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LATIN AMERICAN CORPORATE GOVERNANCE ROUNDTABLE 28 APRIL 2000

LATIN AMERICAN CORPORATE GOVERNANCE ROUNDTABLE 28 APRIL 2000. DISCLOSURE AND TRANSPARENCY - AN INTERNATIONAL VIEW Mary Keegan. pwc. WHAT IS CORPORATE GOVERNANCE ABOUT?. Accountability - protecting investors’ interests Assisting the communication process Importance recognised by the market.

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LATIN AMERICAN CORPORATE GOVERNANCE ROUNDTABLE 28 APRIL 2000

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  1. LATIN AMERICAN CORPORATE GOVERNANCE ROUNDTABLE28 APRIL 2000 DISCLOSURE AND TRANSPARENCY - AN INTERNATIONAL VIEW Mary Keegan pwc

  2. WHAT IS CORPORATE GOVERNANCE ABOUT? • Accountability- protecting investors’ interests • Assisting the communication process • Importance recognised by the market PricewaterhouseCoopers

  3. ACCOUNTABILITY MEANS….. • Better governance structures- eg independent directors, Audit Committees • Better explanations of corporate performance- MDA, annual reports, interim reports • Better accounting! PricewaterhouseCoopers

  4. ACCOUNTING -HARMONISATION • A movement towards international “norms” driven by:- markets, cross-border activity, IPOS- technology- peer pressure • Do local rules disadvantage Latin American companies? • Need to understand how local practices compare with international “norms” PricewaterhouseCoopers

  5. “GAAP 2000” - ACCOUNTING BENCHMARKING • 2 primary objectives- useful to have a summary of GAAP differences- how far are we from IAS? • Why IAS?- the only international framework- high quality, due process- interpretations, translations, practice aids PricewaterhouseCoopers

  6. “GAAP 2000” - ACCOUNTING BENCHMARKING • About 50 countries • Self-assessment, by country groups • Methodology- diagnostic questions- limited to 60 “most important” issues PricewaterhouseCoopers

  7. “GAAP 2000” - ACCOUNTING BENCHMARKING • The process • initial country meetings by end-April • further local discussion • country summaries only available, by December • Some interesting early findings….. PricewaterhouseCoopers

  8. “GAAP 2000” - PRIORITIES FOR IMPROVEMENT? • Some differences- business combinations- segment reporting- cash flows- employee benefits • …..and many exciting projects in the region to improve reporting • The profession driving change PricewaterhouseCoopers

  9. AUDITING STANDARDS • We can compare local standards with ISAs • But we need to understand why differences in practice exist • - environmental/cultural factors- audit’s place in the reporting framework- corporate governance PricewaterhouseCoopers

  10. INTERNATIONAL FORUM ON ACCOUNTANCY DEVELOPMENT - THE “VISION” • Raising standards worldwide…..- financial reporting- auditing- corporate governance- company law and regulation • …..has clear benefits (market perception, cost of capital) • But requires all parties to work together PricewaterhouseCoopers

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