26 Novembre 2010 Les Normes IFRS seront-elles un jour le référentiel comptable mondial? Colloque CSOEC-INTEC 26/11/2010 © 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

26 Novembre 2010 Avant 2005…

FONDATION IFRS Mission et gouvernance www.ifrs.org 26 Novembre 2010 FONDATION IFRS Mission et gouvernance www.ifrs.org © 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

Une citation pour commencer.. 26 Novembre 2010 Une citation pour commencer.. “D’évidence, les événements de 2002 ont fourni trop d’exemples d’échecs des normes comptables et d’audit, aux USA et ailleurs. Dés lors, le besoin d’agir et de réformer n’a jamais été aussi clair. La Fondation et l’IASB ont un role central à jouer pour améliorer l’infrastructure des marchés financiers en voie de globalisation. En particulier, les récents événements renforcent singulierèment la logique visant à élaborer et mettre en application des standards comptables internationalement reconnus et de haute qualité…” Paul A. Volcker, premier Chairman des Trustees de la Fondation IFRS – Nov. 2002

26 Novembre 2010 Who we are and what we do The IFRS Foundation and the International Accounting Standards Board Our objective To develop a single set of high quality, understandable, enforceable and globally accepted financial reporting standards based upon clearly articulated principles. How do we do this? An independent standard-setting board, overseen by a geographically and professionally diverse body of trustees, publicly accountable to a Monitoring Board of public capital market authorities Supported by an external IFRS Advisory Council and an IFRS Interpretations Committee to offer guidance where divergence in practice occurs A thorough, open, participatory and transparent due process Engagement with investors, regulators, business leaders and the global accountancy profession at every stage of the process Collaborative efforts with the worldwide standard-setting community

26 Novembre 2010

26 Novembre 2010 The Monitoring Board   Trustees’ meeting in New Delhi, January 2009: decision to enhance the organisation’s public accountability by establishing a link to a Monitoring Board of public authorities. Members of the Monitoring Board are, at this moment: the Emerging Markets and Technical Committees of the International Organization of Securities Commissions (IOSCO), the European Commission, the Financial Services Agency of Japan (JFSA), and US Securities and Exchange Commission (SEC). The Basel Committee on Banking Supervision participates in the Monitoring Board as an observer. Through the Monitoring Board, securities regulators that allow or require the use of IFRS in their jurisdictions will be able to more effectively carry out their mandates regarding investor protection, market integrity, and capital formation. Monitoring Board’s main responsibilities: to ensure that the Trustees continue to discharge their duties as defined by the IFRS Foundation Constitution, as well as approving the appointment or reappointment of Trustees. For more information on the Monitoring Board, including details of members, meeting dates, press releases and contacts, please see the International Organization of Securities Commissions (IOSCO) website.

Les membres de l’IASB au 1er Octobre 26 Novembre 2010 Les membres de l’IASB au 1er Octobre Members are appointed by the Trustees. Following a decision at the January 2009 Trustees meeting, the IASB will be expanded to 16 members by 2012 with a required balance of geographic origins and professional backgrounds. Sir David Tweedie *(UK) Stephen Cooper (UK) Philippe Danjou *(F) Jan Engström (Sw) Patrick Finnegan (US) Amaro Luiz de Oliveira Gomes (Br) Prabhakar Kalavacherla (‘PK’) (India) Dr Elke König (D) Patricia McConnell (US) Warren McGregor*(Aus) Paul Pacter (US) Darrel Scott (RSA) John Smith (US) Tatsumi Yamada *(Jap) Zhang Wei-Guo (China) Hans Hoogervorst et Ian MacIntosh nommés à effet du 01/07/2011 2 recrutements en cours (mais un membre rééligible) (*) Mandat expire le 30 Juin 2011 30 Cannon St London

26 Novembre 2010 Retour sur 2001-2010

Resolution du Comite Technique IOSCO de Mai 2000 26 Novembre 2010 Resolution du Comite Technique IOSCO de Mai 2000 In order to respond to the significant growth in cross-border capital flows, IOSCO has sought to facilitate cross-border offerings and listings. IOSCO believes that cross-border offerings and listings would be facilitated by high quality, internationally accepted accounting standards that could be used by incoming multinational issuers in cross-border offerings and listings. Therefore, IOSCO has worked with the International Accounting Standards Committee (IASC) as it sought to develop a reasonably complete set of accounting standards through the IASC core standards work program. IOSCO has assessed 30 IASC standards, including their related interpretations (“the IASC 2000 standards”), considering their suitability for use in cross-border offerings and listings. IOSCO has identified outstanding substantive issues relating to the IASC 2000 standards in a report that includes an analysis of those issues and specifies supplemental treatments that may be required in a particular jurisdiction to address each of these concerns. The Presidents’ Committee congratulates the IASC for its hard work and contribution to raising the quality of financial reporting worldwide. The IASC’s work to date has succeeded in effecting significant improvements in the quality of the IASC standards. Accordingly, the Presidents’ Committee recommends that IOSCO members permit incoming multinational issuers to use the 30 IASC 2000 standards to prepare their financial statements for cross-border offerings and listings, as supplemented in the manner described below (the “supplemental treatments”) where necessary to address outstanding substantive issues at a national or regional level. IOSCO notes that a body of accounting standards like the IASC standards must continue to evolve in order to address existing and emerging issues. IOSCO’s recommendation assumes that IOSCO will continue to be involved in the IASC work and structure and that the IASC will continue to develop its body of standards. IOSCO strongly urges the IASC in its future work program to address the concerns identified in the Assessment Report, in particular, future projects.

Retour sur 2001-2010: une dynamique de succès 26 Novembre 2010 Retour sur 2001-2010: une dynamique de succès (1973-2000: Travail fondateur de l’IASC et cooperation avec IOSCO) 2001 : création de l’IFRS Foundation a l’initiative de l’UE+SEC+IOSCO; premier IAS Board nommé; programme initial de 9 sujets a traiter; création IFRIC et SAC 2002 : Réglement Européen IFRS (>2005); FASB et IASB annoncent une initiative de convergence des normes et de coopération; annonce d’un programme technique plus complet aprés consultation du SAC et des régulateurs boursiers; scandales comptables (Enron etc) aux USA 2003 : publication IFRS1; Australie, HK, NZ, RSA adoptent IFRS 2004: plate-forme stable de nouveaux standards; accord de coopération avec normalisateur comptable japonais; publication d’IFRS 2 (Share-based payments) qui servira de base à la norme US SFAS 123; IFRS 4 (Insurance Contracts)

Retour sur 2001-2010: une dynamique de succés 26 Novembre 2010 Retour sur 2001-2010: une dynamique de succés 2005: transition aux IFRS en Europe; SEC publie une “roadmap” décrivant les étapes pour aboutir à une adoption des IFRS aux USA 2006: FASB et IASB signent un “Memorandum of Understanding” pour faire progresser la convergence; la Chine adopte de nouvelles normes substantiellement alignées sur les IFRS 2007: Brésil, Canada, Chili, Inde, Japon et Corée publient des calendriers d’adoption ou de convergence avec les IFRS

Retour sur 2001-2010: une dynamique de succés 26 Novembre 2010 Retour sur 2001-2010: une dynamique de succés 2007: La SEC autorise les émetteurs étrangers à accéder au marché financier US avec des comptes établis en IFRS sans reconciliation US GAAP, et lance une consultation sur l’adoption des IFRS aux USA 2008 : Israel, Malaisie et Mexique adoptent IFRS; l’IASB adapte son programme de travail en réponse à la crise financière et devient un membre du Financial Stability Board; première nouvelle norme commune IASB-FASB (>IFRS 3R) 2009 : Publication des “IFRS pour les PME”

Retour sur 2001-2010: une dynamique de succés 26 Novembre 2010 Retour sur 2001-2010: une dynamique de succés Communiqué du G20 Pittsburgh (26 Septembre 2009) “We call on our international accounting bodies to redouble their efforts to achieve a single set of high quality, global accounting standards within the context of their independent standard setting process, and complete their convergence project by June 2011. The International Accounting Standards Board’s (IASB) institutional framework should further enhance the involvement of various stakeholders”

Retour sur 2001-2010: une dynamique de succés 26 Novembre 2010 Retour sur 2001-2010: une dynamique de succés 2009 : L’IASB conclut la première phase de son programme de travail en réponse a la crise financière (IFRS 9); le Japon publie un calendrier pour l’adoption des IFRS et autorise certaines sociétés japonaises à reporter en IFRS; accélération des travaux de convergence avec le FASB en réponse a la demande des leaders du G20 (nouveau MoU, joint meetings, progress reports) 2010: la SEC publie un “statement’ réaffirmant son soutien aux IFRS et confirmant son plan à long terme d’adoption aux USA

Retour sur 2001-2010: une dynamique de succés 26 Novembre 2010 Retour sur 2001-2010: une dynamique de succés 16 16 16 Source of information (adapted from): www.iasplus.com

Country Status for listed companies as of April 2010 26 Novembre 2010 Country Status for listed companies as of April 2010 Argentina Required for fiscal years beginning on or after 1 January 2011 Australia Required for all private sector reporting entities and as the basis for public sector reporting since 2005 Brazil Required for consolidated financial statements of banks and listed companies from 31 December 2010 and for individual company accounts progressively since January 2008 Canada Required from 1 January 2011 for all listed entities and permitted for private sector entities including not-for-profit organisations China Substantially converged national standards European Union All member states of the EU are required to use IFRSs as adopted by the EU for listed companies since 2005 India India is converging with IFRSs over a period beginning 1 April 2011 Indonesia Convergence process ongoing; a decision about a target date for full compliance with IFRSs is expected to be made in 2012 Japan Permitted from 2010 for a number of international companies; decision about mandatory adoption by 2016 expected around 2012 Mexico Required from 2012 Republic of Korea Required from 2011 Russia Required for banking institutions and some other securities issuers; permitted for other companies Saudi Arabia Not permitted for listed companies South Africa Required for listed entities since 2005 Turkey Required for listed entities since 2008 United States Allowed for foreign issuers in the US since 2007; target date for substantial convergence with IFRSs is 2011 and decision about possible adoption for US companies expected in 2011.  

Modified joint strategy and work plan (October 2010) 26 Novembre 2010 Modified joint strategy and work plan (October 2010) Target date for priority projects remains June 2011 Prioritise major projects to permit sharper focus on those areas in most urgent need for improvement in both IFRS and US GAAP Phasing of publication of EDs and related consultations to enable broad-based, effective stakeholder participation Publication of separate consultation document seeking stakeholder input about effective dates and transition methods (Request for views; 19/10/2010) © 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

The major joint projects 26 Novembre 2010 The major joint projects Financial Crisis (MoU) Financial instruments Fair value measurement Consolidation Derecognition Other (MoU) Revenue recognition Leases Post-retirement benefits Financial statement presentation Liability/Equity Other (Non MoU) Insurance contracts © 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

The major projects  ED issued Completion Project 26 Novembre 2010 The major projects Project ED issued Completion Derecognition - disclosures  Q4 2010 Consolidation Financial statement presentation (OCI) Fair value measurement Q1 2011 Post-employment benefits (Defined benefit plans) © 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

The major projects  ED issued Completion Financial instruments 26 Novembre 2010 The major projects Project ED issued Completion Financial instruments (phases 2 & 3) Q4 2010 Q2 2011 Revenue recognition  Leases Insurance (FASB will publish IASB ED as a Discussion Paper with a FASB wrap-around) © 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

A quoi ressembleront les normes du futur? 26 Novembre 2010 A quoi ressembleront les normes du futur? 22 Principles Rules

DIFFICULTES A SURMONTER 26 Novembre 2010 DIFFICULTES A SURMONTER

Nos principaux challenges pour 2011 et après 26 Novembre 2010 Nos principaux challenges pour 2011 et après “Réconciliation” avec l’Union Europeenne et adoption de la norme IFRS 9 Achever de clarifier le role de la comptabilité dans la stabilité financière Gérer une nouvelle plate-forme normative stabilisée Revue post-implementation de plusieurs standards Participation plus active des investisseurs Convaincre les dirigeants d’entreprise Convergence ou adoption des IFRS? 2011= fin du calendrier de convergence…la SEC décidera-t’elle d’adopter les IFRS aux USA? Impact de la décision de la SEC sur d’autres juridictions? Consultation publique par l’IASB sur le work program post 2011 Trustees and Monitoring Board: Strategic Reviews

David Tweedie, Chairman of the IASB, May 2010 26 Novembre 2010 Une citation pour finir… 25 “The crisis has changed standard-setting forever, but in a good way. It is no longer acceptable to take more than a decade to develop a new standard, or to simply drop proposals on to our constituents and wait for the replies. Proactive, responsive and accountable – these are the attributes of modern-day standard setting.” David Tweedie, Chairman of the IASB, May 2010

26 Novembre 2010 Questions? Expressions of individual views by members of the IASB and its staff are encouraged. The views expressed in this presentation are those of the presenter. Official positions of the IASB on accounting matters are determined only after extensive due process and deliberation. www.ifrs.org