Fiduciary Forum 2008 Henri Fortin, LCSFM

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Presentation transcript:

Fiduciary Forum 2008 Henri Fortin, LCSFM Recent International Developments in Corporate Financial Reporting A Focus on Small and Medium Entities Fiduciary Forum 2008 Henri Fortin, LCSFM

Background Consensus: “One size does not fit all” Problems Large business entities (“Public interest entities”) should observe high standards of financial transparency, disclosure and controls Conversely, SMEs should not be subjected to stringent A&A requirements standards SMEs need help with improving their accounting reporting practices Problems Laws and regulations do not differentiate enough between SMEs and PIEs A system of double standards can have serious pitfalls

“Adopt v. Adapt”: the dilemma Adopting Higher quality and stronger recognition than local standards National standard-setters can focus on implementation of the standards and their contributions to IASB and IFAC Boards Adapting Country “idiosyncrasies” better reflected More country ownership IFRS/ISA too complex for the country (?)

Varying levels of public accountability Proposed framework (accounting) Category of company Financial reporting standards Listed companies, large SOEs, banks, insurance companies, etc. Laws, regulations and standards should reflect these varying degrees of accountability Full IFRS Local GAAP (or simplified IFRS) Limited F/R obligations if any Simplified IFRS (or local GAAP) Public Interest Entities Large private non-listed companies, and other SOEs Degree of corporate accountability SMEs Micro-enterprises

Overcoming the “Adopt v. Adapt” dilemma For public interest entities Set IFRS adoption as MT/LT objective Establish procedures for reviewing draft IFRSs Design plan for an orderly transition Provide for a sufficient transition period For SMEs Consider adopting SME IFRS Alternative: improve/simplify existing GAAP, in line with SME IFRS Auditing standards: no credible alternative to ISA adoption

International response (1): Exposure Draft SME IFRS Project initiated in 2003 by the IASB Intensive consultation process between 2004 and 2006: discussion paper, regional roundtables, etc. Exposure Draft released in February 2007 All background information and details available at www.iasb.org (Current Projects / IASB / SMEs)

© 2008 IASC Foundation, all rights reserved. IASB Exposure Draft IASB’s proposed IFRS for SMEs: Simplified principles tailored for SMEs Self-contained (nearly) Based on full IFRSs, which are developed for public capital markets Modifications based on: User needs Cost-benefit General purpose financial statements © 2008 IASC Foundation, all rights reserved.

Exposure Draft – IFRS for SMEs Organised by topic ED 254 pages Plus illustrative financial statements, disclosure checklist, basis for conclusions Board vote: 13 to 1 Published: 15 February 2007 Comment deadline: 30 November 2007 © 2008 IASC Foundation, all rights reserved.

© 2008 IASC Foundation, all rights reserved. Simplifications Five kinds of simplifications based on user needs and cost-benefit tradeoffs: Some topics in IFRSs omitted if irrelevant to SME Where IFRS has options, include only simpler option Recognition and measurement simplifications Reduced disclosures Simplified drafting © 2008 IASC Foundation, all rights reserved.

Activities Since ED Was Issued Compliance questionnaire Checklist of all recognition and measurement requirements 111 pages Prepared by Big-4 firm Posted on IASB website May 2007 For field testers and others to use in understanding and applying the ED © 2008 IASC Foundation, all rights reserved.

Activities Since ED Was Issued Staff overview of ED Explains the ED (what’s proposed, for who, and why) in question and answer format Posted on IASB website April 2007 17 pages © 2008 IASC Foundation, all rights reserved.

Examples of Private Publications ACCA ECSAFA Summary of ED PWC Pocket Guide to ED World Bank Newsletter to Latin America & Caribbean © 2008 IASC Foundation, all rights reserved.

International response (2): ISA Guide for SMPs Presentation by Paul Thompson, IFAC