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Regulation of Financial Reporting & Auditing
 

Regulation of Financial Reporting & Auditing

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Regional Reparis by David Cairns

Regional Reparis by David Cairns

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    Regulation of Financial Reporting & Auditing Regulation of Financial Reporting & Auditing Presentation Transcript

    • Regional REPARIS Financial Reporting Community of Practice
    • Accounting and financial reporting Reporting for national statistics Reporting to capital markets Accounting Reporting for prudential regulation Reporting to lending banks Reporting for taxation purposes
    • Influences on accounting and financial reporting
      • Accounting law and chart of accounts
      • Tax requirements
      • Company law
        • developed nationally
        • based on EC Directives
      • Accounting standards
        • developed nationally
        • based on (simplified) IFRS
        • IFRS
        • IFRS for SMEs
    • Finding the right approach
      • Which entities should be required or allowed to use
        • tax reporting only?
        • company law only?
    • Finding the right approach
      • Which entities should be required or allowed to use
        • tax reporting only?
        • company law only?
      • Which entities should be required or allowed to use company law plus
        • national standards?
        • EC Directives?
        • IFRS for SMEs?
        • full IFRS?
    • Bridging the needs of different users Financial reporting Investors and creditors in capital markets Lending banks National statisticians Prudential regulators Tax authorities Public interest
    • Vision
        • Business entities should prepare high quality financial statements that meet the needs of a range of different users
        • Financial reporting requirements should
          • comply with EU acquis communautaire
          • reflect nature, size and financing of entities
          • reflect the costs and benefits to entities and users
          • bridge the needs of different users
    • Regional REPARIS Financial Reporting Community of Practice
    • Regional REPARIS Financial Reporting Community of Practice