πληροφόρησης, αν αυτή η πληροφόρηση δεν παρέχεται με οργανωμένο, κατανοητό και συγκρίσιμο τρόπο, αφορά μόνο τους ειδικούς και όχι τον απλό χρήστη, που τελικά μπορεί να βρεθεί σε σύγχυση.

Κανείς δεν απαγορεύει στις εποπτικές αρχές, να επιβάλλουν ένα σταθερό μοντέλο γνωστοποιήσεων, που δεν θα έρχεται σε αντίθεση με τις διατάξεις των προτύπων.
Οι διατάξεις για τις γνωστοποιήσεις είναι δεδομένες. Αν μία διάταξη δεν έχει εφαρμογή για μία εταιρία, αυτό θα πρέπει να γνωστοποιείται, αν όχι στο κοινό, τουλάχιστον στις εποπτικές αρχές και τους ελεγκτές της. Γιατί είναι άλλης φύσης πρόβλημα μία ατελής πληροφορία και άλλο η απόλυτη παράλειψη πληροφόρησης.

Το ζήτημα της σωστής εφαρμογής των διατάξεων των προτύπων για τις γνωστοποιήσεις, αποκτά μία ιδιαίτερη σημασία στις δύσκολες συνθήκες που βιώνει η οικονομία μας.

Γιατί όταν όλα πάνε καλά, πολλά πράγματα δεν τα ψάχνουμε.
Αν «σκάσει» όμως μία εταιρία και οι καταστάσεις της γίνουν αντικείμενο ενδελεχούς έρευνας, θα προκύψουν οι ατέλειες στην πληροφόρηση, για γνωστοποιήσεις που δεν έγιναν καθόλου ή για γνωστοποιήσεις που η πληροφόρηση δεν ήταν πλήρης.

Η διοίκηση, οι ελεγκτές, οι εποπτικές αρχές θα αντιμετωπίσουν προβλήματα, που θα μπορούσαν να αποφύγουν. Γιατί όλη η λογική των προτύπων, βασίζεται στην εκτενή και ειλικρινή πληροφόρηση των χρηστών. Αν αυτή έχει γίνει, μειώνονται οι συνέπειες μίας αρνητικής εξέλιξης για την εταιρία.

Αν όμως δεν έχει γίνει, η αρνητική εξέλιξη μπορεί να συνδεθεί με προσπάθεια παραπλάνησης του χρήστη, ανεξάρτητα αν κάτι τέτοιο δεν ήταν στην πρόθεση κανενός από τους εμπλεκόμενους.

Δρ. Δημήτριος Ντζανάτος, Ορκωτός Ελεγκτής Λογιστής
Πρόεδρος Δ.Σ. Grant Thornton
dntzanatos.gr

ΣΟΕΛ : 8ο Συνέδριο Σώματος Ορκωτών Ελεγκτών Λογιστών : 8th SOEL Conference

2009-11-18T01:25:00.000-08:00

www.soel.gr

Το 8ο Συνέδριο του Σώματος Ορκωτών Ελεγκτών Λογιστών με θέμα «Οι εξελίξεις στον ελεγκτικολογιστικό θεσμό» θα πραγματοποιηθεί το Σάββατο 5 Δεκεμβρίου 2009 στο ATHENS GOLF CLUB στην Γλυφάδα. (09.30-14.00)

Το συνέδριο θα καλύψει ενδιαφέροντα θέματα που θα αφορούν στον Ποιοτικό Έλεγχο, το Ξέπλυμα Χρήματος, την Εκπαίδευση και την Επιμόρφωση, καθώς και στη συνεργασία του Σ.Ο.Ε.Λ. με το ACCA.

Θα ακολουθήσουν οι Απονομές Αδειών Ασκήσεως Επαγγέλματος στους νέους Ορκωτούς Ελεγκτές Λογιστές, καθώς και των Μεταπτυχιακών Τίτλων Επαγγελματικής Κατάρτισης Ελεγκτών Λογιστών (ΜΕΤΚΕΛ) του Ι.Ε.Σ.Ο.Ε.Λ. και η εκδήλωση θα κλείσει με γεύμα.

Το λεπτομερές πρόγραμμα θα δημοσιευθεί σύντομα στην ιστοσελίδα του ΣΟΕΛ.

Ernst & Young : Περισσότερες εταιρίες στρέφονται στον εσωτερικό έλεγχο

2009-11-18T01:15:00.003-08:00

cfoagenda.gr

Ο διευρυμένος ρόλος του εσωτερικού ελέγχου αυξάνει την ανάγκη για προσωπικό με εξειδικευμένες ικανότητες.

Καθώς όλο και περισσότερες εταιρείες στρέφονται στον εσωτερικό έλεγχο για τη βελτίωση της επιχειρηματικής τους δραστηριότητας, νέες ευκαιρίες παρουσιάζονται για τους εσωτερικούς Ελεγκτές. Παράλληλα αυξάνονται οι απαιτούμενες δεξιότητές τους, καθώς οι διοικήσεις απευθύνονται σ' αυτούς ολοένα και περισσότερο, προκειμένου να τους παρέχουν συστάσεις για τη βελτίωση των επιχειρήσεών τους και ευρύτερη κάλυψη όσον αφορά στους στρατηγικούς και λειτουργικούς κινδύνους. Αυτά είναι τα πορίσματα της έρευνας Global Internal Audit Survey της Ernst & Young για το 2008.

«Οι δύσκολες οικονομικές συνθήκες που επικρατούν και οι αυξημένες προσδοκίες των επενδυτών ασκούν πιέσεις στην εκτελεστική διοίκηση και τις επιτροπές ελέγχου προκειμένου να βελτιώσουν το Σύστημα Εσωτερικού Ελέγχου και να οδηγήσουν σε αποδόσεις μεγαλύτερης αξίας», δηλώνει ο Γιώργος Παπαδημητρίου, υπεύθυνος των συμβουλευτικών υπηρεσιών της Ernst & Young στην Ελλάδα.

«Κατά συνέπεια, είναι σαφές ότι ο ρόλος του εσωτερικού ελέγχου εξελίσσεται και γίνεται περισσότερο συμβουλευτικός». Η συμμόρφωση με τους κανονισμούς εξακολουθεί να είναι σημαντική, ωστόσο η διοίκηση πλέον αναμένει συστάσεις για τη βελτίωση της απόδοσης και διορατικές αναλύσεις σχετικά με τους αναδυόμενους κινδύνους, επιπρόσθετα από την κάλυψη ενός πολύ ευρύτερου φάσματος κινδύνων».

Η έρευνα στην οποία συμμετείχαν 348 ανώτερα στελέχη εσωτερικού ελέγχου από 35 χώρες υποδεικνύει την ανάγκη για περαιτέρω εστίαση στους λειτουργικούς κινδύνους τα επόμενα δύο χρόνια, ενώ 75% των ερωτηθέντων προτάσσουν την εστίαση σε θέματα τεχνολογίας πληροφορικής (IT), 53% στα σημαντικά προγράμματα κεφαλαίων, 45% στη βελτίωση της απόδοσης, 44% στην ασφάλεια των πληροφοριών και 39% στην απάτη.

Ωστόσο, μόνο το 69% των ερωτηθέντων καλύπτουν σε ποσοστό 90% ή υψηλότερο τον αριθμό εργαζομένων βάσει του προϋπολογισμού της εταιρείας, ενώ 64% υποδεικνύουν ότι η πρόσληψη και η διατήρηση εξειδικευμένου προσωπικού σε αυτούς τους τομείς αποτελεί πρόκληση.

Διαβάστε περισσότερα στο:
http://cfoagenda.gr/default.asp?pid=9&la=1&cID=1&arId=101

IAS 39 : IASB : Reforms on Financial Instruments

2009-11-03T06:14:00.000-08:00

www.iasb.org

Sir David Tweedie, Chairman of the IASB, and Sir Bryan Nicholson, Trustee of the IASC Foundation, provided an update to European Finance Ministers (ECOFIN) on reforms to IAS 39 Financial Instruments.

Opening remarks by Sir Bryan Nicholson
Trustee of the IASC Foundation

Sir David and I welcome the opportunity to appear before you today. Sir David is accompanied by Gavin Francis, director of capital markets, the lead IASB staff director on the IAS 39 reform project. Gerrit Zalm, our chairman and your former colleague, apologises for not being able to attend. As one of the eight European-based trustees, I have been asked to accompany Sir David today.Since the beginning of the global economic crisis, the trustees have been actively engaged with the issues raised. We have committed ourselves to taking urgently all the actions necessary within our sphere of responsibility to respond to these issues.

As the crisis unfolded, the negotiations leading to the establishment of a public accountability link to the Monitoring Board were concluded. The Monitoring Board came into being early this year and has played its part in encouraging and supporting swift action by the IASCF. Whilst the European Commission has been present and has participated in our meetings with the Monitoring Board, we would greatly value its full participation in a body it helped to create and hope that may soon be possible.

Conscious of the urgency placed on the reform of IAS 39, the Trustees have strongly supported the need to complete the first part of the reform by year end. We have received regular updates in public meetings to ensure timely completion and fair consideration of stakeholder input. Before handing over to Sir David, I would make four points from the Trustee standpoint about the work to reform IAS 39.

01. The trustees are pleased with the unprecedented scale of the stakeholder engagement that the IASB has undertaken to complete its work, including with prudential supervisors and those tasked with co-ordinating the global regulatory response to the crisis.

02. The IASB has made real substantive adjustments to its original proposals to address issues raised by stakeholders. The Trustees believe these have improved the proposals and aided transparency.

03. The Trustees have been impressed with the pragmatic and listening approach that the IASB has taken.

04. The Trustees believe that the IASB’s developing proposals on a reformed IAS 39 represent a major step forward on a matter that has been contentious for years.

Prepared statement by Sir David Tweedie
Chairman of the IASB

I greatly appreciate the opportunity to speak to you regarding the status of the IASB’s revision of IAS 39. When I appeared before you in June, the Council emphasised the need to have a revised standard available for use this year. I gave a commitment to deliver on this timetable. We will publish the new standard in November.

The new standard on classification and measurement responds directly to the call of the G20 Leaders to ‘reduce the complexity of accounting standards for financial instruments’. As urged by the G20 Finance Ministers in September, we have taken ‘account of the Basel Committee guiding principles on IAS 39 and the report of the Financial Crisis Advisory Group’. Additionally, we have responded to issues raised by this Council regarding impairment and the fair value option and to subsequent concerns raised in the European Commission comment letter of 15 September on our proposals. We are working closely with the European Commission and the European Financial Reporting Advisory Group (EFRAG) to facilitate a smooth endorsement. We have also briefed and received the advice of the Economic and Monetary Affairs (ECON) Committee of the European Parliament.

Download the full statement :

IFRS Returns to the Front Burner

2009-10-18T01:01:00.002-07:00

by Marie Leone, CFO.com

Leading the charge to convert the world to International Financial Reporting Standards, David Tweedie says many of the problems opponents cite are being addressed and resolved. Is he right?

The debate over whether U.S. companies should be forced to use international accounting standards took on new life last month when the Securities and Exchange Commission assured investors, companies, and accountants that the project is still active. Once the SEC announced it hadn't lost sight of the project, criticism of International Financial Reporting Standards bubbled up again, with opponents making the same arguments they did when the SEC released the IFRS roadmap in 2007.

The main criticisms: training U.S. accountants and auditors by the proposed 2014 deadline would be impossible; the SEC would cede its regulatory power to a global regulator; the standard-setter that wrote the rules — the International Accounting Standards Board — would buckle under political pressure; and compared with U.S. generally accepted accounting principles, IFRS is weak and would therefore invite accounting abuse.

But IASB chairman, David Tweedie, says those old complaints don't conform to current realities. He contends there won't be many differences, in fact, between U.S. GAAP and IFRS by the year 2015 if the current project to converge the two sets of rules continues at its current pace.

The agenda and time line for the convergence project, which was launched seven years ago by the IASB and its U.S. counterpart, the Financial Accounting Standards Board, will be updated at the end of the month during a three-day joint board meeting. As of today, the time line does not extend past 2011 — the year the SEC expects to vote on whether to move forward with mandatory adoption of IFRS, or to abandon the project.

Speaking to reporters at a Deloitte client conference in New York this week, Tweedie said obstacles regarding U.S. education have already fallen. For one thing, IFRS textbooks are already available in English from publishers in the United Kingdom and Australia.

What's more, by mid-2008 each of the Big Four accounting firms — who are major supporters of IFRS — had begun working with colleges to revamp curricula to include IFRS. (The American Accounting Assn., whose members are accounting professors, created a task force two years ago to develop IFRS curricula that could be rolled out to colleges.)

The notion that auditors are unprepared for the change also is a stretch, argued Tweedie. By his lights, any accounting firm that works with big or small multinationals already deals with financials prepared using IFRS. Further, the American Institute of Certified Public Accountants, which develops audit standards for privately held firms, has launched www.ifrs.com, a website aimed at providing its 300,000 members with training, resources, and updates on lobbying efforts on behalf of CPAs.

Last year, the AICPA also recognized the IASB as a standard-setter, which in effect allows U.S. auditors to express opinions on financial statements prepared using IFRS.

"The AICPA put IFRS on the same plane as U.S. GAAP"says Barry Epstein, a CPA and partner with litigation consultancy Russell Novak & Co.

"David Tweedie is right: the Momentum for IFRS is there; it is like a snowball rolling down a hill."

Epstein says the "watershed" event that fueled the creation of the SEC's IFRS roadmap — the proposal to move U.S. companies to IFRS by 2014 — was the 2007 SEC rule that waived the reconciliation requirement for foreign private issuers. As a result, foreign companies listed on U.S. stock exchanges were no longer required to reconcile their IFRS results with U.S. GAAP.

By giving permission "to the visiting team" to use IFRS, the SEC created an outcry among companies and investors for a level playing field that included a plan to allow American companies to file financial results in IFRS, says Epstein, adding that:

"... investors and companies must face the reality that IFRS is here to stay."

But opponents who contend that U.S. GAAP is the global gold standard for transparent and robust financial reporting say the lack of rules and guidance in IFRS invites accounting abuse. Critics taking that view include the New York State Society of CPAs, which, with its 30,000 members, is one of the country's largest groups of accountants.

In a comment letter filed with the SEC about the roadmap, the NYSSCPA panned the proposal, finding the quality of IFRS lacking and the conversion costs too hefty, and claiming that "carve-outs" — the exceptions to IFRS that different countries develop — impair the comparability and consistency of financial statements that investors rely on.

The group also echoed a common complaint heard among IFRS opponents: the IASB caved in to political pressure last year when it allowed companies to retroactively reclassify assets so they could "cherry-pick" those with significant losses and remove them from net-income calculations. Tweedie's retort is that if the IASB hadn't acted to control the rule change, the European Commission would have passed a law that changed the rule in a less desirable way.

The handful of comment letters that CFOs filed with the SEC about the roadmap reveal mixed reactions to IFRS. For instance, C. Bradford Richmond of Darden Restaurants wrote:

" The large majority of U.S. public companies, like Darden, serve primarily domestic customer bases and are adequately capitalized without tapping overseas capital markets. Rather than mandating IFRS for all companies, we believe it would be more appropriate to allow large multinational organizations to adopt IFRS on a voluntary basis."

Similarly, Elyse Douglas of The Hertz Corp. noted:

" In our opinion, there has been no groundswell of public opinion promoting a conversion to IFRS. In fact, we have never heard an investor in our company, any stock analyst covering Hertz, or any lender with which we do business suggest to us that they would prefer we report our results in IFRS."

Conversely, Martyn Webster of XenoPort Inc. wrote:

" If the U.S. remains outside of the IFRS framework, then we will somewhat compromise our ability to participate in, and influence, important matters related to the overall operations of global capital markets."

A new Deloitte survey that polled 150 corporate finance executives concluded that:

- 51% - of the respondents would support the SEC's roadmap for adopting IFRS, if the regulator considered pushing back the mandatory deadline a year, to 2015
- 19% - said they supported the roadmap "as it is"
- 15% - rejected the proposal.

The remaining executives said they were unsure how the SEC should proceed.

Tweedie contends that while some critics claim the SEC will lose power if American companies switch to IFRS, the opposite is true. "The SEC will increase power" if the U.S. moves to IFRS, he says. "The beauty of the SEC is that it is one of the world's most effective regulators, and that puts peer pressure on others."

That pressure will extend to private companies as well, noted D.J. Gannon, a Deloitte partner and the firm's IFRS expert, who also took part in the press briefing. He said that once the SEC acts to require public companies to file results using IFRS, larger private companies will follow in order to keep up with the competition. In addition, lenders to smaller private companies will demand it from their borrowers. "It will take time; we are not going to go from zero to 60 in three months," noted Gannon, who thinks that over the next few years, momentum to use IFRS will grow.

It wasn't until recently that the SEC weighed in on the progress of its own roadmap. Since becoming SEC chair in late January, Mary Schapiro had remained quiet on the subject of the roadmap, a project her Republican predecessor, Christopher Cox, launched during his term. Schapiro's silence led some observers to believe the SEC was backing off from IFRS altogether.

But recent public statements made by Schapiro and James Kroeker, the SEC's chief accountant, assured constituents that the IFRS project had a green light. Schapiro's silence was a way of "establishing her territory [and] showing she was not doing the bidding of the previous Administration," contends Epstein. "I don't think it is possible to stop [the move to IFRS] or delay it. It costs money to keep companies in limbo."

Others, including Charles Niemeier, a member and former acting chair of the Public Company Accounting Oversight Board, have criticized the "rush" to deploy IFRS in the United States. For his part, Niemeier would like to see the IASB-FASB convergence project finished before requiring U.S. companies to file in IFRS. That, he thinks, would ensure that the combined standards remain stringent.

A precipitous exit from GAAP undermines the U.S. regulatory system and places "in jeopardy the thing that gives the U.S. a competitive advantage," he noted at an industry meeting in 2008.

" All research shows that the U.S. is unique in its regulation. No country is as effective.... We have the lowest cost of capital in the world. Do we really want to give that up"?

Additional reporting by: David McCann & Jason Karaian.

IAS 32 : IASB Amendment : Presentation

2009-10-17T00:35:00.004-07:00

www.iasb.org

Classification for Rights Issues
The International Accounting Standards Board issued an amendment to IAS 32 Financial Instruments : Presentation.

The amendment addresses the accounting for rights issues (rights, options or warrants) that are denominated in a currency other than the functional currency of the issuer. Previously such rights issues were accounted for as derivative liabilities. However, the amendment issued today requires that, provided certain conditions are met, such rights issues are classified as equity regardless of the currency in which the exercise price is denominated.

The global financial crisis has led to an increase in the number of such rights issues as entities seek to raise additional capital. The IASB has moved swiftly to address this issue.

Entities are required to apply the amendment for annual periods beginning on or after 1 February 2010, but earlier application is permitted. Classification of Rights Issues (Amendment to IAS 32) is available for eIFRS subscribers from today. Printed copies (ISBN 978-1-907026-40-9) will be available shortly, at £10 plus shipping, from IASC Foundation

Exposure Draft

The proposals seek to clarify the accounting treatment when rights issues are denominated in a currency other than the functional currency of the issuer. Current practice appears to require such issues to be accounted for as derivative liabilities. The proposals state that if such rights are issued pro rata to an entity’s existing shareholders for a fixed amount of currency, they should be classified as equity regardless of the currency in which the exercise price is denominated.

Download the IAS 32 Amendment

SEC supports IFRS and Seeks Common Goal for Accounts

2009-10-11T05:04:00.005-07:00

by Brooke Masters, Basel : Financial Times

"The US remains committed to creating a single global accounting standard for public companies". Mary Schapiro, SEC, Chairwoman

Schapiro told the technical committee of the International Organisation of Securities Commissions in Basel, Switzerland, that regulators would announce a plan in the autumn for moving toward that goal.

“We must not lose sight of the fact that the purpose of accounting standards is to provide a clear and accurate picture of a company’s financial condition for investors ... I remain committed to the goal of a global set of high-quality accounting standards,” Mrs Schapiro said.

The US remains the most significant country not to have adopted the use of the international standards promulgated by the International Accounting Standards Board, preferring the GAAP standards set by the US-based Financial Accounting Standards Board. US officials have long promised to work towards harmonisation.

Under Mrs Schapiro’s predecessor, the SEC proposed a roadmap suggesting that: "US companies might be able to begin using International Financial Reporting Standards, as soon as 2014". But the global financial crash widened some of the gaps between US and international standards.

US standard setters in April softened fair value accounting rules for banks, which have allowed them to avoid taking paper losses on assets they intend to hold. When the IASB declined to follow suit, some European politicians complained that their financial institutions were at a competitive disadvantage.

"Now, convergence is once again at the top of the agenda".

The Group of 20 leading industrialised nations agreed last month in Pittsburgh on the need for common standards by 2011.

Mrs Schapiro pledged the SEC would do its part, saying that the regulator was reviewing the extensive feedback it had received on last year’s roadmap proposals. She also urged the assembled regulators to fight hard for the regulatory changes needed to prevent a repeat of last autumn’s financial collapse.

“We, as regulators, must not lose our focus on reforming the system,” Schapiro said.

Jane Diplock, chairman of both IOSCO and the New Zealand Securities regulator, praised Mrs Schapiro for pushing ahead on accounting, saying she was “optimistic” that a single standard would be the result.

AICPA : IFRS Background Document

2009-10-11T02:21:00.000-07:00

The American Institute of Certified Public Accountants (AICPA) has recently issued a background document on International Financial Reporting Standards (IFRS).

The growing acceptance of International Financial Reporting Standards (IFRS) as a basis for U.S. financial reporting represents a fundamental change for the U.S. accounting profession. Today approximately 113 countries require or allow the use of IFRS for the preparation of financial statements by publicly held companies. In the United States, the Securities and Exchange Commission (SEC) has issued a proposed roadmap for the possible mandatory use of IFRS for U.S. public companies.

Download the document at:
http://www.ifrs.com/pdf/IFRSUpdate_V8.pdf

The American Institute of Certified Public Accountants, with approximately 340,000 members, is the national professional organization for certified public accountants in the United States. Well before IFRS began to gain traction in the U.S. business and regulatory communities, the AICPA was publicly supporting the goal of a single set of high quality, global accounting standards to be used in public company financial reporting throughout the world. In May 2008, the AICPA's governing Council voted to amend Rules 202 and 203 of the AICPA's Code of Professional Conduct to recognize the International Accounting Standards Board as an international accounting standard setter in the U.S.

American Institute of Certified Public Accountants

2009-10-11T02:20:00.003-07:00

Follow IFRSnews on Twitter!
http://www.twitter.com/IFRSnews

Updated IFRS and IAS Summaries (2009)

2009-10-11T01:49:00.003-07:00

International Accounting Standards Board

Framework : Technical Summary
The IASB Framework was approved by the IASC Board in April 1989 for publication in July 1989, and adopted by the IASB in April 2001.

IFRS : International Financial Reporting Standards

IFRS 1 First-time Adoption of International Financial Reporting Standards
IFRS 2 Share-based Payment
IFRS 3 Business Combinations
IFRS 4 Insurance Contracts
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
IFRS 6 Exploration for and evaluation of Mineral Resources
IFRS 7 Financial Instruments: Disclosures
IFRS 8 Operating Segments

IAS : International Accounting Standards

IAS 1 | Presentation of Financial Statements
IAS 2 | Inventories
IAS 7 | Statement of Cash Flows
IAS 8 | Accounting Policies, Changes in Accounting Estimates and Errors
IAS 10 | Events After the Balance Sheet Date
IAS 11 | Construction Contracts
IAS 12 | Income Taxes
IAS 16 | Property, Plant and Equipment
IAS 17 | Leases
IAS 18 | Revenue
IAS 19 | Employee Benefits
IAS 20 | Accounting for Government Grants and Disclosure of Government Assistance
IAS 21 | The Effects of Changes in Foreign Exchange Rates
IAS 23 | Borrowing Costs
IAS 24 | Related Party Disclosures
IAS 26 | Accounting and Reporting by Retirement Benefit Plans
IAS 27 | Consolidated and Separate Financial Statements
IAS 28 | Investments in Associates
IAS 29 | Financial Reporting in Hyperinflationary Economies
IAS 31 | Interests in Joint Ventures
IAS 32 | Financial Instruments: Presentation
IAS 33 | Earnings per Share
IAS 34 | Interim Financial Reporting
IAS 36 | Impairment of Assets
IAS 37 | Provisions, Contingent Liabilities and Contingent Assets
IAS 38 | Intangible Assets
IAS 39 | Financial Instruments: Recognition and Measurement
IAS 40 | Investment Property
IAS 41 | Agriculture

2009-10-11T01:49:00.001-07:00

SEC to refocus on IFRS Roadmap

2009-10-10T12:25:00.004-07:00

by Emily Chasan, New York, Reuters.com

The U.S. Securities and Exchange Commission will make it a priority in the coming months to refocus on a proposed roadmap to move U.S. companies to international accounting standards.

"Turning back to the roadmap will be an important priority for us this fall," Jim Kroeker, the SEC's new chief accountant said in remarks to a New York State Society of CPAs conference in New York.

Last November, in one of the last major projects of the SEC under former Chairman Christopher Cox, the SEC staff released a proposed roadmap that would have U.S. companies filing financial results under International Financial Reporting Standards, or IFRS, by 2014, with the option for some companies to adopt the rules earlier.

Kroeker, who took up his post last month, said on Thursday that in the more than 200 comment letters the SEC has received on the proposal, it was "resoundingly clear" that people agree there should be a single set of global high-quality accounting standards, but there were striking differences in how different groups wanted to accomplish that goal.

Kroeker said the SEC staff, as "an important next step," would work on how to put into place various pillars and milestones to reach that goal.

IFRS is written by the London-based International Accounting Standards Board (IASB), while the traditional U.S. accounting rules - known as U.S. Generally Accepted Accounting Principles (GAAP) - are written by the Norwalk, Connecticut-based Financial Accounting Standards Board.

Kroeker noted two accounting rule-makers have been working to align both sets of rules over the past few years and recently accelerated certain projects to promote convergence.

But he urged those working to try to align U.S. and international accounting standards to avoid "a race to the bottom," where in a rush to converge the rules, accounting standard setters are urged to adopt the least controversial version of the rules, rather than the one that would best represent economic reality.

"A race to the bottom is an absolute concern I have," Kroeker said. "If we engage in a race to the bottom ultimately there will be no winner in that race."

Editing by Maureen Bavdek

Lessons Learned from the Financial Crisis

2009-10-10T12:25:00.003-07:00

Journal of Accountancy

Personal financial planning specialists discuss the altered investment landscape.

Since the onset of the economic crisis last fall, many CPAs who are personal financial planning specialists have been working overtime to reassure clients overwhelmed with fear about the future and safety of their investments and to reassess and reorient investment portfolios when necessary.

Members of the AICPA’s Personal Financial Planning (PFP) Section recently reflected on their experiences from the past year and their outlook for the future. Lyle Benson, a member of the AICPA’s PFP Section for 20 years, moderated the discussion on behalf of the JofA.

Here are some excerpts from that gathering:

COMMUNICATE WITH CLIENTS

Journal of Accountancy:
When the economy took a downturn, what was the reaction of your clients? What steps did you take to work with them through the turbulent market?

Jerry Love: I strongly emphasized the overstatement of the state of the economy by the mainstream news media and my firm belief in the existence of underlying economic principles that would prevent the country from going into another Great Depression. When I reminded my clients in West Texas of what we experienced during the late ’80s—an oil and gas industry crash, along with a major collapse of commercial real estate and the almost complete disappearance of the savings and loan industry causing many community banks to fail and resulting in double-digit unemployment and a major contraction of the available lending options, most would say, “You’re right. It can be very bad and still recover.”

Michael Goodman: We spent a lot of time reaching out to clients during this period, taking the focus off what was happening “today” in their portfolios and putting it back on their original goals and the time frame for when they actually need money and where the markets will be when they likely need their funds, whether it’s seven, 10, 20 or 30 years out

Beth Gamel: People were really worried that they were going to run out of money and not have enough to provide for themselves. Because people were so agitated, it was important to have more frequent meetings, phone calls, and e-mail exchanges with clients because they needed a lot of handholding and to know that you were available to them and that you were listening.

Scott Sprinkle: We wanted to reach out to our clients in as many ways as possible to make sure they understood their investment policy statement and overall investment plan. While the market pullback was severe and the degree of the pullback unexpected, the risk had been planned for in advance. We “stress tested” the client’s portfolio, looked at asset allocations, and made sure that clients understood the construction of their portfolio. Specifically, for retired individuals, our plans recommend three to five years of living expenses allocated between cash, short-term bonds and other high-quality, low-risk assets.

We reminded clients of the amount of work completed to establish their investment plan and that the plan accounted for market volatility. This provided some comfort and allowed clients to stay prudently allocated until the market rebounded. The last thing we wanted any client to do was panic and sell out at the bottom.

That’s where CPAs in general do a better job than most advisers: focusing on the front end and the development of a comprehensive plan versus just buying assets. This allows clients to focus on what is important in tough times and allows them to stay disciplined in their investment approach.

RE-EDUCATE, RE-ASSESS
AND REVISE WHEN NECESSARY

Did anyone else follow this approach of stepping back and re-educating clients on their portfolios in light of market changes or in terms of their overall goals and planning? What did you do to help reorient investment portfolios in light of these times?

Gamel: In my practice, I only do financial planning and investment advisory work. In order for a client to become an investment advisory client, we have to go through an initial financial plan, which involves retirement projections and asset allocation development. Even if you’d done that within the last couple of years, many clients no longer had confidence in those numbers. One of the most important first steps was to sit down and reassess people’s risk tolerances. In many cases that meant starting with what their asset base is today and redoing those projections to see if they might be at risk of running out of money or if some tweaking of their asset allocation or their spending could give them the confidence to believe that they could manage with their current assets.

Goodman: We had our clients go through an independent score-based risk tolerance test. We sat down and discussed the reconciliation between what their risk tolerance is saying their portfolios could be and their required rate of return. For example, if their risk tolerance says they need a portfolio that’s only 40% stocks but we know that their need from a rate of return standpoint is 60% or 70% stocks, the difference has to be reconciled.

Susan Tillery: When the downturn hit, our clients did not get anxious due to our firm’s philosophy. When we initially sit down with our clients, we discuss a conservative approach: seeking the lowest rate of return with the least amount of risk (standard deviation) to be able to achieve their goals. Because this is a long-term approach, no changes were necessary in their asset allocation or portfolios. Our clients understand the purpose of their investment portfolio is not to get rich quick, or accumulate money for money’s sake. We also use software to determine a client’s risk tolerance/indifference curves.

DEVELOP A DEFENSIVE STRATEGY
GOING FORWARD

If a client’s risk tolerance has changed as a result of stock market volatility, how are you advising them?

Goodman: It’s become standard in some portfolios to put aside a certain amount of a year’s cash flow for clients that are taking income aside. Such that the client could say, “For the next five years, I can see where my cash flow is coming from. So I’m not so worried about this other money I have invested for the present because I don’t need it at a minimum until year 6.” We were doing this in the past but are being more diligent about it now.

Also, within the portfolio asset allocation there’s always been stocks, bonds, and “other,” which is a bucket of things like commodities and real estate that are less correlated to the movement of stocks and bonds. Now we are looking harder at trying to mix different things like structured notes into the “other” bucket in order to give clients some diversification from traditional stocks and bonds.

Sprinkle: During volatile times, diversification and understanding what you are investing in becomes even more important. We reduced client municipal bond allocations in the last quarter of 2008 due to quality concerns and looked for additional diversification and more secure asset classes. Part of the allocation was moved to well- diversified investment-grade corporate bonds, and the rewards were immense. Additionally, we analyzed cash returns. While during the meltdown, cash was the place to be, real returns were still zero, particularly after tax and inflation. We completed significant due diligence on high-quality, ultra-short funds.

By increasing the duration of the investment paper from 30-day instruments to 90-day instruments, we were able to pick up 300 to 400 basis points of return. We are continuing to communicate with clients on their risk tolerance while looking for investment alternatives that further diversify their portfolio and take advantage of pricing discrepancies in the market. There are significant opportunities in many misunderstood sectors. Currently, long-term investors have an opportunity to achieve significant returns with reduced levels of risk in several market sectors and asset classes.

Some of you don’t get directly involved in managing the clients’ assets. What role do you play in the planning process?

Tillery: As part of our financial planning process, we sit down with the client and write their investment policy statement. We then meet with their investment professional to discuss the client’s asset allocation. The investment professional then brings back suggestions for each asset class with an explanation of why they’re making the suggestion. We always make sure that the portfolio has some negatively correlated assets within each asset class.

Love: Our strategy is not to manage investments, so we pair the client with a broker to help ensure that the products and the overall mix make sense for the client. I’ve seen an increase in people who have been trading and picking their own investments who are now more willing to go to an active manager. They have begun to see the value of having the funds actively managed by someone who’s got a good track record who knows how to figure out the market.

PURSUE TAX-PLANNING OPPORTUNITIES

What tax and estate planning strategies/ opportunities do CPAs need to act on with clients?

Gamel: This is where CPAs who don’t have all of the credentials or whose practice doesn’t incorporate investment planning can provide a lot of services to clients. Probably the only positive thing about last year’s market meltdown was it gave people the opportunity to make some changes or reposition their portfolio or simply take capital losses, which offset gains earned earlier in the year or provided capital loss carryforwards. The other thing is talking to clients about the gifting and valuation opportunities, where you would then use less of your unified credit or your GST (generation-skipping tax) because you’re transferring assets that have a depressed value.

And while the section 7520 rate has gone up a little bit, it was really, really low, and so there were opportunities to create charitable lead trusts and GRATs (grantor retained annuity trusts) and consider other sorts of estate planning and gifting strategies. Lastly, we’re all poised to be talking to clients about Roth conversions in 2010 because of the ability to do that regardless of what your AGI is and the two years to pay the tax on the conversion.

But there’s a good reason to be talking to clients who might have the ability to keep their AGI below $100,000 even this year to do a conversion with the depressed value of their portfolios.

Love: The depressed economic environment is giving an opportunity for conversion from C corporation to sub S. Just like the stock market, most businesses would have a lesser value right now for a number of factors than they might have earlier, so if you do your valuation on a C corporation and convert to a sub S, you’ve got a great window for that.

Sprinkle: When clients are panicking, it is a hard time to convince them to take advantage of historically low interest rates and estate planning techniques that should be a slam dunk to implement. Congress is currently reviewing several tried-and- true estate planning techniques that have been used successfully for years.

Examples include GRATs, GRUTs (grantor retained unitrusts), SCINs (self-canceling installment notes), charitable trusts and family limited partnerships. Clients who hesitate may lose the opportunity to implement some of these techniques. It is a beneficial time for several of these techniques, and CPAs should be reviewing alternatives with clients while opportunities still exist.

SEIZE OPPORTUNITIES FOR GROWTH

These last 12 months have had a significant impact on the things CPAs are doing with their clients. Has it caused you to rethink your business models? For example, the assets under management (AUM) business model has a huge impact on revenue streams, which may have been affected by the uncertainty in the market. Is this causing you to reassess your business models going forward?

Goodman: If your firm operates under the assets under management revenue model, compensation and revenue have most likely been down. It’s been a tough period, but I have no intention of changing my model. With any business there are risks to revenue streams. While the markets are down, it is also a good opportunity to get out into the marketplace and bring in new revenue through people who are looking to potentially change advisers. One might even argue that this downturn has been a significant opportunity to grow the business, and when the markets do get back, we’ll all potentially be way ahead of where we would have been anyway.

When you’re taking a new client, there’s a lot more work done upfront especially in terms of financial planning. How does this type of work relate to your compensation model (retainer- based, AUM-based, or hourly)?

Gamel: Our firm has a variety of ways to get compensated. We have pure AUM, and those fees clearly have gone down. Fortunately, the performance of our accounts is better than the typical market, so our fees are not down as much as 30%, for example. We also have fixed fees, retainers and a few hourly clients, so our income stream hasn’t gone down nearly as much as if we were in a pure AUM environment.

The bigger struggle is that we do a lot of financial planning along with investment advisory work, and yet many of our fees are strictly AUM. So there is a disconnect, where you’re doing more work than ever on the financial planning side, but your fees keep going down. The current environment presents a struggle between the amount of work you’re doing and the fees you’re getting.

Sprinkle: As a family office that provides several client services, it is very important for us to have our fee model unbundled and to separate investment management from the other projects. That is not to say that we don’t offer some free planning advice to investment clients. However, when we get involved in significant financial, estate or tax planning projects, we bill separately. Some of these projects may require hundreds of hours, and including them under an AUM model would be cost-prohibitive. All of our services are billed on a fee-only basis (AUM, hourly or a fixed fee).

Additionally, we spend a significant amount of upfront time communicating and disclosing to clients how they will be billed for services. Managing client expectations and providing value for services rendered will be the key to your success. There are several fee models available for CPA firms, and it is important to analyze which model fits your firm’s practice.

What’s the outlook for the future?

Love: Because of the downturn in the economy and what’s happening in the market, people are cutting back greatly on their spending. The second quarter savings rate was 5.2% in the U.S., compared with 4.0% in the first quarter. A USA Today article indicated about 27% to 32% of people are spending less now and intending to continue saving. I think the AICPA’s financial literacy program is starting to make sense to a lot of people because they’ve had a life lesson here to make it make sense.

Tillery: There is an incredible opportunity, especially for small to medium CPA firms, to viably grow their practices through financial planning. It is time for CPAs, as the client’s trusted adviser, to merge financial planning into the process. CPAs who want to offer financial planning should become certified through the PFS credential.

The Panelists:

Lyle K. Benson Jr. CPA/PFS, CFP, is president and founder of L.K. Benson & Co., a CPA financial planning firm based in Baltimore. He works with high-net-worth families and individuals in the areas of personal financial planning, investment advisory and tax services. He has been an active member of the AICPA PFP Section for more than 20 years and currently serves on the AICPA Advanced Personal Financial Planning Conference planning committee.

Beth C. Gamel CPA/PFS, is co-founder and executive vice president of Pillar Financial Advisors in Waltham, Mass. She has been a financial planner for 25 years, helping wealthy individuals evaluate, coordinate and implement sophisticated investment, estate, income tax and charitable giving strategies. For seven consecutive years Worth Magazine has named her one of the “best financial advisers” in the country. From 1996 to 2001 she wrote “Money Makeovers” for The Boston Globe, which described her as one of “New England’s leading financial planners.”

Michael E. Goodman CPA/PFS, CFP, is president of Wealthstream Advisors Inc., a wealth management firm in New York. He is also a member of the AICPA PFP Executive Committee and chair of the Advanced Personal Financial Planning Conference.

Jerry Love CPA/ABV/PFS/CFF, CVA, CFP, is the president and CEO of Davis Kinard & Co. PC, which is the largest CPA firm in Abilene, Texas. In 2006–07, he was chairman of the Texas Society of CPAs (TSCPA). He received the TSCPA “Distinguished Public Service Award” in 2000. CPA Magazine named him one of the Top 100 Most Influential Practitioners in the country for 2006, and in May 2009 the magazine named him one of the Top 40 CPAs to Know During a Recession.

Scott Sprinkle CPA/PFS, CFP, is a co-founder and managing member of Sprinkle & Associates LLC and Sprinkle Financial Consultants LLC. He has more than 20 years of experience serving high-net-worth individuals and family offices. He is a member of the AICPA’s Personal Financial Planning Executive Committee and the AICPA Investment Resource Panel. He is also a trustee and board member of the Colorado Society of CPAs and an editorial adviser to the JofA.

Susan Tillery CPA/PFS, CFP, is a fee-only comprehensive financial planner. She and her firm do not manage assets or sell products. She is president and CEO of Paraklete Financial Inc.

Accounting Leaders Recommend Changes to IASB's Constitution

2009-10-07T03:20:00.005-07:00

by Alexandra Defelice and Matthew G. Lamoreaux
Journal of Accountancy

To be most effective, international financial reporting standards should be field-tested prior to adoption, and the international standard setter needs to more clearly communicate its processes while gathering stakeholders’ opinions, a group of global accounting leaders including AICPA President and CEO Barry Melancon told the representatives of the International Accounting Standards Board during a roundtable discussion in New York City on Tuesday.

The roundtable was one of several taking place around the globe as the second part of a two-part review and public comment period of the constitution of the International Accounting Standards Committee Foundation (IASCF), the oversight body of the IASB that is required to review its constitution every five years.

Based in London, the IASB sets International Financial Reporting Standards (IFRS), which are recognized in 113 countries. The SEC is considering whether to require U.S. publicly traded corporations to use IFRS for financial reports in U.S. markets as soon as 2014, according to its proposed road map.

The first part of the IASCF constitutional review process was completed Jan. 29 and included creation of a monitoring board made up of securities regulators as well as a provision that will increase the IASB from 14 to 16 members by 2012, with criteria added to ensure geographical diversity.

The second part includes proposed changes such as allowing greater flexibility in liaisons with other stakeholder organizations, changes to the length of IASB member terms, inclusion of trustees from Africa and South America, establishing a procedure for the possibility of an accelerated due process, and changing the name of the IASC Foundation and the IASB to the IFRS Foundation and IFRS Board, respectively, to better reflect its mission.

Field testing has been discussed in the past, but attendees at Tuesday’s roundtable stressed the importance of doing so when setting financial reporting standards. Philip Bancroft, CFO of ACE, a member of Group of North American Insurance Enterprises, went as far as to suggest it should be mandated.

“ Moving forward without it doesn’t make sense because we don’t understand the implications,” Bancroft said. “It ought to be embodied in the constitution to say that should be a part of due process to have comprehensive field testing to understand the effects of a far-reaching standard. It should be mandated.”

Though he offered no comment as to whether he believed inclusion in the constitution is necessary, Dave Kaplan, a partner in PricewaterhouseCoopers LLP and leader of the firm’s International Accounting and SEC Services Group, agreed with the importance and benefits.

“Field testing is one of the best ways to apply (standards) to procedures various companies have. It’s very effective in understanding where some of those operational challenges are and how those standard setters need to monitor the processes,” Kaplan said. “Deep field testing hasn’t been as comprehensive as it may have been in the past. It’s something the board may want to think about.”

Melancon agreed:
“ The complexity of a worldwide standard makes this concept even more important to understand if it’s implementable in different cultures with different standards." "... When it comes to transparency, Bancroft believes almost nothing should be kept behind closed doors. “Everything should be made public except very narrow personnel matters,” he said.

IASCF trustees explained that they have improved their feedback process to be more comprehensive and to deal with all the key substantial points made by commentators, but said they remain open to stakeholder feedback on how they can improve the process.

Kaplan said he would like to see even more done.
“Providing underlying logic and reasoning for decisions that get made would be very helpful to constituents for understanding the perspective of the board and future considerations to be made.”

Antonio Vegezzi, former president and director of Capital International (Switzerland) and an IASCF trustee for five years, acknowledged that the trustees previously did not focus as much on communication but that they have hired a director of communication and are focusing on making sure trustees listen to stakeholders, reply to their questions and connect with them.

“In selection of candidates to IASB positions, we as trustees look at people with outstanding technical skills but also who have this willingness to reach out and communicate,” he said.

A much-debated proposal during the roundtable was allowing for a public consultation process of less than 30 days in “exceptional circumstances… when major unforeseen developments arise.”

Such circumstances should be “rare,” Bancroft said, adding that making decisions quickly rather than with a comprehensive process won’t produce better results.

Kaplan went further, saying that 30 days should be a minimum because larger global organizations cannot adequately assess and comment in less time than that.

A separate area of particular importance to the AICPA is the need for a permanent independent funding source for the IASB.

The IASB’s 14 members come from nine countries, including the United States. It is funded by contributions from major accounting firms, private financial institutions and industrial companies, central and development banks, and other international and professional organizations throughout the world.

During the roundtable, Melancon reiterated the AICPA’s point of view, stating, “a permanent funding solution would ensure that the IASB has appropriate resources to carry out its mission and would lead to worldwide confidence in the IASB’s role as an independent accounting standard setter.”

In an (April 9) comment letter to the SEC, Melancon encouraged the commission to use part of the current levy on U.S. public companies for accounting standard-setting activities as a permanent funding source for the IASB.

Asked whether trustees would have the ability to determine the budget if granted this funding, Melancon said yes, to a degree. "If (the board has) an automatic funding mechanism, I don't think a checks and balances process is unreasonable," he told them. "Trustees would have to be able to defend their budget. I don't think anyone would give you carte blanche."

The consultation document Constitution Review - Proposals for enhanced public accountability can be viewed on the Open for Comment section on the IASC Foundation Website. The closing date for comments is Nov. 30, 2009. www.iasb.org

IASC: New Editions: "Guide through IFRS" & "IFRS Taxonomy Guide Illustrated"

2009-10-07T03:20:00.001-07:00

www.iasb.org

The IASC Foundation will soon publish the "Guide through IFRS" and the "IFRS Taxonomy Illustrated".

The printed publications will be soon available to the public. In order to receive notification, or to pre-order and receive a pro-forma invoice, please click on the images.

"A Guide through IFRS" Price: £90

Available in hard copy soon and online in Q4 2009, A Guide through International Financial Reporting Standards (IFRSs), includes the full consolidated text of the Standards and Interpretations and accompanying documents-illustrative examples, implementation guidance, bases for conclusions and dissenting opinion-issued by the IASB as at 1 July 2009, with extensive cross-references and other annotations. The book, A Guide through IFRS July 2009 - (ISBN 978-1-907026-20-1), approximately 3,008 pages, is priced £90 each (plus shipping).
Discounts are available for multiple copies, students/academics and residents of middle and low income countries. IASB Comprehensive Subscribers will automatically receive a copy of the new "Guide through IFRS July 2009" when it becomes available.

" IFRS Taxonomy Illustrated " Price: £15

Physically, the IFRS Taxonomy consists of a set of electronic XBRL files and, therefore, it can be difficult for those not familiar with XBRL to understand the structure of the Taxonomy without the use of software. The "IFRS Taxonomy Illustrated" presents a simplified view of the IFRS Taxonomy in an easy to read, visual format that does not require knowledge of XBRL. It has been specially prepared for accountants, auditors and those wanting a comprehensive overview of the structure and content of the IFRS Taxonomy, in order to promote understanding of the Taxonomy and assist with preparing IFRS financial reports in XBRL format.

The "IFRS Taxonomy Illustrated" sets out the hierarchy of the Taxonomy and the elements within it (which represent IFRS disclosure requirements), the required format of these elements (such as text, monetary values, etc), and the IFRSs and IASs that these elements relate to. To meet the needs of preparers, the "IFRS Taxonomy Illustrated" has been released in two versions - the Taxonomy organised according to financial statements, and the Taxonomy organised by IFRSs (i.e. in the same order as the Bound Volume of IFRSs).

Registered IFRS website subscribers can also access HTML versions in Arabic, English (organised by financial statements or IFRSs) and Spanish, with translations into other key languages are to be made available over the coming months.

FASB : XBRL Functionality Added to Codification

2009-10-01T00:59:00.000-07:00

Accounting Standards Codification

FASB announced that it has added new XBRL functionality to its Accounting Standards Codification Web site. http://asc.fasb.org

“ The new XBRL functionality provided by the Codification Web site will help entities as they prepare or plan to prepare XBRL financial statements using the U.S. Financial Reporting Taxonomy” .

“... Users will be able to very easily identify the XBRL elements associated with specific Codification paragraphs”, said FASB Chairman Robert Herz.

The FASB Codification, which is effective for interim and annual periods ending after Sept. 15, 2009, provides a list of all XBRL elements that contain an electronic link to a Codification paragraph. It provides the complete XBRL element names together with all Codification paragraphs referenced by a particular XBRL element.

To ensure that the taxonomy references the authoritative literature in the Codification rather than the superseded legacy literature, XBRL-US announced in August that it had published a taxonomy extension including the Codification references. The Codification references include both the text-based Codification reference (in the form of topic, subtopic, section, paragraph, and subparagraph) and an electronic link to the related codification paragraphs.

FASB’s Notice to Constituents (requires login to FASB Codification) provides additional background regarding Codification references and electronic links embedded in the U.S. Financial Reporting Taxonomy.

The current changes to the FASB Codification follow the SEC’s rule effective April 13, 2009, that requires all public companies to begin providing XBRL versions of their SEC filings over a three-year phase-in period. Approximately 500 of the largest public companies, each with a worldwide public float greater than $5 billion, began filing for interim financial statements with periods ending on or after June 15, 2009.

All other large accelerated filers (with public floats below $5 billion that file under U.S. GAAP) are expected to start filing in XBRL in June 2010. In 2011, all remaining companies using U.S. GAAP and all foreign private issuers that prepare their financial statements in accordance with IFRS as issued by the International Accounting Standards Board will be subject to the same requirements.

The XBRL data, which the SEC calls “interactive data,” is required to supplement—but not replace—a company’s traditional electronic filing formats (ASCII or HTML) for annual and quarterly reports, transition reports for a change in fiscal year, and reports that contain updated or revised versions of financial statements. Companies also are required to post the XBRL version on their corporate Web site, if they maintain one.

The U.S. GAAP Taxonomy for XBRL was developed by XBRL US—the nonprofit consortium for XML business reporting standards—under contract with the SEC as a digital dictionary containing a comprehensive set of reporting elements that include U.S. GAAP requirements and common reporting practices.

IASB : Chairman's Statement to the European Economic and Monetary Affairs Committee

2009-10-01T00:40:00.003-07:00

www.iasb.org

Statement of IASB Chairman Sir David Tweedie, 28.09.2009, European Parliament, Brussels

Madam Chairwoman, Members of the Economic and Monetary Affairs (ECON) Committee, I welcome this opportunity to appear before you today to present how we at the International Accounting Standards Board (IASB) are responding to issues arising from the financial crisis. I will focus my formal remarks on our response on the financial crisis and, in particular, our response to issues raised by EU institutions. However, I should be happy to discuss any other issues that members of the Committee wish to raise.

I am particularly pleased that you have made time to allow me to provide an update on the IASB’s work at this critical juncture for financial markets. I and my colleagues on the IASB look forward to working with the Committee in the coming years, and we remain committed to seeking your input on important aspects of our work at an early stage in the decision-making process. I also know that the Trustees of the IASC Foundation, the IASB’s oversight body, have already expressed their willingness to meet the Committee later this year.

This session is particularly timely. The G20 leaders met last week and have repeatedly affirmed the importance of achieving a single set of high quality global accounting standards. This is something that the European Union and your predecessors on this Committee recognised well in advance of the current crisis. The European Union’s strategy to adopt an international standard, rather than a particularly European one, has been vindicated.

As a direct result of your leadership in this area, over 100 countries now require or permit the use of the International Financial Reporting Standards (IFRSs) issued by the IASB. It is crucial for the achievement of global standards and the effective functioning and prosperity of the European economy, and indeed the global economy, that the EU remains committed to global standards.

An active and measured response to the financial crisis

Today, in the limited time that we have for this session, I should like to explain what we have already done and what we are currently doing in response to the financial crisis. It is a priority of the IASB to keep EU institutions – and other relevant stakeholders - informed of our activities. I would certainly welcome your views today.

Earlier in the year, I had the opportunity to meet with EU Finance Ministers in June and I have been invited to their October meeting to provide a further update. We are also in regular contact with the European Commission. I am also including, as part of my written statement, a copy of a letter that Gerrit Zalm, the Chairman of the IASC Foundation Trustees, sent to the G20 on 15 September that describes our actions in greater detail.

Today, I want to give members of this Committee confidence that the IASB has responded appropriately to the crisis and to the specific issues raised in Europe. Last week, the Monitoring Board, in which the European Commission currently participates, set out important principles to guide our response to the financial crisis.

The Monitoring Board emphasised, ’the primary objective of financial reporting as being to provide information on an entity’s financial performance in a way that is useful for decision-making for present and potential investors. To be considered decision-useful, information provided through the application of the accounting standards must, at a minimum, be relevant, reliable, understandable and comparable.’ These are principles that we have applied and will continue to apply in response to the financial crisis.

In developing an effective response to the crisis, the IASB has sought the advice of experts from a wide range of backgrounds. Jointly with the US Financial Accounting Standards Board (FASB), we asked the Financial Crisis Advisory Group (FCAG), a group of leaders with broad experience in international financial markets to advise the two boards on their joint response to the crisis.

Prominent European members of this group include:

Hans Hoogervorst
Chairman of the AFM (the Netherlands Authority for the Financial Markets)
Stephen Haddrill
Director General of the Association of British Insurers (ABI) and shortly to become Chief Executive of the UK Financial Reporting Council (FRC)
Michel Prada
former Chairman of the Autorité des Marchés Financiers (AMF)
Tommaso Padoa-Schioppa
former Finance Minister of Italy
Klaus-Peter Müller
Chairman of the Supervisory Board of Commerzbank
Lucas Papademos
Vice-President of the European Central Bank

The FCAG reported at the end of July, and the IASB is working to implement the relevant recommendations.

Actions taken to respond to global concerns

From the outset of the crisis, the IASB has worked on a defined programme with time lines to address issues arising from the financial crisis. Our initial focus was on the three areas identified by the Financial Stability Forum: 1) the application of fair value in illiquid markets; 2) accounting for off balance sheet items; and 3) disclosures related to risk. On all three points, we have acted urgently.

On fair value in illiquid markets, we produced a report in October 2008 that the European Commission praised. We have consistently stated that IFRS and US guidance are consistent in this important area. I know that there was concern that the recent FASB Staff Position on fair value measurement might have created a new unlevel playing field. It is for this reason that immediately after the FASB’s publication, we posted a press release reiterating that our approach was consistent with the FASB’s. As an extra precaution to ensure that global consistency is maintained, on 28 May 2009 the IASB published an exposure draft on fair value measurement that directly incorporates the relevant FASB guidance.

On off balance sheet items, the G20, the Financial Stability Forum, and this Council have all emphasised the need for more transparency in the accounting for these items. There is some evidence that IFRSs have held up relatively well on this issue, but we have now proposed tightening our rules further.

On risk disclosures, in March 2009 the IASB published improvements to the disclosure requirements for fair value measurements and reinforced existing principles for disclosures about the liquidity risk associated with financial instruments.

Read the full statement at: http://bit.ly/wd70n

2009-10-01T00:40:00.001-07:00

FCM : 8th Annual Conference in Bucharest, 02.10.2009, Romania

2009-09-27T08:44:00.000-07:00

www.fcmweb.org

The Mediterranean Accountancy Profession in a Turbulent Economy: A Solid Accounting Infrastructure to Strengthen Transparency and Accountability in the Region

FCM is organising its 8th Annual Conference, which will take place in Bucharest on the 2nd of October, 2009. The Conference will mark the 10th anniversary of FCM. It will be held in the Hotel Radisson SAS in Bucharest and hosted by CECCAR (Corpul Expertilor Contabili si Contabililor Autorizati din Romania), which represents the accountancy profession in Romania. The conference will be addressed by Mr. George Samothrakis, Executive President of the FCM Board and Vice President of the Greek Institute of Certified Public Accountants (SOEL).

In light of the ongoing financial and economic crisis and with the prospective of also discussing the vital role that the Accounting and Auditing profession can play, FCM has organised this Conference to provide a deeper understanding of the issues in question, particularly in the light of their impact on the Mediterranean region. Specific emphasis will also be given to the issues affecting Small and Medium Practices and Small and Medium Enterprises. Among others, it will have the participation of representatives from the EU Commission, the World Bank, the FEE, the IFAC and the Economist.

Conference Registration Form:
http://www.fcmweb.org/documenti/fcm%20conference%20ext%20%20registration%20form%20(with%20visa).doc

FCM : The Federation of Mediterranean Certified Accountants / Fédération des Experts Comptables Mediterranéens, represents the accountancy profession in the Mediterranean area. FCM is a non-profit association created at the end of 1999 on the initiative of a number of leaders of national accounting institutes in the Mediterranean area. Its membership consists of 21 professional institutes of accountants from 16 Mediterranean countries (Albania, Bulgaria, Cyprus, Egypt, France, Greece, Israel, Italy, Kosovo, Malta, Morocco, Romania, Serbia, Spain, Tunisia, Turkey), plus two associate members, ACCA and FIDEF. FCM member bodies are present in 8 member states of the European Union, and represent more than 320.000 professionals. 19 FCM Member Bodies are IFAC members.

Συνεργασία ΣΟΕΛ και ACCA : Νέες Προοπτικές στην Πιστοποιημένη Εκπαίδευση

2009-09-27T08:19:00.001-07:00

Διαβάστε online το άρθρο του Στέλιου Ντότσια,
Executive Director της Globaltraining,
στη "Λογιστική Εκπαίδευση": http://bit.ly/17V3og

IAS 39 : IASB Update : Classification and Measurement

2009-09-25T09:09:00.001-07:00

Financial instruments: Replacement of IAS 39

The International Accounting Standards Board met in London on 22 September 2009 for an additional Board meeting, to continue work on the project to replace existing requirements for financial instruments. The Board continued its discussions on responses received to its previous exposure draft, published in July.

IAS 39 Financial Instruments: Recognition and Measurement has an exception that requires an entity to measure at cost investments in equity instruments that do not have a quoted market price and whose fair value cannot be reliably determined (as well as derivatives that are linked to such equity instruments and which must be settled by delivery of them). The exposure draft proposed to remove that exception and require that such investments be measured at fair value.

The Board tentatively decided to provide guidance for when entities can use a simplified current measurement for equity instruments if determining fair value is impracticable. In addition, the Board tentatively decided to amend IAS 34 Interim Financial Reporting to allow an entity to carry forward that measure if there is no evidence of a significant change in that measure since the last reporting date.

Impairment of financial instruments

The Board also continued its discussions on impairment of financial instruments. Regarding the drafting of an exposure draft (ED) on impairment the Board tentatively decided:

that the ED should provide principle-based guidance regarding cash flow estimates on a collective (portfolio) and an individual basis (including the interplay between those bases) that focuses on two aspects:

using the approach that provides the best estimate; and
ensuring that if entities switch between approaches that does not result in double counting.

that the ED includes concise application guidance for forecasting cash flows and the treatment of trade receivables.
to use the Expert Advisory Panel (EAP) as a forum to explore further some other issues (determination of the initial expected spread, practical aspects of applying the effective interest method and interaction with Basel II requirements).
that the ED clarifies aspects in relation to the measurement objective (point-in-time versus through-the-cycle-estimates, expected value versus most probable value and the use of entity specific versus market data).

Regarding transition proposals the Board tentatively decided not to propose either full retrospective or full prospective application. The Board asked the staff to explore further an alternative transition approach for financial instruments that were recognised before the date of transition. This approach would involve determining on transition a new effective interest rate on the basis of the expected cash flows over the remaining life of the financial instrument that would be subject to a floor (the risk free interest rate) and a ceiling (the contractual interest rate).

IASB Conceptual Framework Project:
Objectives and qualitative characteristics
http://bit.ly/b0XLH

Grant Thornton: Νέα Έρευνα για τις Επιπτώσεις των IFRS στις Εισηγμένες Εταιρίες

2009-09-21T04:35:00.000-07:00

Έρευνα για τις επιπτώσεις εφαρμογής των ΔΠΧΑ στις εισηγμένες επιχειρήσεις.

Η Grant Thornton στο πλαίσιο των δράσεων που αναλαμβάνει σε θέματα Διεθνών Προτύπων Χρηματοοικονομικής Αναφοράς (ΔΠΧΑ) έχει καθιερώσει τη διενέργεια της εν λόγω έρευνας σε ετήσια βάση. Έτσι, για 4^η συνεχόμενη χρονιά, βασική επιδίωξη είναι η εξέλιξη στην επάρκεια και ποιότητα της παρεχόμενης πληροφόρησης, και η παρακολούθηση σε βάθος χρόνου των επιδράσεων από την εφαρμογή των ΔΠΧΑ στα χρηματοοικονομικά μεγέθη των ελληνικών εισηγμένων επιχειρήσεων.

"Ευελπιστούμε ότι τα αποτελέσματα της έρευνας θα βοηθήσουν στην εξαγωγή χρήσιμων συμπερασμάτων και θα συμβάλλουν στην ανάπτυξη προβληματισμού και συζήτησης αναφορικά με την εφαρμογή των ΔΠΧΑ στη χώρα μας". Grant Thornton

Κατεβάστε την πλήρη έρευνα σε PDF:
http://www.grant-thornton.gr/gr_upload/htmlarea/ifrs_august2009_final.pdf

Simplified Reporting: Forgotten in the Crisis?

2009-09-17T01:19:00.002-07:00

It's been a year since an SEC advisory committee made suggestions for improving the standard-setting and preparation that goes into financial statements.

by Sarah Johnson, CFO.com

August 2008 was a hopeful time for advocates of principles-based accounting. The United States had a new plan to adopt global accounting standards, which are considered to allow for more judgment than U.S. generally accepted accounting principles. And an advisory group to the Securities and Exchange Commission unveiled a 170-page report recommending ways financial reporting could be simplified, including the belief that bright lines should not exist.

A year later, there has been no movement toward adopting International Financial Reporting Standards in the United States since then–SEC chairman Christopher Cox introduced a roadmap for the conversion last August. And while some recommendations of the Committee on Improvements to Financial Reporting were taken up by standard-setters and regulators during the year the CIFR convened, the SEC has procrastinated on addressing the meatier, more-controversial suggestions that could substantially reduce reporting complexity.

Those suggestions included having the SEC develop a policy statement on the reasonableness of judgment, in order to reduce second-guessing among companies, regulators, and auditors. The CIFR also recommended that the commission issue additional guidance on how companies should view materiality when considering a financial restatement. And, the committee offered, the SEC could require companies to write executive summaries of their 10-Ks, briefly explaining their business, financial condition, and operations.

To be sure, the SEC has been wrapped up in repairing its reputation following the Madoff scandal and the collapse of investment banks. The announcements coming out of the commission this year have focused largely on short-selling rules; executive compensation; proxy access; and enforcement actions against or settlements with financial institutions, a corporate behemoth (General Electric), and several Ponzi schemes.

Indeed, nearly seven months into her job as SEC chairman, Mary Schapiro has for the most part — at least publicly — stayed away from talking about corporate finance and accounting policies. In fact, Schapiro has yet to name a permanent chief accountant since Conrad Hewitt left in January.

"We have focused our efforts on matters directly related to the economic crisis, financial regulatory reform, and improvements to the agency's processes and programs, and we expect to continue to do so in the coming months," Schapiro wrote last month in a letter to CIFR chairman Robert Pozen, who also chairs MFS Investment Management.

In 2007 Pozen's group was tasked with the lofty goal of spending a year coming up with tips for how regulators and standard-setters could simplify financial reporting. The members — current and former CFOs, professors, securities lawyers, investor advocates, and audit-firm executives — avoided recommending any changes that would require legislation and did not weigh in on the debate over whether the United States should adopt IFRS.

Some of the committee's advice regarded changes that were already in process and are now completed or nearly done. For example, the SEC has clarified how companies can use their Websites to disseminate financial information. Also, the Financial Accounting Standards Board has been working on getting investor representatives more involved (for example, Vanguard chairman John Brennan now chairs FASB's board of trustees).

FASB has also completed its codification project, creating a one-stop, authoritative location for all GAAP literature in a bid to clear up confusion resulting from quasi-GAAP issued by regulators and accounting organizations that has piled up over the years.

"Given the context of where we've been in the last year in terms of the financial crisis, I'm quite pleased by the amount of work that has been done," says Pozen, who estimates that about two-thirds of his committee's recommendations have been addressed. Still, he tells CFO.com, he felt the need to recently "prod" the SEC and FASB on the status of committee recommendations that haven't received recent attention.

One tricky recommendation that SEC staffers may continue to ignore involves materiality. The CIFR wanted the commission to tell companies to consider both qualitative and quantitative factors when determining an error's materiality, and make their decision based on "the perspective of a reasonable investor." In addition, the committee wanted more guidance on how companies should address an old error. But while the SEC has not issued any new guidance on materiality since the CIFR report came out, Pozen says companies are gradually reevaluating what is considered material on their own.

Another CIFR suggestion may be dead for now. Many accounting observers believe a more principles-based approach to financial reporting, putting more trust in professional judgment, would clear up the muddy water created by decades of rules proliferation. In that spirit, the CIFR asked that standard-setters eliminate percentage tests, strict thresholds, and numerical parameters in rules.

However, FASB believes that pleas for more detailed guidance won't abate.

"Although the Board is committed to eliminating or reducing the use of bright lines and exceptions, we do not perceive any significant change in the demand for such guidance," FASB wrote in a 17-page response to Pozen.

The board took a defensive tone, noting that "the SEC, the FASB, and others have been understandably devoting significant time and attention to addressing the issues brought to light by the current economic crisis."

As for the CIFR's suggestion to address the reasonableness of judgment calls, the regulators are mum. The CIFR had wanted input from both the SEC and the Public Company Accounting Oversight Board; however, while the issue is on the board's radar screen, it's waiting for guidance from the SEC on how to proceed, says PCAOB communications director Mary Sjoquist.

Pozen says the two agencies should coordinate their efforts, and suggests that "if the SEC is so overwhelmed with other things, it may be the case that the PCAOB should take the lead."

In her letter to Pozen, Schapiro said the SEC will "hopefully" take up more of the CIFR's recommendations later this year. "As the regulatory agenda continues to unfold, I am confident that we will consider further specific action related to the many thoughtful recommendations that CIFR developed," she wrote.

In the meantime, Pozen believes financial reporting will get easier over time, and actually has somewhat over the past year. But because improvements will be so gradual, preparers may not even take notice.

"A CFO is not going to wake up one day and say, 'Today is the day when things change,'" he says.

Read the full CIFR Report:
http://www.sec.gov/about/offices/oca/acifr/acifr-finalreport.pdf

PCFRC Eyes Global Standards for Small Business

2009-09-17T00:50:00.000-07:00

By Michael Cohn, WebCPA

The Private Company Financial Reporting Committee took a close look at the International Accounting Standards Board’s new “IFRS for SMEs” standards at its meeting last week.

The committee, a joint effort of the Financial Accounting Standards Board and the American Institute of CPAs, spent the bulk of the two-day meeting examining the IASB’s stripped-down set of International Financial Reporting Standards for Small and Midsized Entities (see International Accounting Standards Issued for SMBs)

Various members of the committee were assigned different sections of the standards, and will discuss what might work for U.S. companies and what might not, but the committee did not reach any conclusions on adopting the standards.

“As a committee, we did not come up with any specific recommendations on that, other than that we believe the issue of private company accounting should be on FASB’s agenda at some point,” said PCFRC chair Judy O’Dell. Most of the committee believes there should be differences in accounting between public and private entities, she noted.

One issue that needs to be addressed in the “IFRS for SMEs” standards is that last-in-first-out accounting is not permitted for inventory. “That’s a real sticking point in the United States,” said O’Dell. On the other hand, the committee liked some of the simplifications in the standards, especially one that allows accountants to simply amortize goodwill, rather than do costly impairment evaluations. O’Dell recommended that accountants should visit a section of the AICPA’s IFRS.com site that provides a set of questions and answers on the “IFRS for SMEs” standards.

The committee also discussed the state of several other projects, such as revenue recognition and financial statement presentation, but O’Dell noted there has not been a great deal of movement on those. However, a document on FIN 48-d, “Application Guidance for Pass-through Entities and Tax-Exempt Not-for-Profit Entities and Disclosure Modifications for Nonpublic Entities,” should be issued fairly soon.

The PCFRC is also likely to write letters commenting on the applicability of proposed loan-loss disclosure standards to private companies, and the flexibility of EITF 08-01, which covers revenue arrangements with multiple deliverables.

XBRL Update: IFRS for SMEs Taxonomy

2009-09-17T00:46:00.000-07:00

IASC Foundation XBRL Team | xbrl@iasb.org

Recently, the IASB issued an International Financial Reporting Standard (IFRS) designed for use by small and medium-sized entities (SMEs), which are estimated to represent more than 95 per cent of all companies. The standard is a result of a five-year development process with extensive consultation of SMEs worldwide.

The IFRS for SMEs is a self-contained standard of about 230 pages tailored for the needs and capabilities of smaller businesses. Many of the principles in full IFRSs for recognising and measuring assets, liabilities, income and expenses have been simplified, topics not relevant to SMEs have been omitted, and the number of required disclosures has been significantly reduced.

To further reduce the reporting burden for SMEs, revisions to the IFRS will be limited to once every three years after an initial implementation review, when two years of financial statements using the IFRS have been published by a broad range of entities.

The IFRS for SMEs Taxonomy is currently being developed by the IASC Foundation XBRL Team. The exposure draft will be released in September, and the final version is scheduled for release by December 2009. Just as the IFRS for SMEs is based upon the full set of IFRSs, the IFRS for SMEs Taxonomy is built on the foundation of the IFRS Taxonomy 2009.

Release of translated IFRS Taxonomy 2009 labels

The IASC Foundation has released translations of the complete label linkbases for the IFRS Taxonomy 2009 in six key languages - Arabic, Chinese, Dutch, French, Italian and Spanish. Translations into other key languages such as German and Japanese are to be made available shortly.

In order to provide further support to international users of the IFRS Taxonomy, the following support materials and tools have also been released for viewing and use in Arabic, Dutch, French, Italian and Spanish:

The IFRS Taxonomy Modules Manager
An online tool that guides users through the process of navigating and customising the IFRS modules that make up the IFRS Taxonomy.

The IFRS Taxonomy Illustrated
A simplified view of the IFRS Taxonomy in an easy-to-read, visual format that does not require knowledge of XBRL, with links to the electronic IFRSs (eIFRS). It has been specially prepared for accountants, auditors and those wanting a comprehensive overview of the structure and content of the IFRS Taxonomy, in order to promote understanding of the Taxonomy and to assist with preparing IFRS financial reports in XBRL format.

Video: Viewpoints on Adoption of IFRS

2009-09-17T00:25:00.004-07:00

Journal of Accountancy

Global accounting leaders, including FASB Chairman Robert Herz, Standards Advisory Council Chairman Paul Cherry and Standard & Poor's Chief Accountant Neri Bukspan, discuss the convergence of IFRS and U.S. GAAP.

http://www.journalofaccountancy.com/Multimedia/GAARoundtable.htm

ACCA: Small business and the financial crisis

2009-09-17T00:25:00.003-07:00

Clive Booth, Veena Hudson, http://blogs.accaglobal.com

Small and medium sized enterprises (SMEs) are an important part of developed and developing economies as they play a key role in creating jobs, innovation, supporting stability, macroeconomic growth and act as a growth engine. In OECD countries, SMEs represent 95% of all enterprises, accounting for two-thirds of employment and being the main source of new job creation (1). As such, SMEs in many countries around the world are the major source of economic recovery and assist the return to sustainable growth.

SMEs are particularly badly affected in times of financial crisis, due to the reduced demand for products and services, sudden rises in the prices of raw materials, energy and food, liquidity and credit related problems, variations in exchange rates, inflation, and still are subject to a relatively high cost of capital. Access to finance continues to be one of the most significant challenges for the creation, survival and growth of SMEs, especially those that are innovative. Start-ups in particular are most vulnerable, often lacking the resources to survive the downturn.

In addition, the uneven application of regulatory and legal frameworks that have primarily been designed for large-listed companies leads to market failure and requires governments to intervene to support these important contributors to the economic well-being of countries. SMEs will require effective short-term measures to address these financial and other aspects that are a part of their business environment. It is critical in these circumstances that regulators think small first.

SMEs need more urgency on measures to help restore confidence, on issues such as late payments, access to finance and employment support measures. These will need, however, to be linked to structural improvements in the SME financial environment over the longer term in order to be successful and to restore growth.

The current economic context is a unique opportunity for governments around the world to find more far-reaching ways to collaborate and partner with business, civil society as well as between governments, to pool efforts to build infrastructure, build social capital and encourage institutional changes and help improve the operating environment for business.

Governments need to ensure that the SME interests are adequately represented within government. Separate agencies, with strong influence and links within government, that deal with small business policy and manage government intervention relating to business support may be needed in order to ensure adequately focused policy and a clear point of contact. Ensuring that small businesses have a strong voice within government is crucial to ensuring a small business-friendly environment. Regulation, for example, is a key area for creating the right environment both for entrepreneurship and for business to prosper. World Bank research has found that countries with burdensome regulation have larger informal sectors, higher unemployment, and slower economic growth (2).

Working collaboratively, governments can do more to support host governments in developing and emerging markets with the development of enabling frameworks that encourage responsible private sector investment. For example, by supporting efforts to put in place effective regulatory and voluntary standards; legal frameworks; funding and investment vehicles; policy consultation mechanisms; accountability structures; and civil society networks.

Governments can also support the creation and strengthening of local business associations, chambers of commerce – which are often weak or non-existent – as well as essential ‘institutional infrastructure’ (linkage programmes, skills/training programmes) for SME development.

Although, much of the emphasis is on governments to act 'locally' to the problems confronted by SMEs during this crisis, there are important issues that have a global dimension and need to be addressed to ensure the sustainability and growth of the SME community. For example, the level of SME cross-border activity is increasing year on year through the development of technology and communication.

It is important that SMEs are protected against external events that are out of their control such as fluctuations in exchange rates. SMEs around the world need special attention and support in the current financial crisis.

Follow ACCA on Twitter: http://twitter.com/ACCANews

2009-09-17T00:25:00.001-07:00

IFRS Critic to Leave Accounting Firm Regulator

2009-09-17T00:09:00.000-07:00

Charles Niemeier, an outspoken IFRS critic recently rumored to be a candidate for SEC chief accountant, announces his intention to leave the Public Company Accounting Oversight Board.

Tim Reason - CFO.com | US | www.cfo.com

Charles D. Niemeier, a board member of the Public Company Accounting Oversight Board, announced Wednesday that he plans to leave the PCAOB in the near future.

Niemeier was an outspoken critic of a proposal made by the Securities and Exchange Commission, then under chairman Christopher Cox, to abandon U.S. generally accepted accounting principles in favor of international financial reporting standards.

After current SEC chairman Mary Schapiro was sworn in, Niemeier was widely rumored to be in the running to be appointed the commission's new chief accountant. Such an appointment would have signaled a major break from Cox's policies — and from the regulator's IFRS roadmap — by Schapiro. Niemeier had previously served as chief accountant of the SEC's Division of Enforcement and co-chair of the SEC's Financial Fraud Task Force.

On August 25, however, Schapiro selected James Kroeker, a two-year SEC veteran who had been filling in as interim chief accountant since the departure of Conrad Hewitt, who served as the commission's top accountant during most of Cox's term.

Niemeier did not immediately respond to a request for comment from CFO.com.

The issue of moving the United States to IFRS has received scant public or SEC attention since the financial crisis unfolded, although Schapiro has suggested repeatedly that she will not be bound by the timetable laid out by her predecessor.

In a September 2008 speech before the New York State Society of CPAs, and in later interviews with CFO, Niemeier lambasted the SEC's plan to move to IFRS, saying it would put the U.S. regulatory system in jeopardy. "All research shows that the U.S. is unique in its regulation," Niemeier said at the time. "No [country] is as effective.... We have the lowest cost of capital in the world. Do we really want to give that up?"

Niemeier's official term with the PCAOB ended nearly a year ago, on October 25, 2008. However, board members are allowed to remain in their position until a successor is appointed. The PCAOB's announcement of Niemeier's plans did not mention any candidates being vetted to fill his spot.

"I am grateful for the opportunity to serve as one of the founding Board Members of the PCAOB and to play a role in its development," Niemeier said in a statement. "Although I believe that investors have benefited from the promotion of high quality audits through the Board's programs, there is much more work to be done."

IFRS Risk Planning and Controls Execution

2009-09-16T01:24:00.002-07:00

Strategic considerations for financial managers

by Steve Arnold, CPA, steve.arnold@ey.com
Senior Manager, Ernst & Young, Advisory Services Practice
September 2009

Conversion to IFRS will be far more than a technical accounting exercise. Implementing IFRS will impact many, if not all, aspects of your business operations, including information technology. It may bring companywide changes that will spawn new risks.

These include system changes, modifications to processes impacting employees’ day-to-day duties, and new accounting policies.

U.S. GAAP and IFRS share many similarities, but they are also different in many areas. Staff responsible for internal control over financial reporting (ICFR) under Sarbanes-Oxley (SOX) section 404 and operational audits will need to understand how your company plans to apply IFRS so they can take appropriate actions based on both operational risks and the risk of material weakness in ICFR. (See author Steve Arnold, CPA, outline how to leverage your SOX investment for conversion to IFRS in this Steps to Success video.)

While your company may be familiar with the general principles of IFRS, such as a potential need to depreciate components of fixed assets on a detailed level, a thorough review will make clear that there are many rules and requirements in these principles-based standards. Once they have analyzed the standards, companies may realize they do not have much flexibility under IFRS, but ICFR staff can assist with that analysis.

Companies will also need to evaluate the impact these differences may have on their accounting policies, as well as the underlying information technology systems that support the company’s financial reporting structure. Changes to policies and systems on this scale will invariably give rise to additional risks that your organization may need to monitor and control.

PARALLEL REPORTING RISKS

Under the SEC’s proposed road map, companies would need to maintain a parallel reporting environment for approximately three years. In creating a parallel reporting environment, your ICFR and operational audit staff will need to consider the ramifications of modifying your company’s systems and processes. These staff members will need to review the company’s enterprise resource planning (ERP) and consolidation systems’ ability to manage parallel accounting. This can be complicated and expose the organization to additional risk.

ERP and consolidation systems will need to be assessed to determine if they can handle the requirements of dual ledgers and reporting. Although the system may be structured to handle the requirement, consider the volume of data that will pass through the ERP system. Is bandwidth sufficient to process transactions in a timely manner?

For example, your parallel accounting environment may be structured to process a single transaction into two separate accounting streams, which may cause processing lags due to volume. Systems will need to be configured and controls created to avoid cross-pollination of IFRS transactions with U.S. GAAP transactions (and vice versa). Also, for most companies a plan will be needed to maintain statutory reporting ledgers.

Beyond systems, your organization may also need to modify its accounting processes for simultaneous IFRS and U.S. GAAP accounting. The financial statement consolidation of this information, even with systems modifications, will be time-consuming and will more than likely lead to additional resource requirements for the controller. Staff training for the new processes will also need to be developed and implemented.

CONTINUAL MONITORING AND TESTING

As these changes are implemented, your ICFR/operational audit staff will need to continually monitor risks and test controls. These activities are necessary, not optional. The responsibility for determining accounting standards may be shifting to or converging with the International Accounting Standards Board (IASB).

However, U.S. regulatory oversight of financial reporting will likely stay with the SEC. As such, the first set of financial statements published under IFRS may be subject to SOX section 302 and section 906 certification rules.

Controls through the conversion process such as new policy approvals and reviews of conversion calculations will be equally important. Just as it is impractical to assume the conversion to IFRS can happen in a short time, the same is true for internal control testing.

This means documentation and testing will need to move in parallel with the accounting changes and processing your company performs. With the same rigor you apply today, your company will need to prove its internal control over financial reporting is effective and maintain supporting documentation.

Your company’s external auditors will presumably be taking similar actions, as audit opinions will need to cover multiple years of IFRS-based financial statements. Throughout the IFRS conversion phases, it will be critical to get feedback from your external auditor on your project plans and execution.

HOW INTERNALCONTROL/AUDIT STAFF CAN ASSIST IN IDENTIFYING CHANGE?

ICFR and operational audit staff are in a great position to assist your company in evaluating impact areas with the IFRS conversion. Their financial and accounting backgrounds, combined with the knowledge of the underlying processes and systems, will provide in-depth knowledge for conversion planning.

ICFR personnel will be able to assist your company by:

- Inventorying the areas where the company has applied the principles of Accounting Principles Board Opinion 28 (FASB Accounting Standards Codification Topic 270) in estimating costs and expenses during interim periods—IFRS requires each interim period to be discrete and does not recognize the smoothing of costs and expenses between interim periods.

For example, your company’s process for expensing marketing and advertising on an interim basis may be different under IFRS.

Operational audit staff will be able to assist by:

- Documenting the current process for valuing inventory and identifying the system interfaces that may need to be modified under IFRS.

- Interviewing production personnel to determine how the manufacturing of trials/samples is planned and performed and then discussing the results with accounting personnel—U.S. companies often value these items in inventory, but IFRS normally requires these to be expensed as produced. Your ICFR staff will want to work with operational audit/risk management staff to plan your company control structure not only to avoid the development of material weaknesses in ICFR but also to provide for operational risk coverage.

START PLANNING

The IFRS conversion will be a multiyear effort impacting your entire organization, and it is likely not too far away. If you have not started to plan for IFRS, you need to take some initial steps in the near future, especially if your company is subject to the potential 2014 implementation date. (See author Steve Arnold, CPA, outline how to form your IFRS team in this Steps to Success video.)

Risk mitigation and controls play a huge role in the overall conversion plan. It is critical for ICFR and operational audit staff to get involved early to help guide the company in the planning, and to ensure that their portion of the cost estimate is included.

With an increase in risk and testing documentation, the ICFR and operational audit functions will need to assess their employee competencies. More resources may be necessary to cover the parallel risk remediation and control period.

As the SEC continues deliberating the future of IFRS in the U.S., your company will need to maintain the momentum and continue along the path toward conversion. Your ICFR and operational audit staff will need to ensure that they have a seat at the table at the outset to avoid any unwanted surprises.

Strategic IFRS Planning Questions for ICFR (SOX) Management

How many resources should be assigned to the IFRS conversion project team?
Do the personnel have adequate accounting training to understand the differences between U.S. GAAP and IFRS?
Can the current SOX 404 process and systems documentation assist the company in estimating change impacts?
Does the company have sufficient resources/flexibility to handle the increased controls testing?
What can ICFR staff do to assist with mitigating the risks of change management in this significant conversion process?
Is there IT knowledge within the department to assist in identifying risks that may arise for system modifications for the parallel accounting period?

EXECUTIVE SUMMARY

Based on the current SEC road map, your company will need to evaluate how to perform U.S. GAAP/IFRS parallel accounting over a multiyear period.

In creating a parallel accounting environment, your internal control and operational audit staff may need to consider the ramifications of modifying your company’s systems and processes.

Internal control and operational audit staff are in a great position to assist your company in evaluating impact areas with the IFRS conversion. Their financial and accounting backgrounds, combined with the knowledge of the underlying processes and systems, will provide in-depth knowledge for conversion planning.

It is critical for internal control and operational audit staff to get involved early to help guide the company in the planning and to ensure that their portion of the overall conversion cost estimate is included.

Disclaimer: The opinions expressed in this article are those of the author and not necessarily those of Ernst & Young LLP.

Steve Arnold, CPA, Author steve.arnold@ey.com
Matthew G. Lamoreaux, Senior Editor mlamoreaux@aicpa.org
Journal of Accountancy: www.journalofaccountancy.com

2009-09-16T01:23:00.001-07:00

IASB response to G20 recommendations

2009-09-15T11:14:00.000-07:00

An update to the comprehensive overview of measures undertaken by the IASC Foundation and the IASB in response to the G20 conclusions is now available.

Download the updated summary at:
http://www.iasb.org/NR/rdonlyres/971252E2-B90C-48CC-A4F7-08A2A3B36E0E/0/AprilG20responseupdatedAug09.pdf

IASB : Fair Value Measurement Round Tables

2009-09-15T11:07:00.000-07:00

International Accounting Standards Committee Foundation
www.iasb.org

In November and December 2009 the IASB will hold round table discussions on its proposals for fair value measurement. Round tables will be held in North America, Asia and Europe.

An audio recording of the round table discussions will be made available on the website shortly after each round table.

About the round table topics

The IASB has a project to define fair value and to provide guidance on measuring fair value in IFRSs. The round tables will discuss the IASB's proposals (as reflected in the exposure draft Fair Value Measurement).

Location, Dates and Times

Each round table will last 2 hours. Depending on the interest in the round tables, a second session on the same topics may be held in each location.

Note that although we aim to admit every interested party to the round tables, there may not be room for all those who wish to attend.

In the interest of admitting as many interested parties as possible, only one participant per organisation is permitted in the round tables (others may attend as observers).

If you are interested in participating in a round table meeting, please indicate in your comment letter which location you prefer.

2 November in Norwalk
The Financial Accounting Standards Board
401 Merritt 7, Norwalk, CT 06856-5116
United States of America

27 November in Tokyo
The Accounting Standards Board of Japan
Fukoku Seimei Building 20F, 2-2
Uchisaiwaicho 2-chome, Chiyodaoku
Tokyo 100-0011
Japan

11 December in London
The International Accounting Standards Board
First Floor, 30 Cannon Street, London EC4M 6XH
United Kingdom

2009-09-15T08:02:00.001-07:00

ASBJ and IASB Reaffirm their Ongoing Cooperation in Achieving Convergence in Accounting Standards

2009-09-11T14:30:00.000-07:00

07 and 08 September 2009, London
Sir David Tweedie, Chairman, IASB www.iasb.org
Ikuo Nishikawa, Chairman, ASBJ www.asb.or.jp

The Accounting Standards Board of Japan (ASBJ) and the International Accounting Standards Board (IASB) have held their 10th meeting to accelerate convergence of Japanese generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRSs).

As part of the meeting, representatives of the IASB provided an update on their ongoing project work, in particular on those projects that form part of the convergence programme between the IASB and the US Financial Accounting Standards Board (FASB) and on the measures that are being undertaken by the IASB in response to the financial crisis.

Representatives of the ASBJ reported that good progress is being made towards convergence of IFRSs and Japanese GAAP. As outlined in the Tokyo Agreement these efforts extend to all projects on the IASB’s agenda. Representatives of the boards also exchanged views on the recent IASB exposure draft Financial Instruments: Classification and Measurement and the following important items, including cross-cutting issues among IASB projects.

Other comprehensive income, and recycling/non-recycling: Cross-cutting issues among Financial statement presentation, Financial instruments (Classification and measurement), and Post-employment benefits

Measurement of liabilities: Cross-cutting issues among Financial liabilities and Non-Financial liabilities (IAS37) , including own credit risk

In addition, the representatives of the ASBJ provided an overview of the Interim Report Opinion on Application of International Financial Reporting Standards in Japan issued by the Business Accounting Council (BAC), an advisory body to the Commissioner of the Japan Financial Services Agency (FSA) in June this year.

The roadmap permits early adoption of IFRSs by listed companies for fiscal years beginning 1 April 2009 and proposes mandatory adoption of IFRSs from 2015 or 2016, with a final decision on the mandatory element being taken around 2012.

In this context, representatives of the boards also discussed how to address issues relating to the implementation of IFRSs in Japan.

As a result of these discussions, the IASB expressed its willingness to support Japanese constituents and the ASBJ in their work in addressing implementation issues.

Representatives of both boards believe that the ASBJ’s and IASB’s ongoing work towards convergence between Japanese GAAP and IFRSs is essential for a successful adoption of IFRSs. The ASBJ’s continuing participation in the IASB’s standard-setting process will also contribute to the future development of high-quality accounting standards in the medium and long term.

Commenting on the meeting, Ikuo Nishikawa, Chairman of the ASBJ, said:
" The IASB and the ASBJ again had a useful meeting that included a productive discussion on cross-cutting issues. The ASBJ continues to participate actively in the international standard-setting process, including this regular meeting with the IASB. This is also consistent with the Interim Report issued by the Business Accounting Council, which sets out a roadmap towards the application of IFRSs in Japan and recommends that the ASBJ continues and accelerates the convergence of accounting standards ".

Sir David Tweedie, Chairman of the IASB, said:
" The recent approval of a roadmap for the adoption of IFRSs in Japan by the Business Accounting Council of Japan Financial Services Agency has been a milestone in our efforts to establish IFRSs as the single set of generally accepted accounting principles around the world. The joint efforts of both boards to achieve convergence as agreed in the Tokyo Agreement have made an important contribution to making this development possible. The ongoing cooperation of the two boards will also contribute to a smooth adoption of IFRSs in Japan and to creating high quality IFRSs in the future ".

Deloitte: U.S. Companies Anticipate Mandatory Move to IFRS

2009-09-11T14:01:00.000-07:00

http://www.reuters.com

D.J. Gannon, partner, Deloitte & Touche LLP, national leader
Deloitte IFRS Center of Excellence

A new Deloitte survey of more than 245 financial executives shows that almost 90 percent view mandatory conversion to International Financial Reporting Standards (IFRS) to be highly likely, or somewhat likely, in the U.S., with 59 percent viewing mandatory conversion as highly likely.

The Deloitte survey, conducted in July 2009, gathered data and information on current views about IFRS in the U.S. and activity around IFRS planning. The survey addresses the high level of anticipation surrounding SEC action on IFRS, as well as companies' advanced IFRS planning and conversion activities.

In addition, 80 percent of respondents are currently taking action, or planning to take action toward IFRS conversion. Forty percent is either performing or having performed a high- level IFRS assessment, while another 40 percent said they plan to perform an assessment in the future. In addition, more than two-thirds (67 percent) of those surveyed have designated a person or team to focus on IFRS, or monitor IFRS developments. Only 20 percent of respondents indicated no plans for IFRS assessment activities.

"Convergence of accounting standards was underway well before the financial crisis hit. However, the current focus on restructuring the financial industry puts increased pressure and immediacy on driving IFRS convergence," said Gannon.

"U.S. companies, in the meantime, are keeping a close eye on the global trends and mobilizing around IFRS. Those companies with plans and strategies in place will not only be better equipped to address IFRS-related changes, but they will also reap the benefits of IFRS sooner."

Download the full survey at:
http://www.deloitte.com/assets/Dcom-UnitedStates/Local%20Assets/Documents/AERS/us_aers_IFRS_%20Survey%20Results_020909.pdf

IFRS Pulse Survey 2009: Update on Views and Activities http://www.deloitte.com/us/ifrs/results2009update

Small business and the financial crisis

2009-09-11T13:47:00.000-07:00

http://blogs.accaglobal.com

Small and medium sized enterprises (SMEs) are an important part of developed and developing economies as they play a key role in creating jobs, innovation, supporting stability, macroeconomic growth and act as a growth engine.

In OECD countries, SMEs represent 95% of all enterprises, accounting for two-thirds of employment and being the main source of new job creation. As such, SMEs in many countries around the world are the major source of economic recovery and assist the return to sustainable growth.

SMEs are particularly badly affected in times of financial crisis, due to the reduced demand for products and services, sudden rises in the prices of raw materials, energy and food, liquidity and credit related problems, variations in exchange rates, inflation, and still are subject to a relatively high cost of capital.

Access to finance continues to be one of the most significant challenges for the creation, survival and growth of SMEs, especially those that are innovative. Start-ups in particular are most vulnerable, often lacking the resources to survive the downturn.

In addition, the uneven application of regulatory and legal frameworks that have primarily been designed for large-listed companies leads to market failure and requires governments to intervene to support these important contributors to the economic well-being of countries.

SMEs will require effective short-term measures to address these financial and other aspects that are a part of their business environment. It is critical in these circumstances that regulators think small first.

SMEs need more urgency on measures to help restore confidence, on issues such as late payments, access to finance and employment support measures. These will need, however, to be linked to structural improvements in the SME financial environment over the longer term in order to be successful and to restore growth.

The current economic context is a unique opportunity for governments around the world to find more far-reaching ways to collaborate and partner with business, civil society as well as between governments, to pool efforts to build infrastructure, build social capital and encourage institutional changes and help improve the operating environment for business.

Governments need to ensure that the SME interests are adequately represented within government.

Separate agencies, with strong influence and links within government, that deal with small business policy and manage government intervention relating to business support may be needed in order to ensure adequately focused policy and a clear point of contact. Ensuring that small businesses have a strong voice within government is crucial to ensuring a small business-friendly environment. Regulation, for example, is a key area for creating the right environment both for entrepreneurship and for business to prosper.

World Bank research has found that countries with burdensome regulation have larger informal sectors, higher unemployment, and slower economic growth.

Working collaboratively, governments can do more to support host governments in developing and emerging markets with the development of enabling frameworks that encourage responsible private sector investment. For example, by supporting efforts to put in place effective regulatory and voluntary standards; legal frameworks; funding and investment vehicles; policy consultation mechanisms; accountability structures; and civil society networks.

Governments can also support the creation and strengthening of local business associations, chambers of commerce – which are often weak or non-existent – as well as essential ‘institutional infrastructure’ (linkage programmes, skills/training programmes) for SME development.

Although, much of the emphasis is on governments to act 'locally' to the problems confronted by SMEs during this crisis, there are important issues that have a global dimension and need to be addressed to ensure the sustainability and growth of the SME community. For example, the level of SME cross-border activity is increasing year on year through the development of technology and communication.

It is important that SMEs are protected against external events that are out of their control such as fluctuations in exchange rates. SMEs around the world need special attention and support in the current financial crisis.

2009-09-08T22:41:00.000-07:00

3o Conversion Course από ΣΟΕΛ και ACCA

2009-08-24T09:45:00.000-07:00

Tο Σώμα Ορκωτών Ελεγκτών Λογιστών στα πλαίσια της συνεργασίας του με το ACCA (Association of Chartered Certified Accountants) διοργανώνει τον 3ο κύκλο Προπαρασκευαστικών Μαθημάτων (Conversion Course).

Δικαίωμα συμμετοχής στα μαθήματα αυτά έχουν οι απόφοιτοι του ΙΕΣΟΕΛ που έχουν ολοκληρώσει τις σπουδές τους μέχρι και το Δεκέμβριο του 2008. Τα μαθήματα θα διεξαχθούν από εξειδικευμένους εισηγητές της BPP http://www.bpp.com/
στις αίθουσες του ΣΟΕΛ (Καποδιστρίου 28).

Το κόστος συμμετοχής θα ανέρχεται στα 2.500 € το άτομο.
Το ωράριο διεξαγωγής των μαθημάτων θα είναι από 9:00 έως 16:00 και η παρακολούθηση κρίνεται απαραίτητη. Η διάρκεια του Conversion Course θα είναι 16 ημέρες και η διδασκαλία θα γίνεται στην Αγγλική γλώσσα. Τα μαθήματα του 3ου Προπαρασκευαστικού Προγράμματος θα πραγματοποιηθούν την περίοδο του Σεπτεμβρίου - Οκτωβρίου 2009.

Αναλυτικότερα, το πρόγραμμα των μαθημάτων θα έχει ως εξής:

Audit and Assurance
Εισαγωγή & Επανάληψη :
Τετάρτη 7 Οκτωβρίου - Σάββατο 10 Οκτωβρίου (4 ημέρες)

Financial Management
Εισαγωγή :
Δευτέρα 21 Σεπτεμβρίου - Πέμπτη 24 Σεπτεμβρίου (4 ημέρες)
Επανάληψη :
Δευτέρα 19 Οκτωβρίου - Τετάρτη 21 Οκτωβρίου (3 ημέρες)

Financial Reporting
Εισαγωγή & Επανάληψη :
Δευτέρα 26 Οκτωβρίου - Σάββατο 31 Οκτωβρίου 2009 (5 ημέρες)

Οι Εταιρίες Ορκωτών Ελεγκτών που επιθυμούν να συμμετέχουν στο 3ο Conversion Course, παρακαλούνται να γνωστοποιήσουν τον αριθμό συμμετεχόντων στο ΙΕΣΟΕΛ το αργότερο μέχρι και την Πέμπτη 3 Σεπτεμβρίου 2009.
Τηλ. 210.3891.400 iesoel@iesoel.gr

Ο Πρόεδρος του Ινστιτούτου Εκπαίδευσης ΣΟΕΛ

ΧΑΡΙΛΑΟΣ Π. ΑΛΑΜΑΝΟΣ
Ορκωτός Ελεγκτής Λογιστής

2009-08-24T09:44:00.001-07:00

Διενέργεια Ποιοτικών Ελέγχων από την ΕΛΤΕ και το Σώμα Ορκωτών Ελεγκτών Βρετανίας

2009-08-24T09:43:00.001-07:00

www.elte.org.gr

Η Επιτροπή Λογιστικής Τυποποίησης και Ελέγχων γνωστοποίησε ότι οι πρώτοι ποιοτικοί έλεγχοι των νόμιμων ελεγκτών και των ελεγκτικών γραφείων θα πραγματοποιηθούν το τέταρτο τρίμηνο του 2009.

Οι προαναφερόμενοι ποιοτικοί έλεγχοι θα εστιαστούν στη λειτουργία του συστήματος ποιοτικού ελέγχου στις ελεγκτικές εταιρείες, όπως ορίζεται από το αντίστοιχο Διεθνές Πρότυπο Ελέγχου Ποιότητας (ISQC 1), καθώς και σε διαδικασίες που αφορούν την υποχρέωση των νόμιμων ελεγκτών να λαμβάνουν συγκεκριμένα μέτρα σχετικά με θέματα πρόληψης και καταστολής της νομιμοποίησης εσόδων από εγκληματικές δραστηριότητες.

Οι εν λόγω ποιοτικοί έλεγχοι θα πραγματοποιηθούν σε όλες ανεξαιρέτως τις ελεγκτικές εταιρείες σε ημερομηνίες που θα κοινοποιηθούν έγκαιρα από την ΕΛΤΕ. Οι πρώτοι ποιοτικοί έλεγχοι θα διενεργηθούν από το τμήμα ποιοτικών ελέγχων της ΕΛΤΕ, συνεπικουρούμενο από στελέχη του τμήματος ποιοτικού ελέγχου του Σώματος Ορκωτών Ελεγκτών Βρετανίας (ICAEW).

Επισημαίνεται επίσης η συνεργασία της ΕΛΤΕ με το Σώμα Ορκωτών Ελεγκτών Βρετανίας (ICAEW) για την πραγματοποίηση των εν λόγω ελέγχων, καθώς και η διοργάνωση συνάντησης με τους εμπλεκόμενους φορείς, με σκοπό την ενημέρωσή τους αναφορικά με την πραγματοποίηση των παραπάνω ποιοτικών ελέγχων.

ICAEW Institute of Chartered Accountants in England & Wales
http://www.icaew.org/

IFAC Calls for G20 to Adopt Global Accounting

2009-08-24T08:58:00.001-07:00

http://www.ifac.org/

The International Federation of Accountants has called for broad action by the G20 leaders at their September meeting in Pittsburgh, PA to encourage adoption and implementation of global accounting, auditing, and auditor independence standards in order to improve the ability of capital markets to work globally.

In addition, IFAC has called for the worldwide adoption and implementation of International Public Sector Accounting Standards as a means to greatly improve government transparency and accountability in light of the "unprecedented takeovers, lending, guarantees, and bailouts of major market institutions, banks, and companies."

It is also urging that further steps be taken to enhance the governance of the International Accounting Standards Board in order to ensure its legitimacy and its ability to act independently, and without inappropriate political interference, in its standard-setting role.

"The G20 leaders must act quickly to build a reformed international financial system," said Ian Ball, IFAC Chief Executive Officer.

"While some nations appear to be moving toward recovery from the financial crisis, underlying problems of accountability and transparency remain. We believe that the adoption of international standards can help to address these issues and play an essential role in resolving the current crisis."

"The G20 should acknowledge that small- and medium-sized enterprises are the engine of the global economy and address their unique needs," emphasizes Robert Bunting, IFAC President.

"IFAC's letter emphasizes this and points out that those establishing regulations must take into account any related costs and complexities that will impose burdens on, and threaten the sustainability of, the small business sector."

IFAC's letter to the G20 also includes recommendations on enhancing corporate governance, supporting the long-term strengthening of the accountancy profession in developing countries, and developing new tools and metrics to achieve global sustainability. The submission also asks the G20 to facilitate debate to resolve issues between financial reporting-designed to communicate business performance to investors-and prudential reporting-used to monitor and maintain financial stability.

Sir David Tweedie Warns of 2011 Deadline for IFRS Choice

2009-08-24T08:43:00.000-07:00

By Michael Cohn, New York, www.webcpa.com

International Accounting Standards Board chairman Sir David Tweedie said that other countries are running out of patience waiting for the Securities and Exchange Commission to decide on whether to approve a roadmap for transitioning to International Financial Reporting Standards and that the U.S. would need to commit by 2011.

Speaking at the American Accounting Association’s annual meeting, Tweedie described how he and FASB Chairman Bob Herz had worked closely together over the years on converging IFRS with U.S. GAAP, and how the U.S. had been involved from the outset in creating IFRS.

However, after the SEC issued its roadmap last October, and there was a change of administration in Washington, SEC Commissioner Mary Schapiro has not yet approved the proposed roadmap.

“This is a very interesting moment for us, a once-in-a-lifetime moment. Where is the USA?” asked Tweedie.

“That is a question I am asked all around the world. The convergence program is designed to reduce the cost of transition. FASB is riding two horses: U.S. GAAP and trying to converge at the same time, but so are we. We get a lot of criticism over the favored-nation status toward the United States”.

“The European Federation of Accountancy Bodies has just talked about how the point has been reached where there have been diminishing returns from convergence with U.S. GAAP, particularly as more and more countries, including major economies such as Japan and India, move toward direct adoption of full IFRS, and the IASB should change its strategy and concentrate exclusively on major improvements and simplifications of IFRS for the short term. We think that’s wrong. If you’re going to have global standards, we need the U.S., but it can’t go on indefinitely. We’ve been converging for seven years. We have a timetable to finish in 2011. It’s designed to fit these major economies — Korea, Canada, Japan, India — who are converging that year. We have to finish this year.”

The timetable in the proposed roadmap envisions a vote by the SEC in 2011 on whether or not to go ahead with IFRS adoption, depending on whether certain milestones have been reached, such as funding for the IASB.

However, Tweedie said that he has heard concerns about the U.S. not making a commitment by that time. “What people resent are four American board members, Mary Schapiro, and the five-man monitoring board, five out of 22 trustees, three joint meetings a year,” he said. “They want us to stop it. My view is we must keep going. But to be blunt, if the U.S. turns down IFRS, or doesn’t even put a date certain — it doesn’t matter when it is to be, 2017, who cares, if they don’t commit, I think it will be impossible to continue this after 2011.”

Tweedie acknowledged that there were problems in moving the U.S. to principles-based standards and in going from 17,000 pages of U.S. GAAP in the new FASB Codification to 2,500 in IFRS. He said that firms were worried about lawsuits and joked that lawyers were more plentiful than mice in the U.S. However, he argued that it would be easier to defend professional judgment and principles-based standards in court. “If you ask U.S. litigation attorneys if this sort of system will actually increase litigation, the answer is no,” said Tweedie. “Which would you rather defend? I can defend a principle. Miss something on page 1,793, you’re finished. That’s a big difference.”

Tweedie acknowledged that the U.S. would lose some sovereignty and run into political interference, but he pledged that FASB would continue to be a major player working with the IASB on research projects and giving its views as they worked to develop new standards. “My view is the U.S. needs to commit by 2011 one way or the other, or else it is impossible to hold this together again,” he said. “It would be almost impossible to sign another memorandum of understanding again at that stage.” There are now 117 countries that have signed up to adopt IFRS, and Tweedie expects there to be 150 by 2011. He plans to concentrate on getting more countries in Africa involved in adopting the standards now.

Asked about what kinds of concerns he had heard from Schapiro and other members of the SEC, he responded, “They didn’t really talk so much about their concerns,” he said. “They’re obviously concerned about the U.S. environment here. They clearly want to do what is right for the United States. Is the cost too much at the present moment? It is in the middle of a recession, but then you’re not being asked to change right now. There is the option, or actually requirement, of going back to U.S. GAAP if you don’t do IFRS. I think [the SEC is] watching what happens. They’re taking people’s views very seriously, and they’ll make a reasoned judgment in due course.”

Δωρεάν IFRS e-book από το TaxHeaven

2009-08-24T08:19:00.001-07:00

www.taxheaven.gr

Κατεβάστε (σε μορφή zip) ένα χρήσιμο πολυεργαλείο για τα IFRS, με επεξηγήσεις και διερμηνίες για όλα τα Διεθνή Λογιστικά Πρότυπα και Διεθνή Πρότυπα Χρηματο-Οικονομικής Πληροφόρησης.

Το IFRS e-book περιγράφει αναλυτικά κάθε πρότυπο περιλαμβάνοντας ορισμούς, πεδία εφαρμογής και χρήσιμα παραδείγματα.

Μια πολύτιμη δωρεάν προσφορά του TaxHeaven: http://www.taxheaven.gr/imagenom/ias2009.zip

2009-08-24T05:59:00.000-07:00

IASB proposes to amend the discount rate for measuring employee benefits

2009-08-24T05:33:00.000-07:00

The International Accounting Standards Board (IASB) has published for public comment, proposals to amend the discount rate for measuring employee benefits. The proposals respond to calls from stakeholders to address a problem that the global financial crisis has made increasingly significant.

IAS 19 Employee Benefits requires an entity to determine the rate used to discount employee benefits with reference to market yields on high quality corporate bonds. However, when there is no deep market in corporate bonds, an entity is required to use market yields on government bonds instead. The global financial crisis has led to a widening of the spread between yields on corporate bonds and yields on government bonds. As a result, entities with similar employee benefit obligations may report them at very different amounts.

To address the issue expeditiously, the IASB proposes to eliminate the requirement to use yields on government bonds. Instead, entities would estimate the yield on high quality corporate bonds. If adopted, the amendments would ensure that the comparability of financial statements is maintained across jurisdictions, regardless of whether there is a deep market for high quality corporate bonds.

In view of the urgency of the issue and the limited scope of the proposals the IASB has set a shortened period for comments on the exposure draft. The IASB intends to permit entities to adopt the amendments that arise from this exposure draft in their December 2009 financial statements.

The proposals are set out in the exposure draft Discount Rate for Employee Benefits (proposed amendments to IAS 19) which is open for comment until 30 September 2009.

The exposure draft is ‘Open for Comment’ at:
http://www.iasb.org/

Πανελλήνιο Συνέδριο IFRS Convention 2009

2009-08-24T04:49:00.001-07:00

www.ifrsgreece.com

To Πανελλήνιο Χρηματο-Οικονομικό Συνέδριο
«IFRS Convention», πραγματοποιήθηκε με επιτυχία τη Δευτέρα 16 Φεβρουαρίου, στο Divani Caravel, συγκεντρώνοντας τους leaders της αγοράς στην Ετήσια Συνάντηση Κορυφής για τις Εξελίξεις στα Διεθνή Λογιστικά Πρότυπα.

Στο IFRS Convention συζητήθηκαν με ιδιαίτερο ενδιαφέρον, η τρέχουσα επικαιρότητα στα ΔΛΠ, το μέλλον των IFRS στην Ελλάδα και οι διεθνείς εξελίξεις, η χρηματοπιστωτική κρίση και οι τρόποι εναρμόνισης των ελληνικών επιχειρήσεων στη νέα διεθνή λογιστική γλώσσα.

120 Πρόεδροι, Μέτοχοι, Οικονομικοί Διευθυντές, Ορκωτοί Ελεγκτές, Διευθυντές Λογιστηρίου, Οικονομικοί Αναλυτές, Διευθυντικά Στελέχη Τραπεζών και Οργανισμών παρακολούθησαν με ενδιαφέρον τις εισηγήσεις 9 διακεκριμένων επιστημόνων, σε μια κορυφαία συνάντηση με τη συμμετοχή του ΣΟΕΛ, της ΕΕΔΕ και της ΕΛΤΕ.

Στην Ετήσια Συνάντηση Κορυφής για τις Εξελίξεις στα Διεθνή Λογιστικά Πρότυπα, συμμετείχαν οι διακεκριμένοι επιστήμονες: Δρ. Δημήτριος Ντζανάτος (Πρόεδρος ΔΣ, Grant Thornton), Γιαννάκης Θεοκλήτου (Partner, CSE Practice Director, Ernst & Young), Δρ. Κωνσταντίνος Κυρίτσης (Head, PwC Academy), Δρ. Αννίτα Φλώρου (Kαθηγήτρια του Πανεπιστημίου Μακεδονίας), Χάρης Συρούνης (Εxecutive Audit Partner, KPMG), Στέλιος Ντότσιας (Γεν. Διευθυντής Globaltraining), Κωνσταντίνος Νανόπουλος (Oικονομικός Aναλυτής) και ο Πρόεδρος της Prosvasis Θάνος Αλαφογιάννης.

Tο Σώμα Ορκωτών Ελεγκτών Λογιστών (ΣΟΕΛ) εκπροσώπησε επάξια ο Αντιπρόεδρος του ΣΟΕΛ και Πρόεδρος της FCM κ. Γεώργιος Σαμοθράκης, με μια πρωτότυπη εισήγηση που προκάλεσε το ενδιαφέρον των συμμετεχόντων και σειρά καίριων ερωτημάτων.

Το Ινστιτούτο Οικονομικής Διοίκησης (ΙΟΔ) της ΕΕΔΕ και την Επιτροπή Λογιστικής Τυποποίησης και Ελέγχων (ΕΛΤΕ) εκπροσώπησε με κύρος και επιστημονική γνώση ο Πρόεδρος των δύο φορέων κ. Τάκης Ζαφειρόπουλος.

Το Πάντειο Πανεπιστήμιο εκπροσώπησε ο καθηγητής Γιάννης Φίλος, που με επιτυχία συντόνισε τις ερωτήσεις και τις εισηγήσεις και έθεσε σημαντικούς προβληματισμούς καθ' όλη τη διάρκεια του Συνεδρίου.

Μέγας Χορηγός της διοργάνωσης ήταν η ελεγκτική εταιρία διεθνούς φήμης Grant Thornton και Χορηγοί οι εταιρίες Εrnst & Young, PricewaterhouseCoopers, BDO και KPMG, ενώ τη διοργάνωση υποστήριξαν οι Χορηγοί Επικοινωνίας: Λογιστική Prosvasis, η οικονομική εφημερίδα KEΡΔΟΣ και το περιοδικό Sponsor it.

IASC releases IFRS tool for open source

2009-08-24T04:39:00.004-07:00

The International Accounting Standards Committee (IASC) Foundation today announced the release of its IFRS Taxonomy Module Manager (ITMM) for open source.

Based on XBRL technology, the ITMM provides an interactive graphical interface that guides users through the process of navigating the IFRS modules that make-up the IFRS Taxonomy. The ITMM afterwards returns an entry point (in the form of a schema or empty instance document) and the according Taxonomy; therefore a starting point for entity-specific extensions or direct filing.

The most recent version of the ITMM has been fully integrated with the IFRS Taxonomy viewer, supports additional translation linkbases and is ready to support the IFRS Taxonomy 2009 (which is currently available for public review until March 24). A fully deployed version of the ITMM is available at http://www.xbrl-ifrs.org/ITMM.

The ITMM has been conceived with Open Source tools (Java, Groovy, Google Web Toolkit) and runs on Open Source servers (Apache Server, Tomcat). In order to support software developers, XBRL taxonomy developers (in particular IFRS Taxonomy extension developers) and the XBRL community in general, the ITMM has been developed in a generic way. Features such as the ITMM configuration XML file and ITMM properties file are adaptable to specific design requirements and specific XBRL taxonomies. The ITMM is distributed by the means of SourceForge under the Apache 2.0 Open Source license.

To access ITMM open source distribution follow this link:
http://sourceforge.net/projects/itmm/

The ITMM Open Source version comes with:
- All necessary Java, Groovy, Google Web Toolkit and supplementary source code, configuration files and styles, developed by the IASC Foundation XBRL Team
- Comprehensive guidance such as :
ITMM Developer Guide, ITMM Quick Setup Guide and JavaDoc comments on classes.

SourceForge.net also provides forums and mailing lists,
facilitating further Open Source development
around the ITMM and the community.
http://sourceforge.net/

IFRS: Η Εργαλειοθήκη του Λογιστή και του Ελεγκτή για τα Διεθνή Λογιστικά Πρότυπα

2009-08-24T04:39:00.003-07:00

http://www.dntzanatos.gr/

Κυκλοφορεί από τις Εκδόσεις Καστανιώτη, η νέα τρίτομη
Εργαλειοθήκη του Λογιστή και του Ελεγκτή για τα Διεθνή Λογιστικά Πρότυπα.

Η σειρά αποτελείται από τρεις εξειδικευμένους επιστημονικούς τόμους του Δρ. Δημήτριου Ντζανάτου, Ορκωτού Ελεγκτή Λογιστή και Προέδρου της Grant Thornton.

" Η εφαρμογή των Διεθνών Λογιστικών Προτύπων, αποτελεί ένα τεράστιο βήμα εκσυγχρονισμού της λογιστικής πρακτικής στη χώρα μας. Υλοποιείται ήδη υποχρεωτικά από τις εισηγμένες εταιρίες και τις θυγατρικές τους, αλλά είναι νομοτελειακό ότι θα καλύψει όλες τις επιχειρήσεις της χώρας, μικρές και μεγάλες ".

H τρίτομη συγγραφική μελέτη του Δρ. Ντζανάτου καλύπτει αναλυτικά:

01. Τα Διεθνή Λογιστικά Πρότυπα με απλά λόγια και οι διαφορές τους με τα Ελληνικά (σελ.624)
Ένα εργαλείο αρχικής γρήγορης και εύκολης κατανόησης των IFRS και των διαφορών τους με τα ελληνικά πρότυπα, γραμμένο στη γλώσσα του λογιστή και μια αφετηρία για βαθύτερη έρευνα. Η μελέτη του Δρ. Ντζανάτου στοχεύει στην αντιμετώπιση των προβλημάτων από από τη σκοπιά των επαγγελματιών λογιστών και ελεγκτών και αποτελεί χρήσιμο εγχειρίδιο για την εκπαίδευση μεταπτυχιακών φοιτητών.

02. Δημιουργία των Σημειώσεων (Notes) των Οικονομικών Καταστάσεων και έλεγχος της πληρότητάς τους (σελ.688)
Η πιο σημαντική ίσως διαφορά, ανάμεσα στα Διεθνή Λογιστικά Πρότυπα και τα αντίστοιχα Ελληνικά Πρότυπα, είναι το εύρος των «γνωστοποιήσεων» (Notes). Με τα Ελληνικά Πρότυπα συντάσσονταν το Προσάρτημα των οικονομικών καταστάσεων, που περιλάμβανε πληροφορίες για οικονομικά μεγέθη και λογιστικές αρχές. Ήταν ένα έγγραφο της τάξης των 10 σελίδων. Με τα Διεθνή Πρότυπα πρέπει να παρέχονται γνωστοποιήσεις για μία σειρά σύνθετα ζητήματα. Αν ένας όμιλος καλύψει όλες αυτές τις γνωστοποιήσεις, οι οικονομικές του καταστάσεις θα έχουν έναν όγκο 1.000 σελίδων. Αυτές είναι οι διαφορές τάξης μεγέθους.

03. Σχέδια Πινάκων για τη Δημιουργία των Σημειώσεων (Notes) των Οικονομικών Καταστάσεων και τον έλεγχο της πληρότητας τους (σελ. 512)
Διαμορφώθηκε ένα μοντέλο για τη δημιουργία πλήρων γνωστοποιήσεων, με σεβασμό στο χρήστη. Περιλαμβάνει 582 διαφορετικές ενέργειες, έχει σχέδια κειμένων, 499 προτεινόμενους πίνακες, τα άρθρα των προτύπων για τις γνωστοποιήσεις, επεξηγήσεις και βοήθεια για το χρήστη. Είναι πρωταρχικά ένα εργαλείο, που παράλληλα όμως μορφώνει το λογιστή και τον ελεγκτή. Ο λογιστής επιλέγει τις ενέργειες που τον αφορούν και στη συνέχεια «εκτελεί εντολές» οριστικοποίησης κειμένων ή συμπλήρωσης πινάκων.
Αν καλύψει τις ενέργειες που τον αφορούν, κανείς δεν θα μπορεί να του πει ότι έχει ελλείψεις. Ακόμη και αν δεν έχει τις πληροφορίες να παράσχει όλες τις γνωστοποιήσεις, θα ξέρει τις ελλείψεις και θα τις καλύψει στο μέλλον. Ο ελεγκτής από την άλλη πλευρά, τώρα ξέρει τι πρέπει να ψάχνει και εύκολα θα εντοπίζει τις ελλείψεις και τα κενά.

Αγοράστε τη σειρά online στο:
http://www.kastaniotis.com/book/978-960-03-4769-2

IFRS Conversion Puts Demand on Technology

2009-08-24T04:39:00.001-07:00

www.webcpa.com

Switching to International Financial Reporting Standards could prove to be a costly move for many companies’ IT departments, according to a new report by Ernst & Young. http://www.ey.com/

The report, “Inside IFRS: The Opportunity for IT,” describes the unexpected complexity of converting to IFRS and the high expenses the change can entail. “IFRS conversion requires fundamental change on multiple levels, can take up to several years, and affects virtually every function within an organization,” said the report. It cites a survey by the Institute of Chartered Accountants in England and Wales, in which 75 percent of the respondents reported increased complexity around information technology issues.

The technological challenges are greater for companies with complex or inefficient business processes or IT environments. Companies with multiple enterprise resource planning or financial reporting systems and instances can be especially prone to trouble with implementing IFRS. The conversion effort may expand as IFRS system-related changes and parallel accounting are implemented across separate and dissimilar environments, the report warns.

The proposed SEC roadmap to IFRS envisions having companies make the transition by preparing a three-year comparison of their financials in accordance with both U.S. GAAP and IFRS, which only adds to the complexity.

Some observers are worried that IFRS adoption could also lead to looser accounting practices and heighten the risk of corporate fraud *see: Witness Tells Senate to Crack Down on Accountant Fraud

To support parallel accounting, the Ernst & Young report notes that some companies may decide to maintain multiple ledgers during and after the transition to assist in complying with IFRS. Accounting differences will need to be accommodated in areas such as fixed and intangible assets. ERP modules such as asset management, inventory, projects and purchasing may require configuration modifications, for example in the area of property, plants and equipment. Inventory accounting will change too, as IFRS does not allow last-in-first-out accounting.

In preparing for IFRS conversion, the IT department will need to devote resources to data analysis to identify the affected data components and modify the data structures. However, the report notes that there may be opportunities for companies to combine IFRS adoption with other IT initiatives to minimize the cost and maximize the benefits of the change.

Download the full report at:
http://www.ey.com/Publication/vwLUAssets/Inside_IFRS_opportunity_IT_July09/$FILE/Inside_IFRS_opportunity_IT_July09.pdf

XBRL Europe welcomes the European Federation of Financial Analysts Societies

2009-08-24T04:30:00.000-07:00

http://www.xbrl.org/

XBRL Europe is pleased to announce that EFFAS, the European Federation of Financial Analysts Societies, will join XBRL Europe (X-EU) as a direct member. X-EU is a division of XBRL International, the global consortium leading the development and market introduction of XBRL (eXtensible Business Reporting Language), an interactive data format which will radically change financial and business reporting.

Discover the XBRL history at:
http://xbrl.org/Home/AICPA_XBRL_history_09_web_final.pdf

IAS for Small and Medium Business Entities

2009-08-24T04:09:00.000-07:00

The International Accounting Standards Board has published a stripped-down set of International Financial Reporting Standards aimed at small and midsized privately held businesses. www.iasb.org

The 230-page set of standards is the product of a five-year effort. The IASB said it consulted with a 40-member working group of experts on small and midsized entities to develop the “IFRS for SMEs” standards. The standards are much simpler than the full IFRS set for public companies. However, they are designed to provide improved comparability for users of accounts, enhance overall confidence in the accounts of small and midsized entities, and reduce the significant costs involved in maintaining standards on a national basis. The standards take a cost-benefit approach. IASB director of standards for SMEs Paul Pacter will lead a group to support international adoption of the standard.

IASB Chairman, Sir David Tweedie said:
“The publication of IFRS for SMEs is a major breakthrough for companies throughout the world,” ... “For the first time, SMEs will have a common high-quality and internationally respected set of accounting requirements. We believe the benefits will be felt in both developed and emerging economies.”

U.S. accounting standard-setters have also been involved in consulting on the standards as IFRS continues to converge with U.S. GAAP. The American Institute of CPAs commended the release of the standards.

“ The AICPA welcomes the introduction of IFRS for small and medium entities as an alternative accounting and reporting option for private companies,’’ said AICPA president and CEO Barry Melancon in a statement. “It is indicative of a growing trend toward alternatives for private companies in both the U.S. and worldwide, reflecting the fact that users of private-company financial statements have different needs than users of public-company statements.”

To support the implementation of IFRS for SMEs, the IASC Foundation is developing comprehensive training material and working with international development agencies to provide instructors for regional workshops to train people in the use of the training material, particularly within developing and emerging economies.

The training material will be published in a number of languages. The English-language training material will be downloadable free of charge from the IASB’s Web site in late 2009.

Discover more on IFRS for SMEs at: http://go.iasb.org/IFRSforSMEs

Σχολιασμός:
Δρ. Δημήτριος Ντζανάτος, Πρόεδρος Grant Thornton

" Το λογιστικό πρότυπο για τις μικρομεσαίες επιχειρήσεις, δεν είναι άλλο ένα πρότυπο που εντάσσεται στα IFRS, αλλά αποτελεί ένα αυτόνομο σύνολο. Αφορά το 95% περίπου του αριθμού των εταιριών, παγκόσμια αλλά και στη χώρα μας.

Είναι ένα κείμενο πολύ απλοποιημένο σε σχέση με τα IFRS , ώστε με μικρό κόστος να μπορεί να εφαρμοστεί από τις ΜΜΕ. Οι διαδικασίες λογισμού και αποτίμησης έχουν απλοποιηθεί, ζητήματα που δεν αφορούν τις ΜΜΕ έχουν παραλειφθεί, οι γνωστοποιήσεις έχουν μειωθεί δραστικά σε σχέση με τα IFRS . Επειδή τα IFRS αλλάζουν διαρκώς και αναθεωρούνται και μία ανάλογη πρακτική για τις ΜΜΕ θα αποτελούσε μεγάλο πρόβλημα, έχει αποφασιστεί οι αναθεωρήσεις να γίνονται κάθε τριετία.

Το πρότυπο, για το IASB , ισχύει με τη δημοσίευσή του. Αυτό φυσικά δεν σημαίνει ότι ισχύει στη χώρα μας ή σε άλλες χώρες, πριν γίνουν οι απαραίτητες νομοθετικές ρυθμίσεις.
Κάθε χώρα μπορεί να ορίσει αυτή το περιεχόμενο της έννοιας «Μικρομεσαίες Επιχειρήσεις» και επομένως το εύρος της εφαρμογής του προτύπου, ενώ μπορεί να υιοθετήσει αυτό το πρότυπο, χωρίς να έχει υιοθετήσει τα IFRS . Το IASB αντιμετωπίζει το πρότυπο για τις ΜΜΕ με έναν ιδιαίτερο τρόπο σε σχέση με τα IFRS . Το διανέμει δωρεάν, επεξεργάζεται διαδικασίες εκπαίδευσης των λογιστών, θα διανείμει εκπαιδευτικό υλικό δωρεάν. Είναι φανερό ότι έχει τεράστια σημασία για αυτό η διεθνής αποδοχή του.

Είναι προφανή τα οφέλη, από την εφαρμογή ενιαίων λογιστικών προτύπων σε όλο τον κόσμο, για τις ΜΜΕ. Θα αυξήσει την αξιοπιστία στους λογαριασμούς αυτών των εταιριών και κατά συνέπεια θα διευρυνθούν οι διεθνείς επιχειρηματικές συνεργασίες. Θα ανοίξει περισσότερο τις πόρτες του πιστωτικού συστήματος σε αυτές τις επιχειρήσεις.

Προετοιμάζει τις επιχειρήσεις για εισαγωγή τους στις κεφαλαιαγορές, αν πληρούν τα κριτήρια και το θέλουν. Θα μειωθεί παγκόσμια το κόστος συντήρησης και αναβάθμισης των λογιστικών προτύπων, αφού θα γίνεται σε κεντρικό επίπεδο.

Παρόλαυτα, υπάρχει και ένα πλήθος ζητημάτων που προφανώς θα αξιολογήσουν τα εθνικά κράτη ή οι υπερκρατικές οντότητες:

1. Το κόστος μετάβασης, το οποίο εκτός της χρηματικής του αποτίμησης, συνεπάγεται μεγάλες αλλαγές στην εκπαίδευση και στην πρακτική των επαγγελματιών.

2. Η πρακτική αποτελεσματικότητα. Η εμπειρία από τα IFRS , όπως άλλωστε διαπιστώθηκε και από το G 20, εμφάνισε πολλές αρνητικές πλευρές και κενά.

3. H ευελιξία αυτών των προτύπων. Κάθε χώρα έχει ιδιαιτερότητες και πρέπει άμεσα να δίνει λύσεις σε ειδικά προβλήματα που αναφύονται. Δεν μπορούν αυτές οι λύσεις να δοθούν κεντρικά.

4. Ο έλεγχος. Το εθνικό κράτος ορίζοντας το λογιστικό πλαίσιο ασκεί πολιτική. Δεν είναι εύκολο να εκχωρήσει αυτή του τη δυνατότητα σε ένα υπερεθνικό και μη ελέγξιμο από αυτό όργανο.

Ειδικά για τη χώρα μας, αυτό το πρότυπο έχει τεράστια σημασία. Η Ε.Ε. ξεκίνησε την κούρσα εφαρμογής των IFRS και είναι προφανές ότι θα το υιοθετήσει. Θα αφήσει σημαντικά χρονικά περιθώρια όπως κάνει συνήθως και ίσως θα αφήσει ευχέρειες στα εθνικά κράτη. Επομένως οι επιχειρήσεις, οι λογιστές, οι ελεγκτές, το εκπαιδευτικό σύστημα και όλοι οι σχετικοί οργανισμοί θα πρέπει να κινηθούν με βάση αυτήν την προοπτική". http://www.dntzanatos.gr/

FCAG publishes wide-ranging review of standard-setting activities following the global financial crisis

2009-08-24T03:32:00.000-07:00

http://www.iasb.org/

The Financial Crisis Advisory Group (FCAG), a high level group of recognised leaders with broad experience in international financial markets, today published its recommendations related to accounting standard-setting activities, and other changes to the international regulatory environment following the global financial crisis.

The FCAG was formed at the request of the International Accounting Standards Board and the US Financial Accounting Standards Board to consider financial reporting issues arising from the crisis.

Co-chaired by Hans Hoogervorst, Chairman, AFM (the Netherlands Authority for the Financial Markets) and Harvey Goldschmid, former Commissioner, US Securities and Exchange Commission, the FCAG met six times from January to July 2009.

The report of the FCAG articulates four main principles and contains a series of recommendations to improve the functioning and effectiveness of global standard-setting.

The chief areas addressed in the report are:

01. Effective financial reporting
02. Limitations of financial reporting
03. Convergence of accounting standards
04. Standard-setters’ independence and accountability

The principles and a summary of the recommendations are set out in the appendix to this press release. The FCAG will reconvene in December to review the progress made on its recommendations.

Commenting on the report, Hans Hoogervorst, Co-Chairman of the FCAG said:
" I urge policymakers around the world to study the report and to take note of its conclusions, especially the importance of broadly accepted accounting standards that are the result of a thorough due process. The report highlights the importance but also the limits of financial reporting. Accounting was not a root cause of the financial crisis, but it has an important role to play in its resolution".

Harvey Goldschmid, Co-Chairman of the FCAG added:
" As our report emphasizes, improved financial reporting will help restore the confidence of financial market participants and thereby serve as a catalyst for increased financial stability and sound economic growth. The independence and integrity of the standard-setting process, including wide consultation, is critical to developing high quality, broadly accepted accounting standards responsive to the issues highlighted by the crisis. It has been a great pleasure to work with Hans Hoogervorst and the other distinguished members of the Financial Crisis Advisory Group". www.fcag.org

Νέα τρίτομη έκδοση για τα ΔΠΧΑ από τη Grant Thornton

2009-08-23T11:27:00.000-07:00

www.grant-thornton.gr

Η διεθνής επιχειρηματική κοινότητα και η παγκόσμια αγορά διανύουν μία νέα εποχή στην οποία έχουν διαμορφωθεί καινούργιοι κανόνες που διέπουν τη δράση τους. Στη χώρα μας, η υιοθέτηση των Διεθνών Προτύπων Χρηματοοικονομικής Αναφοράς (Δ.Π.Χ.Α.) αποτέλεσε πρόκληση για τις επιχειρήσεις που κλήθηκαν να μετρήσουν τις δυνάμεις τους στο διεθνές περιβάλλον.

Η Grant Thornton, ανταποκρινόμενη στις ανάγκες της ελληνικής αγοράς και επιδιώκοντας να υποστηρίξει τις επιχειρήσεις στην παρακολούθηση των συνεχών εξελίξεων, παρουσιάζει την αναθεωρημένη έκδοση των Διεθνών Λογιστικών Προτύπων (Δ.Λ.Π.) και των Διεθνών Προτύπων Χρηματοοικονομικής Αναφοράς (Δ.Π.Χ.Α.)

Η αναθεωρημένη τρίτομη έκδοση της Grant Thornton στοχεύει να αποτελέσει ένα χρηστικό εργαλείο στη διάθεση κάθε ενδιαφερόμενου, παρουσιάζοντας και αναλύοντας όλα τα εν ισχύ Δ.Λ.Π (I.A.S.) και τα Δ.Π.Χ.Α. (I.F.R.S.) και εν συνεχεία, συμπληρώνοντας την προηγούμενη έκδοση, ενσωματώνοντας τις αναθεωρήσεις και τροποποιήσεις αυτών καθώς και τις ισχύουσες Διερμηνείες των Δ.Λ.Π. (S.I.C.) και των Δ.Π.Χ.Α. (I.F.R.I.C.) που έχουν εκδοθεί μέχρι την 31η Δεκεμβρίου 2008.

Δείτε online τις αναθεωρήσεις της νέας έκδοσης:
http://www.grant-thornton.gr/0fls/c1.asp?catid=111&subid=232&photoid=136&l=3

4th June 2009, 5th CPD Εvent in Thessaloniki

2009-08-23T11:16:00.000-07:00

http://www.accaglobal.com/

As Thessaloniki is a very important centre, ACCA has decided to organize CPD (Continuing Professional Development) events locally to benefit its members and students. Thus the fifth ACCA event to take place in Greece and the first to take place in Thessaloniki, “IFRS Update & ACCA exams” took place on Thursday, 4th of June 2009, jointly with Globaltraining.

The presentations, focused on providing some insight into recent IFRS updates and on ACCA exam techniques, useful for students that are having their session now.

Mr. Stelios Ntotsias, FCCA and Managing Director of Globaltraining has kindly agreed to share from his vast experience in both fields. http://www.globaltraining.gr/

IFRS Newsletter - April '09 by Grant Thornton

2009-08-23T11:05:00.000-07:00

Δημοσιεύθηκε από τη Grant Thornton το νέο δελτίο Απριλίου για τα Διεθνή Λογιστικά Πρότυπα .

Το IFRS Newsletter αποτελεί μια μηνιαία ηλεκτρονική έκδοση με θέματα που σχετίζονται με τα Διεθνή Πρότυπα Χρηματοοικονομικής Πληροφόρησης (Δ.Π.Χ.Π) και αποστέλλεται σε όλες τις εισηγμένες στο Χ.Α. εταιρείες μέσω ηλεκτρονικού ταχυδρομείου.

Κατεβάστε σε μορφή pdf το newsletter στη διεύθυνση:
http://www.grant-thornton.gr/0fls/c1.asp?catid=56&subid=97&photoid=85&l=3

3rd June, ACCA 4th CPD Event in Athens

2009-08-23T10:55:00.000-07:00

The 4th ACCA technical event in Greece “Indirect tax related issue affecting all Member States from 2010” took place on Wednesday, 3rd of June 2009, jointly with PwC Academy (www.pwcacademy.gr). The presentations focused on the new VAT package which changes the place of supply rules for services and comes into effect from 01 January 2010.

The speaker for the day, Mr. Panagiotis Tsouramanis, is a Director of Tax and Legal Services in PricewaterhouseCoopers’ Greece office. Panagiotis currently heads the VAT practice in the Athens office.

www.accaglobal.com

ACCA and SOEL of Greece sign joint agreement

2009-08-23T10:19:00.000-07:00

ACCA, the Association of Chartered Certified Accountants (http://www.accaglobal.com/) and SOEL, the Institute of Certified Public Accountants of Greece, (http://www.soel.gr/)
have signed an agreement to offer a joint examinations scheme for trainee auditors and accountants in Greece, during an event in London.

The agreement means that students will register with both ACCA and SOEL, and they will have the opportunity to become members of both professional bodies once qualified.

Mark Gold, ACCA's deputy president, hosted the event and said :
"We place significant emphasis on our partnerships around the world and are delighted to be working with SOEL. It has been a delight to work with the entire SOEL team and in particular Ionnas Christodoulides, a consultant to Ernst & Young, and Nicos Sofianos, a senior partner at Deloitte; their shared vision and passion created the environment for the JES to be developed and we were delighted to work with them."

Harilaos Alamanos, SOEL President, also spoke at the event, adding:
"This is a new and exciting opportunity for young accountants in Greece and one which will be welcomed in the marketplace. It is a model which is based on trust and on good practice and one which SOEL is particularly pleased to be associated with."

This joint examination scheme has the support of the Greek Financial Regulator - ELTE.
http://elte.org.gr/