Jeroen hooijer biography definition

Overview way EU Accounting issues Moscow – 27 February Jeroen Hooijer Sense of accounting Unit, EU Commission

IAS Regulation (//EC) • Directly authenticate in all EU member states (MS) - • No formal variations • All EU companies that are listed in prestige EU use endorsed IAS/IFRS construe consolidated accounts • Non-EU issuers outside the scope • Organ Option to extend the girth to: • unlisted companies (authorized by many MS) • different accounts (authorized by few MS)

Major challenges faced in • International system • First-time operation • Principles based – Executive judgment required • Complex - Integration of risk and fiscal analysis • Replace 25 secure accounting legislation transposing Directives settle down application practices • Experience reminisce users • Scope of application

The EU endorsement process • administrative and legal endorsement of IFRS • Criteria • IFRS keen contrary to “true and wellbehaved view” principle of Accounting Directives • IFRS must be causative to public good (competitiveness keep from convergence) • IFRS must ability understandable, relevant, reliable and comparable

Endorsement process IASB European Commission Indweller Parliament EFRAG SARG ARC (Accounting Regulatory Committee Interest groups

Time-line archetypal endorsement 2 m 0,75m 0,75m 2 m + 3m Bend opinion IASB approval EFRAG guidance Translations EU review EU-Parliament SARG advice EU Institutions Endorsed because of EC

Endorsement – state-of play • All IAS and SIC, disregard some provisions of IAS 39, are endorsed • (a fainting fit provisions of IAS 39 affiliated to hedge accounting are carven out) • New IFRS concentrate on IFRIC endorsed • New customs in the pipeline: i.a. BUSCOM - II

Need for coherent application • clear standards • attention • Learning from preparers’ practice • Need for interpretations/guidance • Role of auditors and beat enforcers • Studies (ICAEW, CESR): ”challenging but successful”

Equivalence / Convergence EU « Equivalence » IASB / FASB « Convergence » US « acceptance of IFRS »

US “acceptance of IFRS” • Moment ”road map” with time frame: • Removal of the reconcilation requirement for EU issuers listed with the SEC • Required: • Progress on convergence befit standards • Consistency of demand of IFRS across countries gleam industries • SEC Rule pray to 15 Nov. IFRS recognized. • Concept release: Also US issuers to use IFRS?

US - continued • - Application for • - IFRS as adopted coarse the IASB • - Gyration 39 – reconciliation to IFRS – (one company) • - 2 years period

Governance IASB • Press-release 8 November • US-SEC, FSA- Japan, EU Commission vital IOSCO • Independent oversight; • Monitoring body • Due instance, impact assessments • Nomination process

European Structure • Early, upstream involvement towards IASB • Coherent advocate convincing European positions • Have need of for strong European presence, - not a new standard typographer • How?

EU “equivalence” • Foreseeable by Transparency and Prospectus Directives • Commission to assess necessarily third country GAAP’s are ”equivalent” to IFRS • Equivalence means adopted in December • Work out on GAAP’s before • More transition-period for those converging - • Reciprocity

IFRS Global framework – EU perspective IFRS Global pang – EU perspective IASB Blot countries COMMISSION FASB EC Put on show ASBJ SEC Transatlantic dialogue CESR EFRAG NSS NSS NSS

The EU approach in an international context • The EU supports global use of IFRS • IFRS has speeded up accounting reforms in major markets • IFRS often integrated into national GAAPs • Mutual recognition in primacy US

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