Explore the evolving landscape of accounting standards as discussed by IBR-IRE through maintaining parallel local systems, with advantages and disadvantages analyzed. Considerations include the application of IFRS and the impact on businesses, providing a comprehensive view for stakeholders.
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Presentation Transcript
Instituut Instituut van de Institut des R viseurs d Entreprises Institut des R viseurs d Entreprises van de Bedrijfsrevisoren Bedrijfsrevisoren Cliquez et modifiez le titre Cliquez et modifiez le titre www.ibr-ire.be Cliquez pour modifier les styles du texte du masque Deuxi me niveau Troisi me niveau Quatri me niveau Cinqui me niveau IFRS Roundtable Maintaining two parallel sets of accounting standards? Michel De Wolf IRE/IBR President Moscow, 12 December 2012 21/04/2025 1 1
Instituut van de Bedrijfsrevisoren Institut des R viseurs d Entreprises www.ibr-ire.be EU Regulation 1606/2002: - Some must apply IFRS - Some may apply IFRS (option of the Member States) - Some may be disallowed to apply IFRS (option of the Member States) 21/04/2025 2 2
Instituut van de Bedrijfsrevisoren Institut des R viseurs d Entreprises www.ibr-ire.be Belgian experience: - Listed and financial companies MUST for their consolidated accounts - Other companies MAY for their consolidated accounts (but choice for ever) - Companies MAY NOT for their annual accounts (not consolidated accounts) 21/04/2025 3 3
Instituut van de Bedrijfsrevisoren Institut des R viseurs d Entreprises www.ibr-ire.be Maintaining a parallel local system has some advantages: - Better link with the tax basis - National sovereignty - Political influence on the IFRS - Availability of accountants + Possible advantages in view of the respective content of the IFRS and the local 21/04/2025 standards 4 4
Instituut van de Bedrijfsrevisoren Institut des R viseurs d Entreprises www.ibr-ire.be DEROULEMENT D UN CONTROLE DE QUALITE Maintaining a parallel local system has some disadvantages: - Cost for the enterprises - Gap between SMEs and global players - Comparability of accounts - For searchers and teachers - No available accountants 5 5 21/04/2025
Instituut van de Bedrijfsrevisoren Institut des R viseurs d Entreprises www.ibr-ire.be DEROULEMENT D UN CONTROLE DE QUALITE Conclusion: - Work in view of ONE system - But a system that better respects cultural diversity. 6 6 21/04/2025
Instituut Instituut van de Institut des R viseurs d Entreprises Institut des R viseurs d Entreprises van de Bedrijfsrevisoren Bedrijfsrevisoren Cliquez et modifiez le titre www.ibr-ire.be www.ibr-ire.be 7
