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LES NORMES IFRS

Approche technique et rflexive
2013 - 2014

Marine PORTAL, Matre de confrences, IAE de Poitiers

Plan de cours
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Une approche rflexive

Introduction

Une approche technique

Partie

+ Partie 1+ Partie 3

1 + Partie 2

Applications
Etudes

de cas
Exercices

Introduction
Le regulatory Framework et le
cadre conceptuel

Introduction
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1.

The IASB & the regulatory process

2.

Convergence and Application

3.

A case study in France

4.

Le cadre conceptuel

Introduction
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IFRSs set out recognition, measurement, presentation

and disclosure requirements dealing with transaction
and events that are important in general purpose
financial statement (Preface to IFRSs, pA16)
IFRSs are designed to apply to the general purpose
financial statements and other financial reporting of
all profit-oriented entities.

Introduction
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IFRS 1 First time Adoption of International Financial Reporting

Standards
IFRS 2 Share-based Payment
IFRS 3 Business Combinations
IFRS 4 Insurance Contracts
IFRS 5 Non-current Assets Held for Sale and Discontinued
Operations
IFRS 6 Exploration for and Evaluation of Mineral Resources
IFRS 7 Financial Instruments: Disclosures
IFRS 8 Operating Segments
IFRS 9 Financial Instruments

Introduction
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The new standards (January 2013)

IFRS

10 Consolidated Financial Statements

IFRS

11Joint Arrangements

IFRS

12 Disclosure of Interests in Other Entities

IFRS

13 Fair Value Measurement (except for UE)

Introduction
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IAS 1 Presentation of Financial Statements

IAS 2 Inventories
IAS 7 Cash Flow Statements
IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
IAS 10 Events after the Balance Sheet Date
IAS 11 Construction Contracts
IAS 12 Income Taxes
IAS 14 Segment Reporting
IAS 16 Property, Plant and Equipment
IAS 17 Leases
IAS 18 Revenue
IAS 19 Employee Benefits

Introduction
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IAS 20 Accounting for Government Grants and Disclosure of

Government Assistance
IAS 21 Effects in changes in Foreign Exchange Rates
IAS 23 Borrowing Costs
IAS 24 Related Party Disclosure
IAS 26 Accounting and Reporting by Retirement Benefit Plans
IAS 27 Consolidate and Separate Financial Statements
IAS 28 Investment in Associates
IAS 29 Financial Reporting in hyperinflationery economies
IAS 31 Interests in Joint Ventures
IAS 32 Financial Instruments : Presentation
IAS 33 Earning Per Share

Introduction
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IAS 34 Interim Financial Reporting

IAS 36 Impairment of Assets
IAS 37 Provisions, Contingent Liabilities and Contingent Assets
IAS 38 Intangible Assets
IAS 39 Financial Instruments: Recognition and Measurements
IAS 40 Investment Property
IAS 41 Agriculture

1. The IASB & the regulatory process (1/8)

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From 1973 to 2001 the IASC

Standards-setting
The

IASB (an independant board with private

financing)
The IFRS interpretation committee

The IASB Foundation / IFRS Foundation

The

Trustees (22)

IFRS advisory council

Source : www.ifrs.com

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10 ans avec les IFRS et lIASB .

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1. The IASB the regulatory process (2/8)

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1.
2.
3.
4.
5.
6.

The due process

Setting the agenda
Planning the project
Developing and publishing the discussion paper
Developing and publishing the exposure draft
Developing and publishing the standard
After the standard is issued

1. The IASB the regulatory process (3/8)

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1. SETTING THE AGENDA

The IASB considers:

the

relevance to users of the information and the

reliability of information that could be provided
whether existing guidance available
the possibility of increasing convergence
the quality of the standard to be developed
resource constraints.

1. The IASB the regulatory process (4/8)

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2. PLANNING THE PROJECT

When adding an item to its active agenda, the IASB

also decides whether to:
conduct

the project alone, or

jointly with another standard-setter.

1. The IASB the regulatory process (5/8)

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3. DEVELOPING AND PUBLISHING THE DISCUSSION

PAPER
A discussion paper includes:
a

comprehensive overview of the issue;

possible approaches in addressing the issue;
the preliminary views of its authors or the IASB; and
an invitation to comment.

1. The IASB the regulatory process (6/8)

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4. DEVELOPING AND PUBLISHING THE EXPOSURE

DRAFT
Publication of an exposure draft is a mandatory
step in due process.
The development of an exposure draft begins with
the IASB considering:
issues

on the basis of staff research and recommendations;

comments received on any discussion paper; and
suggestions made by the IFRS Advisory Council, working
groups and accounting standard-setters, and arising from
public education sessions.

1. The IASB the regulatory process (7/8)

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5. DEVELOPING AND PUBLISHING THE STANDARD

The development of an IFRS is carried out during
IASB meetings, when the IASB considers thecomments
received on the exposure draft.
After resolving issues arising from the exposure
draft, the IASB considers whether it should expose its
revised proposals for public comment, for example by
publishing a second exposure draft.

1. The IASB the regulatory process (8/8)

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6. AFTER THE STANDARD IS ISSUED

The staff and the IASB members hold regular

meetings with interested parties
to

help understand unanticipated issues related to the

practical implementation and potential impact of its
proposals.

2. Convergence & Adoption

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Difference between convergence & adoption

IFRS in more than 100 countries

Major exception : United States and Japon
New countries : China and India

In European Union : compulsory adoption since

2005 for consolidated accounts of firms listed on
the stock market

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Analysis of the IFRS jurisdictional profiles

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1. Commitment to a single set of global accounting

standards:
Nearly all of the jurisdictions (121 of the 129) have
made a public commitment supporting a single set of
high quality global accounting standards. Only
Albania, Bermuda, Cayman Islands, Egypt, Macao,
Paraguay, Suriname, and Switzerland have not.

Analysis of the IFRS jurisdictional profiles

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2. Commitment to IFRS:
The relevant authority in all but 6 of the 129
jurisdictions (Bermuda, Cayman Islands, Egypt, Macao,
Suriname, and Switzerland) has made a public
commitment to IFRS as the single set of global
accounting standards. Even in the absence of a public
statement, IFRS are commonly used by listed
companies in Bermuda, Cayman Islands, and
Switzerland

Analysis of the IFRS jurisdictional profiles

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3. Adoption of IFRS: 105 jurisdictions (81 per cent of the

profiles) require IFRS for all or most domestic publicly accountable
entities.Some comments on the remaining 24 jurisdictions that have not
adopted:

Thirteen jurisdictions permit, rather than require, IFRS: Bermuda, Cayman

Islands, Guatemala, Honduras, India, Japan, Madagascar, Nicaragua,
Panama, Paraguay, Singapore, Suriname, Switzerland;
Two jurisdictions require IFRS for financial institutions: Uzbekistan, Saudi
Arabia;
Two jurisdictions are in process of adopting IFRS in full: Indonesia,
Thailand; and
Seven jurisdictions use national or regional standards: Bolivia, China, Egypt,
Guinea-Bissau, Macao, Niger, United States.

2. Convergence & Adoption

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Advantages of converting to IFRS :

Same

basis for financial statements

One accounting language
A need

Disadvantages of converting to IFRS :

Lost

of quality
Outweight the benefits
Cost

2. Convergence & Adoption

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Etude de texte
Convergence

approach
Endorsement approach
Condorsement approah

3. A case study in France

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An european regulation (2002)

An european commission dedicated to the IFRS
adoption : EFRAG (European Financial Reporting
Advisory Groupe) = technical advice
The ARC (an opinion)
Each european country can choose to apply IFRS to
firms not listed on stock market

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3. A case study in France

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In France :
IFRS

for consolidated accounts (for listed or not listed

companies)
IFRS forbidden for individual accounts

Coexistence between :
1.

2.

3.

National standards (4th guideline, PCG) for individual

accounts
National standards (7th guideline, PCG) for
consolidated accounts
IFRS

4. Le cadre conceptuel
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Le cadre dfinit les concepts qui sont la base

Des

tats financiers
De lobjectif des tats financiers
Des caractristiques de linformation
De la dfinition, comptabilisation et valuation des lments

Le cadre ne comporte aucune disposition normative. En

consquence, les dispositions prvues par les normes
spcifiques prvalent sur celles du cadre.

4. Le cadre conceptuel
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Le cadre conceptuel de l'IASB n'est pas une norme comptable

internationale ; il ne comporte donc pas de disposition
normative en matire d'valuation ou d'information fournir.
Rien dans ce cadre ne supplante une norme comptable
internationale spcifique. Il a te publi par l'IASC en juillet
1989 et adopt par l'International Accounting Standards
Board (IASB) en avril 2001.
Au niveau europen, le cadre conceptuel n'a pas fait l'objet
d'une adoption par la Commission europenne (CE) et n'a donc
pas te publi sous la forme d'un rglement (contrairement
aux IAS et aux IFRS)

4. Le cadre conceptuel : OBJECTIFS

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Les tats financiers sont prpars :

Sur la base de la comptabilite dengagement (les utilisateurs sont informs

des transactions passes, des obligations payer, des ressources
recevoir, des mouvements de trsorerie; les transactions sont enregistres
au moment o elles se produisent)
Selon la continuit dexploitation

Le Cadre dfinit 4 caractristiques qualitatives pour que

linformation soit utile aux utilisateurs :

Lintelligibilite
La pertinence et limportance significative
La fiabilit (ralite conomique prime sur lapparence juridique)
La comparabilite (dans le temps et entre les socits) : valuation
cohrente et permanente

4. Le cadre conceptuel : DEFINITIONS

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Un actif : ressources contrles dont on attend des avantages

conomiques futurs
Un passif : obligation actuelle. Sortie davantages conomiques
Les capitaux propres : intrt rsiduel dans les actifs
Les produits : accroissements davantages conomiques au cours de
lexercice. Cela inclut :

Les produits des activits ordinaires (ventes, honoraires, intrts, dividendes,

redevances, loyers, etc.)

Les profits (cession dactifs)

Les produits latents (augmentation de la juste valeur de certains
actifs)

Les charges : diminutions davantages conomiques au cours de

lexercice (idem : 3 catgories de charges)

4. Le cadre conceptuel : COMPTA & EVA

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Un lment doit tre comptabilis au bilan et au compte

de rsultat si :
Il

est probable que tout avantage futur qui lui est li ira
lentreprise (actif ou produit) ou en proviendra (passif ou
charge);
Llment a un cot ou une valeur qui peut tre valu de
manire fiable

Plusieurs conventions pour lvaluation des actifs et des

passifs :

Convention du cot historique

Convention du cot actuel
Convention de la valeur de ralisation
Convention de la valeur actualise

4. Le cadre conceptuel : DISCLOSURE

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LOBJECTIF DE LINFORMATION FINANCIERE A USAGE GENERAL

Lobjectif de linformation financire usage gnral est de fournir de

linformation financire sur lentit comptable qui soit utile aux
investisseurs existants et potentiels, aux prteurs et autres cranciers pour
quils prennent des dcisions quant la fourniture de ressources
lentit.
Ces parties prenantes ne peuvent exiger dtre informes directement par
les entits comptables et doivent sappuyer sur les tats financiers usage
gnral pour obtenir lessentiel de linformation dont elles ont besoin. Cest
pourquoi elles sont les utilisateurs principaux qui les rapports financiers
sont destins
Les tats financiers reposent sur des estimations, des jugements et des
modles plutt que sur des descriptions exactes. Le Cadre tablit les
concepts qui les sous-tendent. Il sagit dun idal qui ne peut tre atteint
pleinement court terme. Nanmoins, il est ncessaire de se fixer un but vers
lequel tendre si on veut tre plus utile.

IFRS
CONCEPTUAL FRAMEWORK
Presentation

1. Introduction
A conceptual framework can be defined as
. A constitution, a coherent system of interrelated

objectives and fundamentals that can lead to consistent

standards and that prescribes the nature, functions and
limits of financial accounting and financial statements

Standard presentation
The framework deals with :
The objective of financial statements
The qualitative characteristics that determine the usefulness of

information in financial statements

The definition, recognition and measurement
The concept of capital and capital maintenance

Conceptual framework for

financial reporting

Objective

Qualitative charactristics
Elements (assets/liabilities and
equity)
Measurement + recognition
criteria
Presentation and disclosure

Introduction
In october 2004 : agreement to develop a new conceptual

framework
Project divided into phases
Phase A = Objectives and qualitative characteristics
Phase B = Elements
Phase C = Measurment
Phase D = Reporting entity
Phase E = Presentation and disclosure
Phase F = Purpose and status
Phase G = Application to not-for-profit entities
Phase H = Remaining issues

Objective of general purpose financial

reporting
Decision usefulness
Stewardship
Accruals basis

 For the objectives, 3 underlying asumptions

Accrual basis

Going concern

Stable measuring unit asumption

The qualitative characteristics

= attribute that make the information provided in

financial statements useful

Understandability
Relevance
Faithful representation
Comparability
Verifiability
Timeless

Elements of financial statements

Assets
A ressource controlled by an entity as a result of past events and
from which future economic benefits are expected to flow to the
entity
Liabilities
A present obligation arising from past events, the settlements of
which is expected to result in an outflow of economic benefits
Equity (capitaux propres / fonds propres)
A residual interest in the assets of an entity after deducting all its
liabilities

Elements of financial statements

Income
Increases in ecnomics benefits during an accountign period that
result in an increase in equity
Revenue : ordinary activity
Gain : for exemple, the profit on disposal of an asset

Expenses
Decreases in economic benefits during an accounting period
Expenses : ordinary activities
Losses : for exemple, a disaster

Recognition
Recognition of financial statements elements
Future economic benefit

With a flow form or to an entity

Ressource reliabily measured (with a cost)

Measurement
Measurement of financial statements elements
Historical costs
Assets recorded at the amount paid at the time they were acquired
Liabilities recprded at the amount of proceeds received for taking on the

obligation at the amount expected to be paid

Current costs
Assets are carried at the amount that would have to be paid to acquire

an equivalent assets currently

Liabilities are carried at the unduscounted amount that would be
required to settle the obligation currrently

Measurement
Measurement of financial statements elements
Realisable value
Assets are carried at the amount that could currently be obtained by

selling them in orderly disposal

Liabilities are carried at their settlement values
Present value
Assets are carried at the disounted value of the future net cash inflows

they are expected

Liabilities are carried at the disounted value of the future net cash flows
that are expected

.
Two ways to consider capital
Financial concept of capital = equity or net assets
Profit is earned only if the financial (or money) amount of the net assets

at the end exceeds the amount at the beginning

Physical concept of capital = productive capacity
Profit is earned only if the physical productive capacity of an entity

exceeds at the end exceeds the physical capacity at the beginning

Choice between the two conceptions following the

financial statements users

Financial if maintenance nominal invested capital
Physical if operating capability

.
2 conceptions of profit
Maintain financial capital
Maintain physical capital

The main difference is the treatment of changes in prices

of assets and liabilities