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FUNDOS DE INVESTIMENTOS EM EMPRESAS EMERGENTES

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A REVIEW OF THE DEVELOPMENT OF ACCOUNTING STANDARDS AND THE ROLE OF ACCOUNTING ... 1. FINANCIAL AND CAPITAL MARKETS ARE IN A SPEEDY INTERNATIONALIZATION PROCESS; ... – PowerPoint PPT presentation

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Title: FUNDOS DE INVESTIMENTOS EM EMPRESAS EMERGENTES


1
IMPLEMENTATION OF INTERNATIONAL STANDARDS FOR
ACCOUNTING AND AUDITINGWashington, April 2, 2001
2
A REVIEW OF THE DEVELOPMENT OF ACCOUNTING
STANDARDS AND THE ROLE OF ACCOUNTING AND AUDITING
STANDARDS TO PROMOTE FINANCIAL SECTOR DEVELOPMENT
3
INTERNATIONAL STANDARDS
  • THE NEED OF A RELIABLE ACCOUNTIG INFORMATION FOR
  • 1. PRIVATIZATIONS
  • 2. MERGERS
  • 3. JOINT-VENTURES
  • 4. SEARCH FOR CAPITAL ALL AROUND THE WORLD.

4
INTERNATIONAL STANDARDS
  • THE FACT
  • 1. FINANCIAL AND CAPITAL MARKETS ARE IN A SPEEDY
    INTERNATIONALIZATION PROCESS
  • 2. THE GROWING NEED OF INFORMATION TO BACK
    INVESTMENTS OR LOAN DECISIONS.

5
INTERNATIONAL STANDARDS
  • THE ACTUAL CONTEXT MEANS
  • DIFFERENT ACCOUNTING INTERPRETATIONS AND
    CLASSIFICATIONS ARE APPLIED TO THE SAME EVENTS
    AND TRANSACTIONS FOR THE SAME PERIOD AND COMPANY

6
INTERNATIONAL STANDARDS
  • THE CONSEQUENCES ARE
  • 1. THE PREPARATION OF SEVERAL FINANCIAL
    STATEMENTS
  • 2. THE COST OF LEARNING, PREPARING AND AUDITING
    MORE THAN ONE F.S.
  • 3. THE COST OF THE INFORMATION DISCREPANCY AND
    THE LACK OF CREDIBILITY CAUSED BY TWO DIFFERENT
    INFORMATIONS.

7
INTERNATIONAL STANDARDS
  • SOME EXAMPLES
  • 1. THE WELL KNOWN CASE OF DAIMLER-BENZ.? PROFIT
    OF 615 MM X LOSS OF 1,8 BILLION
  • 2. BRAZILIAN TELEBRÁS ?400 MM X PROFIT OF ALMOST
    800 MM.

8
INTERNATIONAL STANDARDS
  • IN ADDITION
  • UNDER BRAZILS REGULATION ANY INFORMATION
    DISCLOSURED ABROAD MUST ALSO BE DIVULGED AT HOME.
  • SO INVESTORS ARE FACED WITH TWO SET OF FINANCIAL
    STATEMENTS FROM THE SAME COMPANY.
  • WHICH ONE IS CORRECT? NONE OR BOTH?

9
INTERNATIONAL STANDARDS
  • THE DIFFICULTIES TOWARDS HARMONIZATION
  • 1. DIFFERENT JUDICIAL SYSTEMS
  • 2. COMPANIES STRUCTURES AND FINANCING SYSTEM
  • 3. TAXATION INTERFERENCE IN ACCOUNTING PROCEDURES.

10
INTERNATIONAL STANDARDS
  • THE CVM UNDERSTANDS THE ACCOUNTING INFORMATION IS
    IMPORTANT BECAUSE
  • 1. RAISES THE CONFIDENCE LEVEL OF PUBLIC IN
    GENERAL
  • 2. A HIGH LEVEL OF DISCLOSURE FACILITIES RISK
    REDUCTION AND RISK PREMIUM.

11
INTERNATIONAL STANDARDS
  • 3. ALLOWS A MORE EFFICIENT ALLOCATION OF
    AVAILABLE RESOURCES
  • 4. REDUCES INFORMATION ASIMMETRY BETWEEN
    SHAREHOLDERS/INVESTORS AND THE BOARD OF THE
    COMPANY.

12
INTERNATIONAL STANDARDS
  • CVMS ACTIONS REGARDING HARMONIZATION
  • 1. REVIEW THE RULES THAT GOVERN ACCOUNTING
    PROCEDURES WITH THE HELP OF PROFESSIONAL
    ORGANIZATIONS
  • 2. IDENTIFY DIFFERENCES BETWEEN BRAZILIAN AND
    INTERNATIONAL ACCOUNTING PROCEDURES
  • 3. REVIEW THE CORPORATION LAW

13
INTERNATIONAL STANDARDS
  • SOME OF THE MAIN ACCOUNTIG CHANGES NEEDED ARE
    RELATED TO
  • 1. LEASING OPERATIONS
  • 2. BUSSINESS COMBINATIONS
  • 3. GOVERNAMENTAL INCENTIVES
  • 4. FINANCIAL INSTRUMENTS
  • 5. STATEMENT OF CASH FLOW.

14
INTERNATIONAL STANDARDS
  • THE REVIEW OF THE CORPORATION LAW HAS ALSO TWO
    OTHER PROPOSALS
  • 1. DISCOLURE OF FINANCIAL STATEMENTS OF LARGE
    COMPANIES
  • 2 . CREATION OF A COMITTEE TO ESTABLISHED
    ACCOUNTING STANDARDS AND TO AVOID RULING
    CONFLICTS BETWEEN DIFFERENT REGULATORS.

15
THANK YOU FABIO FONSECA AND ANTONIO CARLOS
SANTANA
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