slide1 n.
Download
Skip this Video
Loading SlideShow in 5 Seconds..
Beyond 2005 - Financial Reporting by EU Private Companies EFRAG response to the IASB project on SMEs Paul Rutteman Secr PowerPoint Presentation
Download Presentation
Beyond 2005 - Financial Reporting by EU Private Companies EFRAG response to the IASB project on SMEs Paul Rutteman Secr

Loading in 2 Seconds...

play fullscreen
1 / 13

Beyond 2005 - Financial Reporting by EU Private Companies EFRAG response to the IASB project on SMEs Paul Rutteman Secr - PowerPoint PPT Presentation


  • 167 Views
  • Uploaded on

Beyond 2005 - Financial Reporting by EU Private Companies EFRAG response to the IASB project on SMEs Paul Rutteman Secretary General, EFRAG. Introduction to EFRAG and TEG. Pro-active contribution to work of IASB and IFRIC

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about 'Beyond 2005 - Financial Reporting by EU Private Companies EFRAG response to the IASB project on SMEs Paul Rutteman Secr' - yachi


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
slide1

Beyond 2005 - Financial Reporting by EU Private CompaniesEFRAG response to the IASB project on SMEsPaul RuttemanSecretary General, EFRAG

introduction to efrag and teg
Introduction to EFRAG and TEG
  • Pro-active contribution to work of IASB and IFRIC
    • Contribute to and influence IASB standard setting process before a standard is issued
  • Technical assessment of IAS and interpretations after they are issued
  • Provide endorsement advice to the European Commission under the Regulation procedure
  • Advise European Commission on changes to the EU Accounting Directives
introduction to efrag and teg1
Introduction to EFRAG and TEG
  • IAS Regulation
    • Listed companies in Europe to apply same accounting standards throughout EU in 2005
  • IFRS (endorsed) – the common basis
  • EFRAG advises European Commission on endorsement
  • Aim: to be able to support endorsement through efforts prior to IFRS being agreed
efrag technical experts group
EFRAG Technical Experts Group
  • Stig Enevoldsen-Chairman Accountant/Former Chairman IASC
  • Andreas Bezold Preparer (Dresdner Bank)
  • Allan Cook Technical Director ASB/IASC
  • Begoña Giner Professor University of Valencia
  • Hans Leeuwerik Preparer (Shell), NL Std. Setter
  • Friedrich Spandl Financial Analyst (BAWAG)
  • Dominique Thouvenin Accountant, F. Std. Setter
  • Ugo Marinelli Professor University of Rome – Tre/Accountant
  • Catherine Guttman Preparer/Accountant, Deloitte Partner
  • Françoise Flores Preparer/Accountant, Technical Adviser ACTEO MEDEF

Observers

  • Mary Keegan Chairman Accounting Standards Board - UK
  • Antoine Bracchi Chairman of the French CNC - France
  • Klaus Pohle Chairman of Deutscher Standardisierungsrat - Germany
  • + Observers from European Commission, CESR and IASB
initial focus of teg
Initial Focus of TEG
  • Listed companies and IAS Regulation for 2005
  • SMEs secondary focus, because
    • Tracking IASB priorities
    • IFRSs must precede IFRSSEs
    • Uncertainty of demand in Europe
    • Tax complications
how efrag is tackling sme issues
How EFRAG is Tackling SME Issues
  • Use expertise of network to best advantage
  • Through FEE – appoint Gerhard Prachner as EFRAG nominee to SME Advisory Panel
  • Direct contact and meeting with Paul Pacter, IASB
  • Discussions on Policy approach
  • Setting up a special SME group
efrag s view on iasb decisions d1 d15
EFRAG’s view on IASB decisions D1-D15

For example:

  • D3. National jurisdictions decide who should IFRSSEs apply to
      • Does this result in European harmonisation?
  • D4a. IFRSSEs should reduce the financial reporting burden √
  • D4b. IFRSSEs should be built on the same conceptual framework √
  • D7. Disclosure and presentation modifications based on user needs √
efrag s view on iasb decisions d1 d151
EFRAG’s view on IASB decisions D1-D15

Cont.

  • D8. Rebuttable Presumption of no recognition and measurement modifications
      • Does this really imply simplification for SMEs?
  • D9. If issues not addressed, full IFRSs mandatory √
  • D12. No quantitative size test √
  • D13. Use of the “no public accountability” criterion for definition of SMEs √
public accountability
Public Accountability
  • High degree of outside interest in the entity
  • Essential public service responsibility
  • Substantial majority of stakeholders depends on external financial reporting

But still leaves a wide spectrum of entities

the name game
The name game
  • Applicability not based on size criteria
  • Alternative names:
    • Nationally determined private entities
    • Restricted entities
    • Compact entities
    • Non-public entities

But SME is as good a name as any!

the outline ifrsses so far
The Outline IFRSSEs so far
  • IFRSSE 2 Inventories
  • IFRSSE 10 Events after the Balance Sheet Date
  • IFRSSE 19 Employee Benefits

Impressive speed of development but questions of usefulness remain

ifrsse 19 employee benefits remarks
IFRSSE 19 Employee Benefits – Remarks:
  • If it is a simplification without changes in recognition and measurement principles, why not use it as the full IAS 19?
  • Options of IAS 19 deleted in IFRSSE 19: Is this really simplification for SMEs?
  • Should SME standards include modifications to recognition and measurement principles?
  • IFRSSE 19 only appropriate for entities with aspiration to go public?
  • Questions on usefulness!
efrag expectations for the project
EFRAG expectations for the project
  • IASB should prepare more example IFRSSEs based on complex IASs, e.g. IAS 17 Lease
  • Take specifications of European SMEs into consideration, e.g. taxation, consolidation, resources, etc.