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LATIN AMERICAN CORPORATE GOVERNANCE ROUNDTABLE 28 APRIL 2000

Published byIsabel Watkins Modified over 6 years ago

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Presentation on theme: "LATIN AMERICAN CORPORATE GOVERNANCE ROUNDTABLE 28 APRIL 2000"— Presentation transcript:

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

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

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

4 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

5 “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

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

7 “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

8 “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

9 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

10 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

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