International Speakers participate in Amec’s Technical Commission Meeting

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In its November meeting, the Technical Commission welcomed two executives from IFRS, who delivered a speech about the most recent accounting standards. Mr. Fred Nieto and Ms. Marina Corsini detailed some accounting standards recently issued, such as the IFRS 9 (Financial Assets, Hedge Accounting and Impairment), 10, 11, and 12 (Consolidated Financial Statements, Joint ventures, and Disclosure of Interest in Other Entities). Other matters discussed included ongoing projects involving leasing, regulatory assets, rationalization of explanatory notes and the revision of the conceptual framework.
During the speech, it was clear that investors can engage in the process related to the preparing of standards. One of the most important matters is that of the conceptual framework, which allows a discussion of the “accounting governance.” An Exposure Draft about the topic – the intermediary stage in the preparing of standards, which is the most propitious one for the receiving of suggestions – is expected to be published in the beginning of 2015. The Technical Commission will be attentive to contribute to it.
Regarding already issued standards, it was highlighted that there is always opportunity to collaborate once all standards undergo a post implementation review some years after they are made official. In this sense, the President Letter 07B/2013 was a good initiative and will be taken into account when the standards related to consolidated financial statements (IFRS 10, 11, and 12) are reviewed.
After their presentation, IFRS representatives sent the Unraveling Accounting Complexity report, which is very important for the debate and shows how the matters addressed by Amec have been discussed on a global basis.