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The Short-Term Legends Program Robert Kutsenda Partner - Arthur Andersen United States Hong Kong, China - 31 May-2 June 2000.

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Presentation on theme: "The Short-Term Legends Program Robert Kutsenda Partner - Arthur Andersen United States Hong Kong, China - 31 May-2 June 2000."— Presentation transcript:

1 The Short-Term Legends Program Robert Kutsenda Partner - Arthur Andersen United States Hong Kong, China - 31 May-2 June 2000

2 2 © 2000 Arthur Andersen All rights reserved. Existing Accounting and Auditing Standards & Practices National International Differences Convergence

3 3 © 2000 Arthur Andersen All rights reserved. Legends Program Component of Vision of IFAD and Large Firms The Vision

4 4 © 2000 Arthur Andersen All rights reserved. The Vision Prepare all general purpose financial information Following a single worldwide framework with –Common Measurements –Fair & Comprehensive Disclosure Raise national accounting standards and practices with IAS as the benchmark or standard except where national GAAP is more developed

5 5 © 2000 Arthur Andersen All rights reserved. The Vision Raise auditing standards and practices to common high standards using International Standards on Auditing as the benchmark Implement high common worldwide ethical/independance standards Establish strong external quality assurance, disciplinary, training and qualification processes worldwide Implement short-term Legends Program

6 6 © 2000 Arthur Andersen All rights reserved. The Vision - Transition Period Proposals Identifying the nationality of standards of accounting and auditing Indicating in the audit report that the standards may differ from international standards Including a footnote in the financial statements explaining the differences in accounting standards

7 7 © 2000 Arthur Andersen All rights reserved. The Legends Program Piloted in four East Asian countries: –Indonesia –Japan –Korea –Thailand

8 8 © 2000 Arthur Andersen All rights reserved. The Audit Report The large firms adopted similar wording For example in a Korean audit report- “As explained in Note X, this report, together with the accompanying financial statements and notes, is a condensed and restructured English translation of the Company’s statutory report. These financial statements are intended to present the company’s financial position, results of operations and cash flows in accordance with accounting principles and reporting practices generally accepted in Korea, which may differ from those generally accepted in other countries and jurisdictions. The standards, procedures and practices utilized in Korea to audit such financial statements may differ from those generally accepted in other countries and jurisdictions”.

9 9 © 2000 Arthur Andersen All rights reserved. The Financial Statements The applicable portion of the footnote read - “In all other respects these financial statements follow accounting principles and reporting practices generally accepted in Korea and are not intended to present the Company’s financial position, results of operations and cash flows in accordance with accounting principles and practices generally accepted in other countries and jurisdictions. Accordingly, the accompanying financial statements are not designed for use by those who are not informed about Korean accounting principles and reporting practices”.

10 10 © 2000 Arthur Andersen All rights reserved. The Pilot Program A very high level of compliance in cross border reporting A few clients objected There was a nationalistic reaction in some countries We believe the disclosure was needed

11 11 © 2000 Arthur Andersen All rights reserved. Current Activities Continue the same approach Resisting some pressure for change Expanding the program to additional countries Indicating nationality of accounting and auditing standards on a widespread basis

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