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CReCER – Regional Conference

CReCER – Regional Conference. Challenges and Benefits in adopting IFRS. Fernando Alves 13 June 2007. PwC. World Bank View. Stabilization and growth above historical averages

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CReCER – Regional Conference

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  1. CReCER – Regional Conference Challenges and Benefits in adopting IFRS Fernando Alves 13 June 2007 PwC

  2. World Bank View • Stabilization and growth above historical averages • Sustaining economic progress depends on the ability to develop region’s private sector and reduce financial sector vulnerability • Broad range of efforts to improve access to credit and long term capital • Need to align the region’s business standards with those of its main trading partners, especially industrialized nations • Harmonizing financial reporting and governance arrangements with internationally recognized good practices enhances transparency and fosters market efficiency and discipline

  3. IFAC View • Need of improvement in the quality of financial reporting • Identification of actions to strengthen the activities of those who participate in the financial reporting supply chain – activities that are essential to supporting economic growth and development in Latin America

  4. With this background in mind, this panel is intended to discuss the benefits and challenges of adopting IFRS in the Region • Benefits: What are the benefits? How can these benefits be materialized in the region? • Challenges: What are the challenges? How can they be overcome?

  5. Debate Debate

  6. Closing remarks

  7. Challenges in adopting IFRS in the Region • Cultural barriers: Accepting that an international framework could replace a domestic one. • Adopt instead of Adapt. • Costs of implementation of a more “sophisticated” GAAP. • Education: preparers, auditors, analysts, regulators. • Consistent application and interpretation • Tax-driven accounting. A regional and comprehensive approach towards the overcoming of these challenges is crucial

  8. Benefits of adopting IFRS in Latin America and Caribbean Region • Comparability • Enhancement of trust • Increased transparency and attraction of more investments • Reduction of capital cost • Broader access to global capital markets • Reduction of the cost of cross-border transactions • Promotion of efficient transnational evaluation A more competitive and sustainable business environment conducive to economic growth

  9. THANK YOU! PwC

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