Odisseia Contabil

SeminrioUma odissia no ambiente contbil

Seminrio - Uma odissia no ambiente contbil *

Convergncia tendncia mundialO impulso em direo adoo global das IFRS

Mais de 100 pases exigem ou permitem o uso das Normas Internacionais de Contabilidade (IFRS) ou esto em processo de convergncia para as normas do IASB.

Convergncia nos mercados de capitais mais importantesEUAPreviso para 2015JapoPreviso para 2011Reino UnidoConvergidoFranaConvergidoCanadPreviso para 2011AlemanhaConvergidoHong KongConvergidoEspanhaConvergidoSuaConvergidoAustrliaConvergidofrica do SulConvergidondiaPreviso para 2011RssiaPreviso para 2010ChinaSubst. ConvergidoMxicoPreviso para 2012


Processo de convergncia no BrasilLei 11.638/07As normas expedidas pela CVM so elaboradas em consonncia com os padres internacionais de contabilidade;As companhias fechadas podero optar pelas normas expedidas pela CVM na preparao de suas demonstraes financeiras;Reconhecimento do Comit de Pronunciamentos Contbeis (CPC).

Instruo n 457 da CVM, de 16/07/07, e Comunicado Bacen:Companhias abertas e instituies financeiras so obrigadas a apresentar demonstraes financeiras consolidadas de acordo com o IFRS a partir de 2010.


Processo de convergncia no BrasilInstruo n 485 da CVM de 1/09/2010:Altera a Instruo CVM n 457/07, referente elaborao e divulgao das demonstraes financeiras consolidadas, com base no padro contbil internacional emitido pelo International Accounting Standards Board - IASB.

Com o objetivo de evitar diferenas entre o BR GAAP (CPCs) e o IFRS, essa alterao estabelece que as demonstraes financeiras consolidadas a serem apresentadas a partir do exerccio de 2010, em IFRS, sejam elaboradas com base nos pronunciamentos do Comit de Pronunciamentos Contbeis (CPC). Quando a Instruo CVM n 457 foi editada, em 2007, o CPC no havia, ainda, emitido o conjunto de pronunciamentos alinhados com as normas internacionais de contabilidade.


Processo de convergncia no BrasilDeliberao CVM n. 603 de 10 de novembro de 2009 aborda a aplicao dos novos CPCs nas ITRs de 2010:

A aplicao a partir das ITRs de 31/3/2010 passa a ser facultativa;No entanto, deve ser divulgada uma descrio das principais alteraes que podem ter impacto nas DFs de encerramento do exerccio, bem como uma estimativa dos potenciais efeitos no patrimnio e no resultado ou esclarecer as razes que impedem apresentar estes efeitos;Apesar da faculdade acima, as companhias esto obrigadas a refazer e reapresentar as ITRs de 2010 comparativamente com 2009 ajustadas pelos novos pronunciamentos, pelo menos quando da apresentao das demonstraes financeiras anuais do exerccio social iniciado a partir de primeiro de janeiro de 2010.


Processo de convergncia no BrasilO BACEN divulgou o Comunicado 14.259, em maro de 2006, que instituiu a obrigatoriedade de elaborao de DFs Consolidadas em IFRS a partir de 2010.

Em dezembro de 2007, a SUSEP Superintendncia de Seguros Privados, por meio da circular 357, estabeleceu a mesma obrigatoriedade para as Seguradoras.

Os bancos e seguradoras brasileiras devem divulgar suas DFs Consolidadas em Dezembro de 2010, de acordo com o IFRS, sendo facultativa a divulgao comparativa a 2009.

O Bacen aprovou 4 CPCs, e a SUSEP 14.


Os CPCsOs Pronunciamentos de nmeros 01 a 14 foram implementados em 2008 e os demais (CPC 15 a CPC 43) devem ser implementados em 2010. Os mesmos aplicam-se aos exerccios encerrados a partir de dezembro de 2010 e s demonstraes financeiras de 2009 a serem divulgadas em conjunto com as demonstraes de 2010 para fins de comparao.

Os efeitos da adoo dos CPCs 15 a 43 implicam ajustes do balano de abertura do exerccio comparativo ao de 2010


Quem deve aplicar os CPCs?S.A.s de capital aberto?

Entidades de grande porte?

S.A.s de capital fechado?

Entidades limitadas que no so de grande porte?

Todas as entidades mencionadas acima?


Dois novos conceitos importantes para a contabilidade brasileiraCom a adoo do IFRS / Novos CPCs no Brasil, existem dois conceitos-chave que precisam fazer parte do dia a dia dos contadores brasileiros:

Uso em algumas situaes de valor justo (fair value) em vez de custo histricoConceito de essncia sobre a forma


Valor justo - PerguntaQuantas vezes voc acha que o termo fair value utilizado nos IFRSs?


Valor justo - RespostaSICs 156Standing Interpretations Committee

IFRSs3.996International Financial Reporting Interpretations Committee

Total4.152


Valor justo no balano patrimonialGrande parte do balano patrimonial deve ou pode ser mensurado a valor justo:

Vrios instrumentos financeirosEstoques de commodity em tradingsPropriedades para investimentoAtivos biolgicos (agricultura)Benefcios a empregadosStock optionsImpairmentAtivos e passivos adquiridos em uma combinao de negcios

No futuro:

Passivos no financeiros Arrendamentos (todos) Instrumentos financeiros (todos)


A essncia prevalece sobre a forma ExemplosNo mais suficiente simplesmente contabilizar a forma legal de um contrato......alguns exemplos -

CPC 6 / IAS 17 Arrendamentos: contabilizao de leasing financeiro;

SIC 12 Consolidao: entidades de propsito especfico;

CPC 30 / IAS 18 Reconhecimento de Receitas;

CPC 39 / IAS 32: Aes preferenciais resgatveis.


Importncia alm dos relatrios financeirosKPIs & Relatrios de desempenhoCovenants / Compromissos financeirosRemunerao dos executivosRelaes com investidores / analistasDividendosOramentoAnlise de impactos contbeis na negociao de contratos


Sistemas de TIOs sistemas existentes podem ser aprimorados ou devem ser substitudos?O volume de mudanas exigidas no sistema de TIPrioridades concorrentes (ex: SPED)


Quem j aplicou as novas normas?Das 100 maiores Companhias de capital aberto no Brasil, 28 j esto reportando de acordo com o IFRS / Novos CPCs, seja em anos anteriores ou a partir dos ITRs de 2010. Esta lista inclui:GerdauGol Net ServiosTAMVivoCieloSuzanoKlabinPetrobrasVale


Consequncias da primeira adoo do IFRS/CPC no Patrimnio Lquido


Consequncias da primeira adoo do IFRS/CPC no Resultado


Quais reas geram mais ajustes contbeis?Os ajustes que mais impactaram as 28 companhias que j adotaram o IFRS / Novos CPCs foram decorrentes da aplicao das seguintes normas:


Quais reas geram mais ajustes contbeis? continuaoOs ajustes de mais impacto para as 28 companhias que j adotaram o IFRS / Novos CPCs foram decorrentes da aplicao das seguintes normas: continuao


Quais foram os maiores desafios para as Companhias Brasileiras?Existem poucos profissionais capacitados;Apesar de o IFRS ser baseado em princpios, a expectativa que surjam mais regras com o passar do tempo; O IFRS evoluir nos prximos dois anos; H impacto na documentao de controles internos e respectivos testes para Companhias listadas na SEC;Sair da forma e refletir a essncia.


Os cinco maiores desafios na adoo do IFRS / CPCs para entidades BrasileirasImobilizadoInstrumentos financeirosConcesses pblicasAtivos BiolgicosContratos de construo do setor imobilirio


CPC 27 / IAS 16 Ativo ImobilizadoCom a 11.638, a reavaliao foi vetada como base de mensurao;Mas o valor justo como custo presumido (deemed cost) foi incentivado na primeira adoo;Uso tradicional das taxas fiscais;Tratamento de itens 100% depreciados; obrigatria a reviso pelo menos anual dos parmetros que levaram definio do valor peridico da depreciao e do valor residual; obrigatrio considerar os indicadores de impairment pelo menos uma vez por ano;Propriedades para Investimento.


CPC 38, 39 e 40 / IFRS 7, IAS 32 e 39 - Instrumentos financeirosAntes dos CPC 38, 39 e 40,certos instrumentos financeiros eram classificados como para negociao,sem considerar se devem ou no ser classificados como disponveis para venda ou mantidos at o vencimento.No havia regras especficas referentes a aes preferenciais com caractersticas de dvida, dvida conversvel ou opes de compra e venda.Valor justo dos derivativosDerivativos embutidosHedge accounting


CPC 29 / IAS 41 Ativo Biolgico e Produto AgrcolaPronunciamento pouco utilizado na adoo europia em 2005;Requer reconhecimento dos ativos biolgicos a valor justo ao invs de custo;Possvel aumento no patrimnio lquido na primeira adoo;Volatilidade no resultadoExiste mercado ativo?Operaes verticalizadas... Como chegar ao valor justo?


ICPC 01 / OCPC 05 / IFRIC 12 - Contratos de Concesso Esclarece contabilidade para infraestrutura de servios pblicos;Teste de controle:quem controla os servios prestados?quem controla o ativo depois do perodo de concesso?Se o poder concedente no controla os ativos, eles so reclassificados para ativos intangveis ou contas a receber.Se a entidade constri o ativo fixo, deve-se reconhecer lucro durante o perodo de construo.Reconhecimento de outorga


ICPC 02 / OCPC 04 / IFRIC 15 Contrato de Construo do Setor Imobilirio As incorporadoras no Brasil tradicionalmente utilizam o POC (evoluo da obra) para registro das receitas;O IFRIC 15 requer que a maioria das vendas de imveis residenciais sejam reconhecidas somente quando da transferncia dos riscos e benefcios da propriedade;OCPC 04 Define critrios a serem seguidosQuando so transferidos os riscos e benefcios no Brasil?Ao longo da construo?Na entrega das chaves?


Alguns outros desafios ....

CPC 01 ImpairmentCPC 02 Efeitos das Mudanas nas Taxas de Cmbio e Converso de Demonstraes ContbeisCPC 06 ArrendamentosCPC 10 Pagamentos Baseados em Aes CPC 12 Ajuste a Valor PresenteCPC 15 Combinao de negciosCPC 22 Informaes por segmentoCPC 30 ReceitasDivulgaes relacionadasRegime Tributrio de Transio - RTT


Desafios futuros ....IFRS mutvel e grandes mudanas esto por vir...

Vrios projetos em andamento, com grandes impactos em:


Alguns outros desafios ....

Permanncia do RTT

Fcont

Figura do balano para fins fiscais

Utilidade do balano fiscal


Publicaes da Ernst & Young TercoA Ernst & Young Terco, reconhecida internacionalmente como referncia em IFRS, est comprometida a entregar a seus clientes e a toda comunidade de negcios recursos diferenciados e exclusivos relacionados s normas internacionais e aos pronunciamentos emitidos pelo CPC. Conhea a seguir alguns dos recursos que oferecemos:

Literatura contbil

Manual de Normas Internacionais de Contabilidade Volumes 1 e 2

Produzido pela Ernst & Young Terco em parceria com a Fundao Instituto de Pesquisas Contbeis, Atuariais e Financeiras (FIPECAFI), o Manual de Normas Internacionais de Contabilidade leitura indispensvel para profissionais de contabilidade e finanas que querem compreender as mudanas trazidas pelos princpios contbeis internacionais, obrigatrios s empresas brasileiras a partir de 2010. Para contemplar novos pronunciamentos emitidos pelo CPC em 2009, a Ernst & Young produziu, tambm em parceria com a FIPECAFI, o volume nmero 2, com contedo ampliado.


Publicaes da Ernst & Young Terco continuao Literatura contbil continuao

Grupo Modelo S.A.

Produzido pela Ernst & Young Terco, o Grupo Modelo S.A. apresenta demonstraes financeiras consolidadas ilustrativas de uma indstria fictcia e adaptada realidade das empresas brasileiras. Uma publicao que visa auxiliar os profissionais do mundo contbil-financeiro na preparao das primeiras demonstraes financeiras com base no IFRS / Novos CPCs.


Publicaes da Ernst & Young Terco continuaoLiteratura contbil continuao

BR GAAP vs. IFRS Viso Geral

Produzido pela Ernst & Young Terco o guia BR GAAP vs. IFRS Viso Geral apresenta um sumrio das principais diferenas entre os BR GAAPs antes dos CPCs em comparao ao IFRS.


Publicaes da Ernst & Young Terco continuaoIFRS Journal: Lanado em 2007, o IFRS Journal foi o primeiro peridico brasileiro focado exclusivamente na implantao da nova norma contbil no Pas. O IFRS Journal inclui itens, tais como entrevistas, discusses de assuntos tcnicos e sumrios de novos pronunciamentos. IFRS Journal


Website dedicado para IFRS no Brasilwww.ey.com.br/IFRSO site de IFRS da Ernst & Young Terco contm links para:Contedos tcnicos relacionados a IFRS;Novidades no mercado nacional;Anlises da implantao em outros pases;Guia passo a passo para a converso;Avaliao do impacto da nova norma em diferentes indstrias;Estudos sobre tendncias.


IFRS Index

A Ernst & Young Terco tambm oferece mensalmente a seus clientes a newsletter digital IFRS Index. Com uma seleo de temas relevantes sobre as normas internacionais de contabilidade produzidos no Brasil e no exterior, a publicao traz ainda novidades divulgadas por rgos reguladores, como CPC e IASB, alm de agenda de treinamentos e webcasts


Treinamento: Web based learning e webcastsPrograma de treinamento distncia sobre IFRS desenvolvido com exclusividade e oferecido para nossos clientes:Elaborado a partir de exemplos prticos composto de 16 mdulos, cada um com duas horas de duraoAborda temas sensveis no processo de migraoO acesso disponibilizado pela Ernst & Young Terco via uma senha individual.Para os webcasts gerais basta se cadastrar em nosso site para participar.


Contato:

Gester Luis dos [email protected] + 55 62 3212-0210

Otaniel Jnior Martins Rosa [email protected]+ 55 62 3212-0210

Ricardo Medrado [email protected]+55 31 3055-7767

Alex Pereira da [email protected]+55 62 3212-0210


Disclaimer

Este material foi produzido com fins meramente informativos e no representa uma opinio ou recomendao da Ernst & Young Terco Auditores Independentes e firmas relacionadas (Ernst Young Terco Brasil) com relao adoo dos critrios contbeis ou fiscais definidos pela Lei 11.638/07, Medida Provisria no.449 ou Pronunciamentos Tcnicos emitidos pelo Comit de Pronunciamentos Contbeis (coletivamente, os regulamentos) ou pelo IASB.

Este material pode no conter aspectos relevantes dos regulamentos. Alm disso, novos pronunciamentos ou interpretaes dos regulamentos podero ser emitidos ou conhecidos e, consequentemente, afetar os comentrios aqui apresentados.


For information on applying this template onto existing presentations, refer to the notes on slide 2 of this presentation.The Input area of the Beam can be customized to reflect the content of the presentation. The Input area is an AutoShape with a picture fill. To change this, ensure you have the image you wish to use (ideally a .jpg or a .png file) in an accessible folder. The image should have a ratio of 1:1 to ensure it does not appear distorted.Acceptable images for importing into the Input area of the Beam are the three approved graphics (lines), and black and white photography or illustrations which follow the principles laid out on The Branding Zone. Color images should never be imported into this area.To create a thank you slide with a picture in the Input area of the Beam, duplicate this master slide and create a new master slide. If using the graphic on the title slide the same should be used on the thank you slide. If using a picture in the Input area of the Beam in the title slide, the same or different but related picture can be used on the thank you slide. Customize the Input area of the Beam as described below. Click on the View tab from the menu bar and select Master>Slide MasterRight-click on the Input graphic and select Format AutoShapeFrom the Fill menu, under the Color and Lines tab, click on the drop-down arrow next to Color and select the Fill Effects menuFrom the Picture tab, click on Select Picture. Navigate to the folder containing the image you wish to insert in the Input area. Highlight the image and tick the Lock picture aspect ratio box. Click on OK.You can now preview the image before continuing. If you are happy with how it looks, click Ok to continue. Otherwise, repeat the process until you are happy with your selected imageTo exit from Master View, click on View>Normal. The change you made to the Input graphic should now be visible on the title slideOriginally, this topic was addressed by IAS 22, which was first issued in November 1983 and revised and amended on a number of occasions subsequently. However, on 31 March 2004, it was replaced by IFRS 3. IFRS 3 applies to all business combinations agreed after that date.One of the main changes made by IFRS 3 was to narrow down the possible ways of accounting for business combinations to a single method. Previously, acquisitions (or purchase accounting) and unitings of interests (poolings or mergers) were both allowed under certain (different) circumstances. However, IFRS 3 now allows only the first of these methods and requires it to be applied to all business combinations.Within acquisition accounting there are also a number of important questions, notably to do with the allocation of fair values and the treatment of goodwill. The treatment of these matters can have a very significant effect on the financial statements of an acquisitive group, so this is one of the most influential standards in the whole field of financial reporting.On 29 April 2004 a further exposure draft was issued by the IASB on IFRS 3, concerning the scope of IFRS 3 in relation to mutual funds. It is understood that these amendments will be incorporated in a revised IFRS 3 to be effective from 1 January 2005.Originally, this topic was addressed by IAS 22, which was first issued in November 1983 and revised and amended on a number of occasions subsequently. However, on 31 March 2004, it was replaced by IFRS 3. IFRS 3 applies to all business combinations agreed after that date.One of the main changes made by IFRS 3 was to narrow down the possible ways of accounting for business combinations to a single method. Previously, acquisitions (or purchase accounting) and unitings of interests (poolings or mergers) were both allowed under certain (different) circumstances. However, IFRS 3 now allows only the first of these methods and requires it to be applied to all business combinations.Within acquisition accounting there are also a number of important questions, notably to do with the allocation of fair values and the treatment of goodwill. The treatment of these matters can have a very significant effect on the financial statements of an acquisitive group, so this is one of the most influential standards in the whole field of financial reporting.On 29 April 2004 a further exposure draft was issued by the IASB on IFRS 3, concerning the scope of IFRS 3 in relation to mutual funds. It is understood that these amendments will be incorporated in a revised IFRS 3 to be effective from 1 January 2005.Originally, this topic was addressed by IAS 22, which was first issued in November 1983 and revised and amended on a number of occasions subsequently. However, on 31 March 2004, it was replaced by IFRS 3. IFRS 3 applies to all business combinations agreed after that date.One of the main changes made by IFRS 3 was to narrow down the possible ways of accounting for business combinations to a single method. Previously, acquisitions (or purchase accounting) and unitings of interests (poolings or mergers) were both allowed under certain (different) circumstances. However, IFRS 3 now allows only the first of these methods and requires it to be applied to all business combinations.Within acquisition accounting there are also a number of important questions, notably to do with the allocation of fair values and the treatment of goodwill. The treatment of these matters can have a very significant effect on the financial statements of an acquisitive group, so this is one of the most influential standards in the whole field of financial reporting.On 29 April 2004 a further exposure draft was issued by the IASB on IFRS 3, concerning the scope of IFRS 3 in relation to mutual funds. It is understood that these amendments will be incorporated in a revised IFRS 3 to be effective from 1 January 2005.Originally, this topic was addressed by IAS 22, which was first issued in November 1983 and revised and amended on a number of occasions subsequently. However, on 31 March 2004, it was replaced by IFRS 3. IFRS 3 applies to all business combinations agreed after that date.One of the main changes made by IFRS 3 was to narrow down the possible ways of accounting for business combinations to a single method. Previously, acquisitions (or purchase accounting) and unitings of interests (poolings or mergers) were both allowed under certain (different) circumstances. However, IFRS 3 now allows only the first of these methods and requires it to be applied to all business combinations.Within acquisition accounting there are also a number of important questions, notably to do with the allocation of fair values and the treatment of goodwill. The treatment of these matters can have a very significant effect on the financial statements of an acquisitive group, so this is one of the most influential standards in the whole field of financial reporting.On 29 April 2004 a further exposure draft was issued by the IASB on IFRS 3, concerning the scope of IFRS 3 in relation to mutual funds. It is understood that these amendments will be incorporated in a revised IFRS 3 to be effective from 1 January 2005.Qualitative characteristics are the attributes that make the information provided in financial statements useful to users. The four main headingsunderstandability, relevance, reliability and comparabilityare discussed briefly below, and most have further subheadings as shown on the slide. (See Framework paras. 24-45)An essential quality of the information provided in financial statements is that it is readily understandable by users. For this purpose, users are assumed to have a reasonable knowledge of business and economic activities and accounting and a willingness to study the information with reasonable diligence.To be useful, information must be relevant to the decision-making needs of users. Information has the quality of relevance when it influences the economic decisions of users by helping them evaluate past, present, or future events or confirming, or correcting, their past evaluations.To be useful, information must also be reliable. Information has the quality of reliability when it is free from material error and bias and can be depended upon by users to represent faithfully that which it either purports to represent or could reasonably be expected to represent.Users must be able to compare the financial statements of an enterprise through time in order to identify trends in its financial position and performance. Users must also be able to compare the financial statements of different enterprises in order to evaluate their relative financial position, performance, and changes in financial position. Hence, the measurement and display of the financial effect of like transactions and other events must be carried out in a consistent way throughout an enterprise and over time for that enterprise and in a consistent way for different enterprises.Some jurisdictions require more than one years comparative information to be presented. However, the IASB does not require more than one year, and therefore does not require any longer period of restatement. If it had, it would have had the effect of pushing the transition date back at least another year, which would be unduly onerous.Some jurisdictions require more than one years comparative information to be presented. However, the IASB does not require more than one year, and therefore does not require any longer period of restatement. If it had, it would have had the effect of pushing the transition date back at least another year, which would be unduly onerous.This is a very broad summary of what the standard sets out to do.Note that this standard is designed to address a unique situation: the first-time adoption of the whole body of international GAAP from whatever GAAP had been previously applied (which may or may not have been similar to international GAAP). The rules for doing this are therefore rather different from those that would apply to a company that had already adopted IFRSs but had to change an accounting policy to meet the requirements of a new standard. As a result, the transitional provisions of other IFRSs do not apply, except in relation to derecognition and hedge accounting.It is also necessary to be very clear about what is meant by adopting IFRSs for the first time, and the standard defines this in detail, as we will see.The basic principle is that the accounts should be restated so far as possible as if they had always been prepared under the current IFRSs. However, the IASB has recognised that this is not always practicable, which is why the mandatory exceptions and the voluntary exemptions have been included. These will be examined in detail later in the module.

This is a very broad summary of what the standard sets out to do.Note that this standard is designed to address a unique situation: the first-time adoption of the whole body of international GAAP from whatever GAAP had been previously applied (which may or may not have been similar to international GAAP). The rules for doing this are therefore rather different from those that would apply to a company that had already adopted IFRSs but had to change an accounting policy to meet the requirements of a new standard. As a result, the transitional provisions of other IFRSs do not apply, except in relation to derecognition and hedge accounting.It is also necessary to be very clear about what is meant by adopting IFRSs for the first time, and the standard defines this in detail, as we will see.The basic principle is that the accounts should be restated so far as possible as if they had always been prepared under the current IFRSs. However, the IASB has recognised that this is not always practicable, which is why the mandatory exceptions and the voluntary exemptions have been included. These will be examined in detail later in the module.

Qualitative characteristics are the attributes that make the information provided in financial statements useful to users. The four main headingsunderstandability, relevance, reliability and comparabilityare discussed briefly below, and most have further subheadings as shown on the slide. (See Framework paras. 24-45)An essential quality of the information provided in financial statements is that it is readily understandable by users. For this purpose, users are assumed to have a reasonable knowledge of business and economic activities and accounting and a willingness to study the information with reasonable diligence.To be useful, information must be relevant to the decision-making needs of users. Information has the quality of relevance when it influences the economic decisions of users by helping them evaluate past, present, or future events or confirming, or correcting, their past evaluations.To be useful, information must also be reliable. Information has the quality of reliability when it is free from material error and bias and can be depended upon by users to represent faithfully that which it either purports to represent or could reasonably be expected to represent.Users must be able to compare the financial statements of an enterprise through time in order to identify trends in its financial position and performance. Users must also be able to compare the financial statements of different enterprises in order to evaluate their relative financial position, performance, and changes in financial position. Hence, the measurement and display of the financial effect of like transactions and other events must be carried out in a consistent way throughout an enterprise and over time for that enterprise and in a consistent way for different enterprises.Qualitative characteristics are the attributes that make the information provided in financial statements useful to users. The four main headingsunderstandability, relevance, reliability and comparabilityare discussed briefly below, and most have further subheadings as shown on the slide. (See Framework paras. 24-45)An essential quality of the information provided in financial statements is that it is readily understandable by users. For this purpose, users are assumed to have a reasonable knowledge of business and economic activities and accounting and a willingness to study the information with reasonable diligence.To be useful, information must be relevant to the decision-making needs of users. Information has the quality of relevance when it influences the economic decisions of users by helping them evaluate past, present, or future events or confirming, or correcting, their past evaluations.To be useful, information must also be reliable. Information has the quality of reliability when it is free from material error and bias and can be depended upon by users to represent faithfully that which it either purports to represent or could reasonably be expected to represent.Users must be able to compare the financial statements of an enterprise through time in order to identify trends in its financial position and performance. Users must also be able to compare the financial statements of different enterprises in order to evaluate their relative financial position, performance, and changes in financial position. Hence, the measurement and display of the financial effect of like transactions and other events must be carried out in a consistent way throughout an enterprise and over time for that enterprise and in a consistent way for different enterprises.Qualitative characteristics are the attributes that make the information provided in financial statements useful to users. The four main headingsunderstandability, relevance, reliability and comparabilityare discussed briefly below, and most have further subheadings as shown on the slide. (See Framework paras. 24-45)An essential quality of the information provided in financial statements is that it is readily understandable by users. For this purpose, users are assumed to have a reasonable knowledge of business and economic activities and accounting and a willingness to study the information with reasonable diligence.To be useful, information must be relevant to the decision-making needs of users. Information has the quality of relevance when it influences the economic decisions of users by helping them evaluate past, present, or future events or confirming, or correcting, their past evaluations.To be useful, information must also be reliable. Information has the quality of reliability when it is free from material error and bias and can be depended upon by users to represent faithfully that which it either purports to represent or could reasonably be expected to represent.Users must be able to compare the financial statements of an enterprise through time in order to identify trends in its financial position and performance. Users must also be able to compare the financial statements of different enterprises in order to evaluate their relative financial position, performance, and changes in financial position. Hence, the measurement and display of the financial effect of like transactions and other events must be carried out in a consistent way throughout an enterprise and over time for that enterprise and in a consistent way for different enterprises.Qualitative characteristics are the attributes that make the information provided in financial statements useful to users. The four main headingsunderstandability, relevance, reliability and comparabilityare discussed briefly below, and most have further subheadings as shown on the slide. (See Framework paras. 24-45)An essential quality of the information provided in financial statements is that it is readily understandable by users. For this purpose, users are assumed to have a reasonable knowledge of business and economic activities and accounting and a willingness to study the information with reasonable diligence.To be useful, information must be relevant to the decision-making needs of users. Information has the quality of relevance when it influences the economic decisions of users by helping them evaluate past, present, or future events or confirming, or correcting, their past evaluations.To be useful, information must also be reliable. Information has the quality of reliability when it is free from material error and bias and can be depended upon by users to represent faithfully that which it either purports to represent or could reasonably be expected to represent.Users must be able to compare the financial statements of an enterprise through time in order to identify trends in its financial position and performance. Users must also be able to compare the financial statements of different enterprises in order to evaluate their relative financial position, performance, and changes in financial position. Hence, the measurement and display of the financial effect of like transactions and other events must be carried out in a consistent way throughout an enterprise and over time for that enterprise and in a consistent way for different enterprises.Originally, this topic was addressed by IAS 22, which was first issued in November 1983 and revised and amended on a number of occasions subsequently. However, on 31 March 2004, it was replaced by IFRS 3. IFRS 3 applies to all business combinations agreed after that date.One of the main changes made by IFRS 3 was to narrow down the possible ways of accounting for business combinations to a single method. Previously, acquisitions (or purchase accounting) and unitings of interests (poolings or mergers) were both allowed under certain (different) circumstances. However, IFRS 3 now allows only the first of these methods and requires it to be applied to all business combinations.Within acquisition accounting there are also a number of important questions, notably to do with the allocation of fair values and the treatment of goodwill. The treatment of these matters can have a very significant effect on the financial statements of an acquisitive group, so this is one of the most influential standards in the whole field of financial reporting.On 29 April 2004 a further exposure draft was issued by the IASB on IFRS 3, concerning the scope of IFRS 3 in relation to mutual funds. It is understood that these amendments will be incorporated in a revised IFRS 3 to be effective from 1 January 2005.Originally, this topic was addressed by IAS 22, which was first issued in November 1983 and revised and amended on a number of occasions subsequently. However, on 31 March 2004, it was replaced by IFRS 3. IFRS 3 applies to all business combinations agreed after that date.One of the main changes made by IFRS 3 was to narrow down the possible ways of accounting for business combinations to a single method. Previously, acquisitions (or purchase accounting) and unitings of interests (poolings or mergers) were both allowed under certain (different) circumstances. However, IFRS 3 now allows only the first of these methods and requires it to be applied to all business combinations.Within acquisition accounting there are also a number of important questions, notably to do with the allocation of fair values and the treatment of goodwill. The treatment of these matters can have a very significant effect on the financial statements of an acquisitive group, so this is one of the most influential standards in the whole field of financial reporting.On 29 April 2004 a further exposure draft was issued by the IASB on IFRS 3, concerning the scope of IFRS 3 in relation to mutual funds. It is understood that these amendments will be incorporated in a revised IFRS 3 to be effective from 1 January 2005.Originally, this topic was addressed by IAS 22, which was first issued in November 1983 and revised and amended on a number of occasions subsequently. However, on 31 March 2004, it was replaced by IFRS 3. IFRS 3 applies to all business combinations agreed after that date.One of the main changes made by IFRS 3 was to narrow down the possible ways of accounting for business combinations to a single method. Previously, acquisitions (or purchase accounting) and unitings of interests (poolings or mergers) were both allowed under certain (different) circumstances. However, IFRS 3 now allows only the first of these methods and requires it to be applied to all business combinations.Within acquisition accounting there are also a number of important questions, notably to do with the allocation of fair values and the treatment of goodwill. The treatment of these matters can have a very significant effect on the financial statements of an acquisitive group, so this is one of the most influential standards in the whole field of financial reporting.On 29 April 2004 a further exposure draft was issued by the IASB on IFRS 3, concerning the scope of IFRS 3 in relation to mutual funds. It is understood that these amendments will be incorporated in a revised IFRS 3 to be effective from 1 January 2005.Originally, this topic was addressed by IAS 22, which was first issued in November 1983 and revised and amended on a number of occasions subsequently. However, on 31 March 2004, it was replaced by IFRS 3. IFRS 3 applies to all business combinations agreed after that date.One of the main changes made by IFRS 3 was to narrow down the possible ways of accounting for business combinations to a single method. Previously, acquisitions (or purchase accounting) and unitings of interests (poolings or mergers) were both allowed under certain (different) circumstances. However, IFRS 3 now allows only the first of these methods and requires it to be applied to all business combinations.Within acquisition accounting there are also a number of important questions, notably to do with the allocation of fair values and the treatment of goodwill. The treatment of these matters can have a very significant effect on the financial statements of an acquisitive group, so this is one of the most influential standards in the whole field of financial reporting.On 29 April 2004 a further exposure draft was issued by the IASB on IFRS 3, concerning the scope of IFRS 3 in relation to mutual funds. It is understood that these amendments will be incorporated in a revised IFRS 3 to be effective from 1 January 2005.Originally, this topic was addressed by IAS 22, which was first issued in November 1983 and revised and amended on a number of occasions subsequently. However, on 31 March 2004, it was replaced by IFRS 3. IFRS 3 applies to all business combinations agreed after that date.One of the main changes made by IFRS 3 was to narrow down the possible ways of accounting for business combinations to a single method. Previously, acquisitions (or purchase accounting) and unitings of interests (poolings or mergers) were both allowed under certain (different) circumstances. However, IFRS 3 now allows only the first of these methods and requires it to be applied to all business combinations.Within acquisition accounting there are also a number of important questions, notably to do with the allocation of fair values and the treatment of goodwill. The treatment of these matters can have a very significant effect on the financial statements of an acquisitive group, so this is one of the most influential standards in the whole field of financial reporting.On 29 April 2004 a further exposure draft was issued by the IASB on IFRS 3, concerning the scope of IFRS 3 in relation to mutual funds. It is understood that these amendments will be incorporated in a revised IFRS 3 to be effective from 1 January 2005.Originally, this topic was addressed by IAS 22, which was first issued in November 1983 and revised and amended on a number of occasions subsequently. However, on 31 March 2004, it was replaced by IFRS 3. IFRS 3 applies to all business combinations agreed after that date.One of the main changes made by IFRS 3 was to narrow down the possible ways of accounting for business combinations to a single method. Previously, acquisitions (or purchase accounting) and unitings of interests (poolings or mergers) were both allowed under certain (different) circumstances. However, IFRS 3 now allows only the first of these methods and requires it to be applied to all business combinations.Within acquisition accounting there are also a number of important questions, notably to do with the allocation of fair values and the treatment of goodwill. The treatment of these matters can have a very significant effect on the financial statements of an acquisitive group, so this is one of the most influential standards in the whole field of financial reporting.On 29 April 2004 a further exposure draft was issued by the IASB on IFRS 3, concerning the scope of IFRS 3 in relation to mutual funds. It is understood that these amendments will be incorporated in a revised IFRS 3 to be effective from 1 January 2005.Originally, this topic was addressed by IAS 22, which was first issued in November 1983 and revised and amended on a number of occasions subsequently. However, on 31 March 2004, it was replaced by IFRS 3. IFRS 3 applies to all business combinations agreed after that date.One of the main changes made by IFRS 3 was to narrow down the possible ways of accounting for business combinations to a single method. Previously, acquisitions (or purchase accounting) and unitings of interests (poolings or mergers) were both allowed under certain (different) circumstances. However, IFRS 3 now allows only the first of these methods and requires it to be applied to all business combinations.Within acquisition accounting there are also a number of important questions, notably to do with the allocation of fair values and the treatment of goodwill. The treatment of these matters can have a very significant effect on the financial statements of an acquisitive group, so this is one of the most influential standards in the whole field of financial reporting.On 29 April 2004 a further exposure draft was issued by the IASB on IFRS 3, concerning the scope of IFRS 3 in relation to mutual funds. It is understood that these amendments will be incorporated in a revised IFRS 3 to be effective from 1 January 2005.Originally, this topic was addressed by IAS 22, which was first issued in November 1983 and revised and amended on a number of occasions subsequently. However, on 31 March 2004, it was replaced by IFRS 3. IFRS 3 applies to all business combinations agreed after that date.One of the main changes made by IFRS 3 was to narrow down the possible ways of accounting for business combinations to a single method. Previously, acquisitions (or purchase accounting) and unitings of interests (poolings or mergers) were both allowed under certain (different) circumstances. However, IFRS 3 now allows only the first of these methods and requires it to be applied to all business combinations.Within acquisition accounting there are also a number of important questions, notably to do with the allocation of fair values and the treatment of goodwill. The treatment of these matters can have a very significant effect on the financial statements of an acquisitive group, so this is one of the most influential standards in the whole field of financial reporting.On 29 April 2004 a further exposure draft was issued by the IASB on IFRS 3, concerning the scope of IFRS 3 in relation to mutual funds. It is understood that these amendments will be incorporated in a revised IFRS 3 to be effective from 1 January 2005.Originally, this topic was addressed by IAS 22, which was first issued in November 1983 and revised and amended on a number of occasions subsequently. However, on 31 March 2004, it was replaced by IFRS 3. IFRS 3 applies to all business combinations agreed after that date.One of the main changes made by IFRS 3 was to narrow down the possible ways of accounting for business combinations to a single method. Previously, acquisitions (or purchase accounting) and unitings of interests (poolings or mergers) were both allowed under certain (different) circumstances. However, IFRS 3 now allows only the first of these methods and requires it to be applied to all business combinations.Within acquisition accounting there are also a number of important questions, notably to do with the allocation of fair values and the treatment of goodwill. The treatment of these matters can have a very significant effect on the financial statements of an acquisitive group, so this is one of the most influential standards in the whole field of financial reporting.On 29 April 2004 a further exposure draft was issued by the IASB on IFRS 3, concerning the scope of IFRS 3 in relation to mutual funds. It is understood that these amendments will be incorporated in a revised IFRS 3 to be effective from 1 January 2005.Originally, this topic was addressed by IAS 22, which was first issued in November 1983 and revised and amended on a number of occasions subsequently. However, on 31 March 2004, it was replaced by IFRS 3. IFRS 3 applies to all business combinations agreed after that date.One of the main changes made by IFRS 3 was to narrow down the possible ways of accounting for business combinations to a single method. Previously, acquisitions (or purchase accounting) and unitings of interests (poolings or mergers) were both allowed under certain (different) circumstances. However, IFRS 3 now allows only the first of these methods and requires it to be applied to all business combinations.Within acquisition accounting there are also a number of important questions, notably to do with the allocation of fair values and the treatment of goodwill. The treatment of these matters can have a very significant effect on the financial statements of an acquisitive group, so this is one of the most influential standards in the whole field of financial reporting.On 29 April 2004 a further exposure draft was issued by the IASB on IFRS 3, concerning the scope of IFRS 3 in relation to mutual funds. It is understood that these amendments will be incorporated in a revised IFRS 3 to be effective from 1 January 2005.Originally, this topic was addressed by IAS 22, which was first issued in November 1983 and revised and amended on a number of occasions subsequently. However, on 31 March 2004, it was replaced by IFRS 3. IFRS 3 applies to all business combinations agreed after that date.One of the main changes made by IFRS 3 was to narrow down the possible ways of accounting for business combinations to a single method. Previously, acquisitions (or purchase accounting) and unitings of interests (poolings or mergers) were both allowed under certain (different) circumstances. However, IFRS 3 now allows only the first of these methods and requires it to be applied to all business combinations.Within acquisition accounting there are also a number of important questions, notably to do with the allocation of fair values and the treatment of goodwill. The treatment of these matters can have a very significant effect on the financial statements of an acquisitive group, so this is one of the most influential standards in the whole field of financial reporting.On 29 April 2004 a further exposure draft was issued by the IASB on IFRS 3, concerning the scope of IFRS 3 in relation to mutual funds. It is understood that these amendments will be incorporated in a revised IFRS 3 to be effective from 1 January 2005.These reconciliations are designed to help users assess whether the relationship between accounting profit and tax expense is unusual and how that relationship may change in the future. The reconciling factors will include such things as revenue that is exempt from tax, expenses that are not tax-deductible, and the effect of losses and of foreign exchange rates.The applicable tax rate will usually be the domestic rate(s) of the country of domicile, combining national and any local taxes levied on profits. However, if there are substantial activities in a number of jurisdictions with different rates, it may be appropriate to give separate reconciliations for each.The average effective tax rate is simply the reported tax expense divided by the accounting profit.[Good Groups reconciliation is shown on page 37]

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