LATIN AMERICAN CORPORATE GOVERNANCE ROUNDTABLE 28 APRIL 2000

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Presentation transcript:

LATIN AMERICAN CORPORATE GOVERNANCE ROUNDTABLE 28 APRIL 2000 DISCLOSURE AND TRANSPARENCY - AN INTERNATIONAL VIEW Mary Keegan pwc

WHAT IS CORPORATE GOVERNANCE ABOUT? Accountability - protecting investors’ interests Assisting the communication process Importance recognised by the market PricewaterhouseCoopers

ACCOUNTABILITY MEANS….. Better governance structures - eg independent directors, Audit Committees Better explanations of corporate performance - MDA, annual reports, interim reports Better accounting! PricewaterhouseCoopers

ACCOUNTING -HARMONISATION A movement towards international “norms” driven by: - markets, cross-border activity, IPOS - technology - peer pressure Do local rules disadvantage Latin American companies? Need to understand how local practices compare with international “norms” PricewaterhouseCoopers

“GAAP 2000” - ACCOUNTING BENCHMARKING 2 primary objectives - useful to have a summary of GAAP differences - how far are we from IAS? Why IAS? - the only international framework - high quality, due process - interpretations, translations, practice aids PricewaterhouseCoopers

“GAAP 2000” - ACCOUNTING BENCHMARKING About 50 countries Self-assessment, by country groups Methodology - diagnostic questions - limited to 60 “most important” issues PricewaterhouseCoopers

“GAAP 2000” - ACCOUNTING BENCHMARKING The process initial country meetings by end-April further local discussion country summaries only available, by December Some interesting early findings….. PricewaterhouseCoopers

“GAAP 2000” - PRIORITIES FOR IMPROVEMENT? Some differences - business combinations - segment reporting - cash flows - employee benefits …..and many exciting projects in the region to improve reporting The profession driving change PricewaterhouseCoopers

AUDITING STANDARDS We can compare local standards with ISAs But we need to understand why differences in practice exist - environmental/cultural factors - audit’s place in the reporting framework - corporate governance PricewaterhouseCoopers

INTERNATIONAL FORUM ON ACCOUNTANCY DEVELOPMENT - THE “VISION” Raising standards worldwide….. - financial reporting - auditing - corporate governance - company law and regulation …..has clear benefits (market perception, cost of capital) But requires all parties to work together PricewaterhouseCoopers