Επίσημη Μετάφραση των Διεθνών Προτύπων Ελέγχου από την ΕΛΤΕ

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

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IFRS Handbook in Greek

IFRS Returns to the Front Burner

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.

SEC supports IFRS and Seeks Common Goal for Accounts

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.

Updated IFRS and IAS Summaries (2009)

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

SEC to refocus on IFRS Roadmap

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

FASB : XBRL Functionality Added to Codification

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.

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

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?

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

XBRL Update: IFRS for SMEs Taxonomy

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

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

IFRS Risk Planning and Controls Execution

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

IASB : Fair Value Measurement Round Tables

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

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

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

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

3o Conversion Course από ΣΟΕΛ και ACCA

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

Sir David Tweedie Warns of 2011 Deadline for IFRS Choice

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

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

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

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

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

IAS for Small and Medium Business Entities

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/