1 / 10

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.

elia
Download Presentation

LATIN AMERICAN CORPORATE GOVERNANCE ROUNDTABLE 28 APRIL 2000

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  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

More Related