Le magazine du trésorier - n°69 - 1er trimestre 2010 - (Page 14)

FOCUS Overhaul of IAS 39: revolution or simplification? FAIR VALUE IN THE FIRING LINE AFTER FINANCIAL CRISIS The butt of frequent criticism in recent months, fair value has been singled out by shareholders and banks alike as the perfect scapegoat for the financial crisis with which we have been confronted. But we know, of course, that the responsibility lies elsewhere, albeit shared rather than attributable to a single cause. Notwithstanding all the criticism, fair value is actually enshrined in what will be the future standard on financial instruments, the son of IAS 39. Like father like son, so they say, and this proverb might very well apply in this case too. Despite being divided into three separate phases, this overhaul of IAS 39 in relation to financial instruments is on the right track. The IASB (International Accounting Standard Board) had planned to publish three ED (Exposure Drafts) in the third and fourth quarter of 2009 and in the first quarter of 2010, a trilogy-type approach which does not exactly lend itself to being able to comment on the individual or successive draft(s) due to the lack of the necessary overview. Codenamed IFRS 9, the first part was published on 12 November 2009, thus completing their first phase of reform (www.iasb.org/News/). IFRS 9 makes use of a unique approach to establish whether an asset is to be measured in terms of its amortised cost or its fair value, thereby replacing the various rules from IAS 39. The approach adopted by IFRS 9 centres on the manner in which the company manages its financial instruments (its overall business model) and the contractual cash flows which characterise the financial assets.Also opting for a unique method to be used for impairments, the new measure’s effective date of entry into force will be 1 January 2013, with early adoption possible from the end of 2009. NEED FOR IN-DEPTH REFORM OF IAS 39 Pushed by the European Commission to react to international pressure, the IASB had no choice but to agree to undertake a reform of its most controversial accounting standard. Sir David Tweedie acknowledged that it was necessary to rework it in order to tackle this recurring problem for once and for all. Regardless of the reform implemented, the one cast-iron certainty is that it will not totally satisfy anyone and will come in for plenty of criticism, an unfortunate fact for which the IAS board is fully prepared. The three phases cover classification and measurement; dynamic provisioning and hedge accounting. The second ED is also based on the idea that the 14 http://www.iasb.org/News/

Table des matières de la publication Le magazine du trésorier - n°69 - 1er trimestre 2010

Couverture
Sommaire
EDITORIAL
- Mesures et contre-mesures, jusqu'où aller sans aller trop loin ?
FINANCIAL HIGHLIGHTS
INTERVIEW
- Tachfine Bekkari, Directeur trésorerie, ALD Automotive
FOCUS
- Les entreprises seront-elles les victimes collatérales de la régulation de la finance ?
- Overhaul of IAS 39: revolution or simplification ?
- Treasury management in Latin America: still as complex as that?
FORUM OF ADVERTISERS
- Les anciens employés mécontents, un risque croissant pour la sécurité des systèmes d’information
- Above E-invoicing
- 15 minutes with… The Corporate Funding Association Project
TREASURERS' ASSOCIATIONS
- 13th IGTA meeting Paris - November 2009
- Leading European companies unite against proposed derivatives regulation
- Formation Chambre de Commerce de Luxembourg
NEWS

Le magazine du trésorier - n°69 - 1er trimestre 2010