natgillin/translations-raw huggingface dataset:
For instance, should standards not be freely available to all those required to apply them?
For instance, should standards not be freely available to all those required to apply them?
Is there sufficient democratic control over the IASCF and IASB and do these bodies have a representative membership?
Is there sufficient democratic control over the IASCF and IASB and do these bodies have a representative membership?
Is there an appropriate balance between the bodies?
Is there an appropriate balance between the bodies?
Is it appropriate that the IASCF/IASB only focuses on providing information to capital markets?
Is it appropriate that the IASCF/IASB only focuses on providing information to capital markets?
What about other users of financial statements, e.g. creditors, public authorities, owners, customers and employees?
What about other users of financial statements, e.g. creditors, public authorities, owners, customers and employees?
Moreover, any initiator of laws carries out impact assessments, but the IASB currently does not assess the impact an accounting project could have on preparers and users.
Moreover, any initiator of laws carries out impact assessments, but the IASB currently does not assess the impact an accounting project could have on preparers and users.
For all projects the IASB should estimate the costs that could be incurred by preparers as well as consider what benefits it might bring about to those applying the IFRS.
For all projects the IASB should estimate the costs that could be incurred by preparers as well as consider what benefits it might bring about to those applying the IFRS.
Moreover, the IASCF Constitution must ensure that the IASB develops accounting solutions that not only are technically correct but also reflect what would be necessary and possible, seen from a user and preparer point of view.
Moreover, the IASCF Constitution must ensure that the IASB develops accounting solutions that not only are technically correct but also reflect what would be necessary and possible, seen from a user and preparer point of view.
Another issue is funding.
Another issue is funding.
An organisation like the IASCF/IASB must have a transparent and stable funding system.
An organisation like the IASCF/IASB must have a transparent and stable funding system.
Clearly funding systems can be designed in different ways; for instance, public sources could provide partial funding, or purely private funding could be used.
Clearly funding systems can be designed in different ways; for instance, public sources could provide partial funding, or purely private funding could be used.
The ECOFIN conclusions stressed the need to secure sustainable funding for the organisation.
The ECOFIN conclusions stressed the need to secure sustainable funding for the organisation.
The funding from contributions hitherto dates back to the early stages of the organisation's current form, and was supposed to have been replaced by 2005 by a long-term system of funding.
The funding from contributions hitherto dates back to the early stages of the organisation's current form, and was supposed to have been replaced by 2005 by a long-term system of funding.
After it proved impossible to achieve that objective, contribution-based funding was extended for a further two years, and is supposed to continue only until 31 December 2007.
After it proved impossible to achieve that objective, contribution-based funding was extended for a further two years, and is supposed to continue only until 31 December 2007.
The rapporteur is convinced that the IASCF/IASB is far from being transparent and balanced.
The rapporteur is convinced that the IASCF/IASB is far from being transparent and balanced.
The rapporteur is also convinced that democratic control within the organisation must be improved.
The rapporteur is also convinced that democratic control within the organisation must be improved.
Implementation of IFRS in Europe
Implementation of IFRS in Europe
Below the EU endorsement process is illustrated.
Below the EU endorsement process is illustrated.
The rapporteur points out that the endorsement procedure only applies to international accounting standards for publicly traded companies.
The rapporteur points out that the endorsement procedure only applies to international accounting standards for publicly traded companies.
It cannot be used to endorse IFRS for SMEs, since a new legal basis would be needed for this.
It cannot be used to endorse IFRS for SMEs, since a new legal basis would be needed for this.
Moreover, there are many bodies involved in the endorsement procedure.
Moreover, there are many bodies involved in the endorsement procedure.
Especially the Commission receives input from a number of committees that to an extent seem to have overlapping competences.
Especially the Commission receives input from a number of committees that to an extent seem to have overlapping competences.
The rapporteur also stresses that the recent change to the comitology procedure means that the European Parliament will be even more engaged in the development and endorsement of international accounting standards and that, not least in order to save time, the European Parliament needs to be kept informed in a timely manner about how work is progressing.
The rapporteur also stresses that the recent change to the comitology procedure means that the European Parliament will be even more engaged in the development and endorsement of international accounting standards and that, not least in order to save time, the European Parliament needs to be kept informed in a timely manner about how work is progressing.
Given the number of topical accounting issues, 2007 and 2008 could be significant years for the cooperation between the IASCF/IASB, the Commission, the Council and the European Parliament.
Given the number of topical accounting issues, 2007 and 2008 could be significant years for the cooperation between the IASCF/IASB, the Commission, the Council and the European Parliament.
IFRS for small and medium-sized enterprises (SMEs)
IFRS for small and medium-sized enterprises (SMEs)
On 15 February 2007 the IASB published the draft financial reporting standard for small and medium-sized enterprises and invited all stakeholders to submit comments on this proposal by 1 October 2007.
On 15 February 2007 the IASB published the draft financial reporting standard for small and medium-sized enterprises and invited all stakeholders to submit comments on this proposal by 1 October 2007.
Given that the European Parliament is involved in implementing this standard in European law, it hereby forwards its initial comments.
Given that the European Parliament is involved in implementing this standard in European law, it hereby forwards its initial comments.
In preparation for the own-initiative report, the rapporteur submitted a working document to the competent Committee on Economic and Monetary Affairs on 10 April 2007.
In preparation for the own-initiative report, the rapporteur submitted a working document to the competent Committee on Economic and Monetary Affairs on 10 April 2007.
This working document sparked a process of discussion that has greatly contributed to this report.
This working document sparked a process of discussion that has greatly contributed to this report.
The IASB set itself the aim of bringing together all existing IFRS standards for application in small and medium-sized undertakings and making them available in simplified form.
The IASB set itself the aim of bringing together all existing IFRS standards for application in small and medium-sized undertakings and making them available in simplified form.
The intention was to produce a stand-alone document containing all the rules that must be applied by SMEs in a relatively brief overview.
The intention was to produce a stand-alone document containing all the rules that must be applied by SMEs in a relatively brief overview.
The standards were to be presented in a clear and easily understandable way so that they would be easy to apply for small undertakings with relatively limited staff and financial resources for drawing up financial statements.
The standards were to be presented in a clear and easily understandable way so that they would be easy to apply for small undertakings with relatively limited staff and financial resources for drawing up financial statements.
Consistently reducing the comprehensive rules to the circumstances relevant to SMEs and simplifying the rules are central elements for the success of this project.
Consistently reducing the comprehensive rules to the circumstances relevant to SMEs and simplifying the rules are central elements for the success of this project.
According to the IASB the draft IFRS for SMEs aims at companies with around 50 employees.
According to the IASB the draft IFRS for SMEs aims at companies with around 50 employees.
Firms that do not have public accountability but are required to publish financial statements for external users are to be given accounting guidance, according to which general-purpose financial statements can be published for external users.
Firms that do not have public accountability but are required to publish financial statements for external users are to be given accounting guidance, according to which general-purpose financial statements can be published for external users.
In the exposure draft the IASB explains that it intends to update the IFRS for SMEs every two years.
In the exposure draft the IASB explains that it intends to update the IFRS for SMEs every two years.
It is inappropriate for the IASB to prescribe which companies should or should not be able to use the IFRS for SMEs.
It is inappropriate for the IASB to prescribe which companies should or should not be able to use the IFRS for SMEs.
It must be left to democratically elected bodies to decide whether they can find any inspiration in the IFRS for SMEs.
It must be left to democratically elected bodies to decide whether they can find any inspiration in the IFRS for SMEs.
SMEs generally find that the IASB should confine itself to developing a simple standard fitting the needs of SMEs and giving them a stable platform.
SMEs generally find that the IASB should confine itself to developing a simple standard fitting the needs of SMEs and giving them a stable platform.
Given the first reactions from SMEs IASB have failed to deliver.
Given the first reactions from SMEs IASB have failed to deliver.
SMEs also consider the exposure draft as much too complicated and that its definition of own funds does not meet the particular needs of small and medium-sized businesses.
SMEs also consider the exposure draft as much too complicated and that its definition of own funds does not meet the particular needs of small and medium-sized businesses.
Prospects of the IASB changing the standards every other year also worry SMEs.
Prospects of the IASB changing the standards every other year also worry SMEs.
More generally it is questionable whether the IASCF/IASB has the expertise to develop a simple standard for SMEs which are not publicly traded, so as to take into account e.g. the many different forms that small business may take.
More generally it is questionable whether the IASCF/IASB has the expertise to develop a simple standard for SMEs which are not publicly traded, so as to take into account e.g. the many different forms that small business may take.
Moreover, it is unclear who gave a mandate to the IASB to suggest such an IFRS for SMEs and it is even questionable whether there ever was a need or a demand for such a standard.
Moreover, it is unclear who gave a mandate to the IASB to suggest such an IFRS for SMEs and it is even questionable whether there ever was a need or a demand for such a standard.
The rapporteur considers that even promoting or encouraging voluntary use of the IFRS for SMEs will short-circuit the democratic process and cut out legislators.
The rapporteur considers that even promoting or encouraging voluntary use of the IFRS for SMEs will short-circuit the democratic process and cut out legislators.
Should a few Member States decide to apply the final IFRS for SMEs this would lead to fragmentation of the internal market and might even prejudice uniform accounting for SMEs across the entire EU.
Should a few Member States decide to apply the final IFRS for SMEs this would lead to fragmentation of the internal market and might even prejudice uniform accounting for SMEs across the entire EU.
Parliament can at least make an initial assessment, and it is not convinced that SMEs in Europe have called for and need an IFRS for SMEs drawn up by the IASB.
Parliament can at least make an initial assessment, and it is not convinced that SMEs in Europe have called for and need an IFRS for SMEs drawn up by the IASB.
It would perhaps be appropriate to offer a European SME standard based e.g. on the opinion of EFRAG (European Financial Reporting Advisory Group) on the IFRS for SMEs.
It would perhaps be appropriate to offer a European SME standard based e.g. on the opinion of EFRAG (European Financial Reporting Advisory Group) on the IFRS for SMEs.
A European SME standard would also make it possible to take specific regional characteristics (e.g. those relating to company law) into account
A European SME standard would also make it possible to take specific regional characteristics (e.g. those relating to company law) into account
Road map towards convergence and equivalence
Road map towards convergence and equivalence
Global convergence of accounting standards has proceeded at an ever-increasing pace.
Global convergence of accounting standards has proceeded at an ever-increasing pace.
At present, almost 100 countries permit or require the use of IFRS.
At present, almost 100 countries permit or require the use of IFRS.
A key element to this increased global interest was the EU's determination to require all its publicly traded companies to use IFRS in their consolidated financial statements from the beginning of 2005.
A key element to this increased global interest was the EU's determination to require all its publicly traded companies to use IFRS in their consolidated financial statements from the beginning of 2005.
Under the IAS Regulation a small proportion of companies were allowed to use US GAAPs until 1 January 2007.
Under the IAS Regulation a small proportion of companies were allowed to use US GAAPs until 1 January 2007.
The IASB and the FASB (the US accounting standard setter) have published a very full joint work programme.
The IASB and the FASB (the US accounting standard setter) have published a very full joint work programme.
The objective is to achieve progress towards the equivalence of each other's accounting standards by 2009.
The objective is to achieve progress towards the equivalence of each other's accounting standards by 2009.
On 20 June 2007 the American Securities and Exchange Commission (SEC) submitted a proposal for consultation on the recognition of statements based on the IFRS.
On 20 June 2007 the American Securities and Exchange Commission (SEC) submitted a proposal for consultation on the recognition of statements based on the IFRS.
This is very welcome news, since the US, in accordance with the agreement signed between the US and the EU on 30 April, is considering measures aimed at waiving the costly reconciliation requirements hitherto applicable for European undertakings listed in the US.
This is very welcome news, since the US, in accordance with the agreement signed between the US and the EU on 30 April, is considering measures aimed at waiving the costly reconciliation requirements hitherto applicable for European undertakings listed in the US.
However, closer examination reveals that the SEC intends to recognise only financial statements drawn up according to the English version of the standards adopted by the IASB.
However, closer examination reveals that the SEC intends to recognise only financial statements drawn up according to the English version of the standards adopted by the IASB.
The Commission wrote to the SEC in the autumn of 2007 calling for the recognition of IFRS, which has the force of EU law.
The Commission wrote to the SEC in the autumn of 2007 calling for the recognition of IFRS, which has the force of EU law.
The existing version of the IAS/IFRS standards, which have the force of law in the EU – the main applier of IFRS – might in future be considered as local variations by the US authority, and thus not binding.
The existing version of the IAS/IFRS standards, which have the force of law in the EU – the main applier of IFRS – might in future be considered as local variations by the US authority, and thus not binding.
The SEC, a national body, is thus giving private proposals from a body outside political control priority over current EU law.
The SEC, a national body, is thus giving private proposals from a body outside political control priority over current EU law.
For its part, the SEC could submit American interpretations of current IFRS rules, and require European companies which wish to present financial statements in the United States in accordance with IFRS to comply with those, thereby itself creating a US variation on the IFRS.
For its part, the SEC could submit American interpretations of current IFRS rules, and require European companies which wish to present financial statements in the United States in accordance with IFRS to comply with those, thereby itself creating a US variation on the IFRS.
There is also the risk of the SEC becoming the ultimate body interpreting the IFRS.
There is also the risk of the SEC becoming the ultimate body interpreting the IFRS.
The Commission must be given fundamental responsibility vis-à-vis the IASB so that EU interests are taken into account in this convergence process on an equal footing with American interests.
The Commission must be given fundamental responsibility vis-à-vis the IASB so that EU interests are taken into account in this convergence process on an equal footing with American interests.
In the meantime, questions have also been raised regarding the appropriateness of full convergence between US-GAAP and the IFRS.
In the meantime, questions have also been raised regarding the appropriateness of full convergence between US-GAAP and the IFRS.
It must be taken into account that IFRS is also applicable to firms which are listed on several stock exchanges, although this does not apply to the vast majority of firms applying it.
It must be taken into account that IFRS is also applicable to firms which are listed on several stock exchanges, although this does not apply to the vast majority of firms applying it.
Efforts to achieve a single reporting standard by approximating the two dominant standards at world level might prove too great: efforts towards convergence were necessary as long as more standards were in use worldwide than the current two leading standards.
Efforts to achieve a single reporting standard by approximating the two dominant standards at world level might prove too great: efforts towards convergence were necessary as long as more standards were in use worldwide than the current two leading standards.
An alternative to convergence between these two standards would be the political recognition of equivalence between both standards, which differ in content but are of an equally high quality.
An alternative to convergence between these two standards would be the political recognition of equivalence between both standards, which differ in content but are of an equally high quality.
On 12 July 2007 the Commission submitted a first report on the work timetable of the authorities responsible for national accounting standards in the US, Japan and Canada for convergence between IFRS and the Generally Accepted Accounting Principles (GAAPs) of those countries.
On 12 July 2007 the Commission submitted a first report on the work timetable of the authorities responsible for national accounting standards in the US, Japan and Canada for convergence between IFRS and the Generally Accepted Accounting Principles (GAAPs) of those countries.
The report also describes the amount of progress in the convergence between International Financial Reporting Standards and the Generally Accepted Accounting Principles of Canada, Japan and the United States of America and of progress on the elimination of reconciliation requirements that apply to Community issuers in those countries .
The report also describes the amount of progress in the convergence between International Financial Reporting Standards and the Generally Accepted Accounting Principles of Canada, Japan and the United States of America and of progress on the elimination of reconciliation requirements that apply to Community issuers in those countries .
Certainly the issues concerning convergence and equivalence of accounting standards have some parallels to EU-US discussions on financial conglomerates and the delayed implementation of Basle II.
Certainly the issues concerning convergence and equivalence of accounting standards have some parallels to EU-US discussions on financial conglomerates and the delayed implementation of Basle II.
It looks as if the United States were willing to be involved in negotiating agreements on new rules in order to reach a compromise, but will then fail to implement them subsequently itself.
It looks as if the United States were willing to be involved in negotiating agreements on new rules in order to reach a compromise, but will then fail to implement them subsequently itself.
The potential recognition of IFRS by the SEC brings with it the urgent question of where the ultimate competence regarding interpretation is to lie.
The potential recognition of IFRS by the SEC brings with it the urgent question of where the ultimate competence regarding interpretation is to lie.
It has to be noted that the European structures are not yet ready for this question.
It has to be noted that the European structures are not yet ready for this question.
For other third countries the Commission has committed itself to report to the European Securities Committee and the European Parliament about the development of regulatory discussions and the amount of progress in the convergence between International Financial Reporting Standards and the Generally Accepted Accounting Principles of third countries and progress towards the elimination of any reconciliation requirements.
For other third countries the Commission has committed itself to report to the European Securities Committee and the European Parliament about the development of regulatory discussions and the amount of progress in the convergence between International Financial Reporting Standards and the Generally Accepted Accounting Principles of third countries and progress towards the elimination of any reconciliation requirements.
относно Международните стандарти за финансови отчети (МСФО) и ръководството на Съвета по международни счетоводни стандарти (СМСС)
on International Financial Reporting Standards (IFRS) and the governance of the IASB
5. отбелязва все по-теоретичното измерение на проектите на СМСС, чиято сложност и теоретична същност са такива, че МСП в частност не винаги могат да ги следват;
Notes the increasingly theoretical dimension of the IASB's projects, the complexity and theoretical nature of which are such that SMEs, in particular, are not always able to follow them;
14. приема обаче, че е налице всеобща необходимост от опростяване на счетоводните и одиторските мерки за МСП, като припомня, че МСП създават заетост и са двигател на икономическия растеж;
Acknowledges, however that there is an overall need for simplification of accounting and auditing measures for SMEs, while recalling that SMEs are creators of jobs and a motor of economic growth;
Четвърта директива 78/660/EИО на Съвета от 25 юли 1978 г. относно годишните счетоводни отчети на някои видове дружества (OВ L 222, 14.8.1978 г., стp.
Fourth Council Directive 78/660/EEC of 25 July 1978 on the annual accounts of certain types of companies (OJ L 222, 14.8.1978, p.