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Stock Exchanges and International Financial Reporting
- Introduction: globalization of trade and financial markets led to the internationalization of accounting standards
- The situation of financial reporting that prevailed on regulated capital markets before the adoption of IFRS: the Tower of Babel and resulting investors’ confusion
- IOSCO’s policies on financial reporting and their outcomes 1995–2000
- Background information about the International Organization of Securities Commissions
- Monitoring of IAS and encouraging further progress to reduce options and improve transparency
- IOSCO’s other activities aimed at improving financial reporting
- IOSCO’s participation in the IFRS Foundation’s Monitoring Board
- The EU regulation 1606/2002 on IFRS, a final outcome of the 1999 Financial Services Action Plan
- The FSAP
- The adoption of the IAS regulation
- The ARC
- The EFRAG
- Endorsement status as of 31 March 2012
- Mutual recognition of GAAP: EU’s decisions regarding the equivalence of accounting standards followed in certain (‘third country’) jurisdictions
- The situation regarding the issuers of securities on US capital markets
- Overall policy of the US Securities and Exchange Commission (SEC)
- The SEC’s 2007 decision to allow foreign private issuers to report under IFRS without reconciliation to US GAAP
- Towards allowing or requiring the use of IFRS for US domestic issuers?
- Convergence efforts between IASB and FASB and improvements to the accounting standards are encouraged by the European Commission, the SEC and by the G20 political leaders
- Organizing consistent application and enforcement of accounting standards
- The European Commission’s policies on consistent interpretation and enforcement
- The EU authorities responsible for enforcement: from FESCO to ESMA
- FESCO
- CESR
- A brief overview of the Lamfalussy process
- CESRFin and EECS
- Organizing an orderly transition from national GAAP to reporting under IFRS, so as to limit disruptions to investors
- ESMA
- Publication by the European Enforcers Coordination Sessions (EECS) of selected enforcement decisions
- Was the transition from national GAAP to IFRS successful?
- Financial reporting standards in the EU for entities traded on non-regulated securities markets and for non–listed entities
- Conclusion
- Notes
- Bibliography
Abstract
Accounting practices and standards play an increasingly central role in intermediating information in capital markets and shaping business behaviour. Thus, the decision made by the European Union in the early 2000s to abandon national accounting standards for its listed companies and adopt instead the International Financial Reporting Standards (IFRS) can be considered among the most momentous of financial market policy initiatives of the past few decades. The EU decision also had a key influence in triggering similar moves to adopt IFRS in a number of jurisdictions, including China, Australia, Canada, South Korea, and possibly Japan and India as well in the near future. Even the United States, which in the past half-century had led many developments in accounting, is now considering recognition of IFRS as an acceptable set of standards for at least some of the companies listed on its markets (Véron, 2007: vi).
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