Pamela Muoz ZigaFundamentos de IFRSCada pas tiene sus propios problemas

Pamela Muoz Ziga

Pamela Muoz ZigaFundamentos de IFRSIFRS?IFRS = IFRS + IAS + IFRIC + SICNIIF = NIIF + NIC + CINIIF + SICInternational Financial Reporting StandardsInternational Financial Reporting StandardInternational Accounting Standards International Financial Reporting Interpretation CommitteeStandards Interpretation Committee

Pamela Muoz Ziga

Pamela Muoz ZigaNormas Internacionales de Informacin FinancieraQu es IFRS?Es la respuesta a la necesidad de los mercados de capitales de contar con un lenguaje financiero comn, producto de la globalizacin de los mercados.Objetivo?Mejorar la transparencia y comparabilidad de la informacin financiera a nivel global, mediante un lenguaje comn utilizable por los distintos mercados de capitales

Pamela Muoz Ziga

Pamela Muoz ZigaNormas Internacionales de Informacin FinancieraProceso de Adopcin Desde el ao 2009:

IFRS Full

Empresas Reguladas

A partir del ao 2013:

IFRS Full, IFRS PYME

Empresas No ReguladasA partir del ao 2015:

NIC SP

Entidades Pblicas

Pamela Muoz Ziga

Pamela Muoz ZigaNecesidades de IFRS para la SBIFCore principles(Principios supervisin bancaria efectiva)Uso de criterios contables apropiadosPilar 3 de Basilea IITRANSPARENCIA Control por disciplina del mercadoMejores prcticas Informacin empresarial de buena calidad, transparente, comparable y accesible.Regulacin y supervisin financiera

Pamela Muoz Ziga

Necesidades de IFRS para la SBIFConocimiento y CapacitacinSe requiere de profesionales calificados

Pamela Muoz Ziga

Pamela Muoz ZigaColegio de Contadores de ChileConvergencia de los PCGA en Chile a NIIF o IFRS:1) Boletn Tcnico 79 2) Boletn Tcnico 84

Anexo:Normas de Informacin Financiera Chile (NIFCH)Normas de Informacin Contable - Chile (NICCH)Complemento de Interpretacin de Normas de Informacin Financiera - Chile (CINIFCH)NIIFCH = NIIFCH + NICCH + CINIFCH + SICCHNormas Internacionales de Informacin Financiera

Pamela Muoz Ziga

Ms juicio involucradoAlternativas de valorizacinEntidades con Cometido EspecialComparabilidad de informacinEntrenamientoContabilidad financiera y reportesConsideracionesPamela Muoz Zigareas Impactadas por IFRS

Pamela Muoz Ziga

Contabilidad financiera y reportesEnlace a la EstrategiaRazonabilizar desempeo (Actual vs. Pasado)Educando el mercado sobre impacto de IFRSAumento en interaccin con usuariosRevelacin de informacin competitivareas Impactadas por IFRSRelacin con inversionistas

Pamela Muoz ZigaConsideraciones

Pamela Muoz Ziga

Relacin con inversionistas Contabilidad financiera y reportesreas Impactadas por IFRSMayor transparencia de informacinDobles registros: CM, reservas, etc.Impacto en impuestos corrientes y diferidos por conversinTasa de impuesto efectivaPlan de impuestosPamela Muoz ZigaConsideraciones

Pamela Muoz Ziga

Relacin con inversionistas Plan de impuestosContabilidad financiera y reportesSistemas Informticos deben ser capaces de: Producir informacin consistente e integralSer Flexibles (nueva informacin)Proveedores IT deben entender requerimientosConciliar sistemas IT de gestin con la contabilidadreas Impactadas por IFRSSistemas de reporte gerencialPamela Muoz ZigaConsideraciones

Pamela Muoz Ziga

Relacin con inversionistas Plan de impuestosSistemas de reporte gerencial Contabilidad financiera y reportesreas Impactadas por IFRSRevisin de programas de Compensacin basados en resultados financieros Mayores y ms profundas revelaciones de pagos en acciones

Compensaciones para empleados y ejecutivosPamela Muoz ZigaConsideraciones

Pamela Muoz Ziga

Relacin con inversionistas Compensaciones para empleados y ejecutivosPlan de impuestosSistemas de reporte gerencial Contabilidad financiera y reportesreas Impactadas por IFRSNecesidad de especialistas (Actuarios) Complejidad de clculo en la determinacin de los beneficios y obligacionesPlanes de beneficios para empleados

Pamela Muoz ZigaConsideraciones

Pamela Muoz Ziga

Relacin con inversionistas Compensaciones para empleados y ejecutivosPlan de impuestosSistemas de reporte gerencial Planes de beneficios para empleadosContabilidad financiera y reportesInformacin por SegmentoImpactos sobre presupuestos corto y largo plazo Foco sobre el Balance General incluyendo Opcin de VALOR JUSTO => volatilidad en resultadosreas Impactadas por IFRSIndicadores de desempeo

Pamela Muoz ZigaConsideraciones

Pamela Muoz Ziga

Relacin con inversionistas Compensaciones para empleados y ejecutivosPlan de impuestosIndicadores de desempeo Sistemas de reporte gerencial Planes de beneficios para empleadosContabilidad financiera y reportesFinanciamiento InternacionalReestructuracin y Ventas de NegociosValores justo y modelos de valorizacinPotencial impactos sobre covenantsreas Impactadas por IFRSFinanzas corporativas y productos financierosPamela Muoz ZigaConsideraciones

Pamela Muoz Ziga

Pamela Muoz ZigaSistema ContableEntrada (Captacin de datos)Los datos a seleccionar ser aquellos que correspondan a hechos econmicos producidos en la empresa u originados en la interaccin de sta con el medio ambiente.

Datos que ingresan al sistemas- Hecho econmico- Moneda comn denominador- Significacin- Objetividad- RealizacinEl qu?

Pamela Muoz Ziga

Pamela Muoz ZigaSistema ContableProcesamiento de datosUna vez recogidos y seleccionados los datos, deben ser sometidos a ciertos procesos para su transformacin en informes.

Cmo valorizar?Cmo y cundo registrar?- Costo Histrico- Realizacin- Criterio Prudente- Devengado- Partida Doble- UniformidadEl cmo?Procesamiento de los datos

Pamela Muoz Ziga

Pamela Muoz ZigaSistema Contable

Pamela Muoz Ziga

Pamela Muoz ZigaMarco Conceptual Para la Presentacin de Estados FinancierosBases de Acumulacin o Devengo: Con el fin de cumplir sus objetivos, los estados financieros se preparan sobre la base del devengo y o acumulacin.Negocio en Marcha: Los estados Financieros se preparan bajo el supuesto que la empresa continuar sus actividades dentro de un futuro previsibleHiptesis Fundamental:

Pamela Muoz Ziga

Pamela Muoz Ziga

Pamela Muoz Ziga

Pamela Muoz ZigaMarco Conceptual Para la Presentacin de Estados FinancierosEl Marco Conceptual comprende los siguientes aspectos:El objetivo de los estados financieros.Las caractersticas cualitativas que determinan si la informacin contenida en los estados financieros es til.La definicin, reconocimiento y medicin de los elementos que conforman los estados financieros.Conceptos de Patrimonio y del mantenimiento del Patrimonio.Alcance:

Pamela Muoz Ziga

Pamela Muoz ZigaMarco Conceptual Para la Presentacin de Estados FinancierosReconocimientos de los Activos: Se reconoce un activo en el balance general cuando es probable que se obtengan del mismo beneficios econmicos futuros para la empresa y adems el activo tiene un costo o valor que puede ser medido con fiabilidad.Reconocimientos de los Pasivos: Se reconoce un pasivo en el balance general, cuando es probable que una salida de recursos representativos de beneficios econmicos resultar del pago de una obligacin actual que puede ser medida fiablemente.Reconocimiento de los Elementos de los Estados Financieros:

Pamela Muoz Ziga

Pamela Muoz ZigaMarco Conceptual Para la Presentacin de Estados FinancierosReconocimientos de los Ingresos: Se reconoce un ingreso en el estado de resultados cuando ha surgido un incremento en los beneficios econmicos futuros, relacionado con un incremento en los activos o una disminucin en los pasivos, y adems el monto del ingreso puede medirse con fiabilidad.Reconocimientos de los Gastos: Se reconoce un gasto en el estado de resultados cuando ha ocurrido una disminucin en los beneficios econmicos futuros, relacionada con una disminucin en los activos o un incremento en los pasivos, y que puede medirse con fiabilidad.Reconocimiento de los Elementos de los Estados Financieros:

Pamela Muoz Ziga

**Much more judgment is involved with IFRS, inputs to fair values such as interest rates and modeling, Asset Impairment (Tangible and Intangible). Judgment may relate to estimates and therefore need to determine whether information is reasonable based on managements track record of accurately predict in past (i.e. Budget to actual) Converting to IFRS will result in more rigorous impairment analysis and testing. supporting evidence Required impairment testing will potentially lead to write-downs in the carrying amount of Tangible and Intangible assets.May require changes to processes and current internal controls, which may require changes to systems/personnel this requires additional processes and controls to gather this information and qualified people to determine whether the resulting financial information is reasonable. Companies need to be able to generate timely financial statements on a periodic (quarterly/monthly) basis. Not doing so would violate stock exchange regulations, leading to a variety of potential sanctionNotwithstanding that PCGA includes via BT 72 P. 7 a reference to SIC 12, companies will need to review relationships to determine if have majority of benefits [copy and paste 4 criteria here]. Consolidation of previously unconsolidated entities may adversely affect key ratios and performance indicators, including, for example risk-based capital ratios of a financial institution. One of the objectives of IFRS is to have comparable information between entities cross-border for similar companies Therefore need Consistency in implementation within industries; understand accounting principles selected where alternatives exist and to be in a position to clearly explain to the market the companys results and how they differ from comparative period the prior year and from previous GAAP. Potential impact on covenants

*Management must be able to articulate its strategic plans, the reasons for the differences between past and current performance, and the implications for key ratios and performance indicators.Increased communication Activities with Investors users will have more questions expand this means investor relations need to be knowledgeable relates to press releases, press conferences, communication with media NOTE: this will also apply to regulators having adequate explanations for accounting alternatives / models selected;

Investors must understand the reconciling items between GAAPs .. May need to condition/prepare the market A significant proportion of a companys stakeholders may view it in a different light Companies will be challenged to capture and retain investor loyalty while making investment decisions using data that is, for the first time, comparable across country boundaries.Transparency is culturally difficult may be more difficult For the first time, information will be published by segment, and thus, great emphasis will be placed on segment results (i.e. at the same time gives opportunity for management to express how they view financial performance. )

Potential impact on covenant

*To date the market has primarily focused on Conformity to IFRS could conceivably have a significant impact on tax treatments and reporting however, this appears not be the case .. Any changes to taxable income and therefore the amounts payable would be as a result of changes in tax law, not accounting basis. .. However, the manner in which taxes are reported will certainly change :

Greater transparency not always desirable issues regarding recoverability of tax losses, tax planning strategies, rate reconciliations for the effective tax rate.Conformity to IFRS may have a significant impact on tax treatments and reporting.Impact on reported Current and Deferred Tax Assets and Liabilities A thorough review of existing tax planning strategies is essential to test alignment with any organizational changes created by IFRS conversion. Tax consequences related to the IFRS conversion process do not only affect current taxation. Deferred taxation is also impacted by the changes in consolidated accounts, individual financial statements and tax accounts. Tax departments will need to focus on the measurement of deferred tax assets and liabilities as well as the effective tax rate.

Subledgers without price-level restatement ties into next subject on systems changes

*May need changes to financial reporting systems, in order to gather information or in order to control the quality of the information being reported to the market. This may require outsourcing from systems providers or in house personnel to make programming changes to the set of accounts; to the types of reports generated or the implementation of new modules.

Financial accounting and reporting systems must be able to:Produce robust and consistent data for reporting financial information. Financial disclosure requirements are more detailed and need to be easily reconciled with management reportsFor first time publication under IFRS, the systems will need to be able to generate information in several different formats, concurrentlyCapture new information for required disclosures, including, among others, segment information, fair values of financial instruments, and employee benefits.Manage control, security, data integrity risksCompanies need to enhance their IT security to minimise the risk of business interruption, particularly to address potential fraud, cyber terrorism, and data corruption.IT Providers must understand IFRS requirementsTo the extent necessary, users will need to clearly specify and anticipate needs prior to reporting deadlines and where require historical information or trend information may require data to be manipulated, transferred from predecessor systems. Systems changes take time and given the processes normally involved in changing systems including trial testing periods and system documentation many times it is not possible to obtain the information at the last moment;Management should be able to see how decisions relate to financial statements this may mean integrating changes with existing MIS system etc. expand upon and relate to segment info.*Executive Compensation Performance Based SystemsCompensation calculated and paid under performance-based executive and employee compensation plans may be materially different under IFRS because the company's financial results may be materially different. Significant changes to the plans might be required to reward activity that contributes to a company's success within the new regime. In theory this may mean anticipating changes contracts, including owner earn-out transactions, which often are long-term it may also mean that need to continue with previous reporting in order to not provoke significant changesShare-based PaymentsShare-based payment disclosures will be more detailed and accessible to investors, customers, works councils, and other stakeholders, resulting in a loss of privacy. Expensing of share-based payments will impact how future compensation systems are designed and implemented.*Costs of involvement of actuary In addition, may need changes to systems due to the large number of personnel May require disclosure of funded status? Sensitivity of interest rate and other assumptions currently many companies use WACC vs. interest rate for high quality investments; SVS tables may not be appropriate ?? (think about this ) Complexity & impact of calculation of benefits and liabilities Pensions and Other Post Employment Benefits Pensions and other post-employment benefits and liabilities will be calculated differently, and liabilities that may previously have been unrecognised will be recorded. Any underfunding of the benefits must be highlighted.IFRS brings a stronger focus on the full cost of pension and post-retirement benefits, and many companies will be faced with difficult issues concerning the future of such arrangements.Although actuary hired calculation is complex and requires information to be gathered and controls to be put around process in order that this information be incorporated into the calculation need to be able to reasonably predict the effect on interim periods the overall responsibility rests with the Company management needs to understand results,

Focus on full cost of pension and post-retirement benefits

Potential impact on covenants*Segment Reporting Detailed reporting of operating performance will be required by segments and will increase analyst scrutiny. Companies will need to develop processes to identify, track, measure, and report sales, profits, tax disclosures, pension and equity compensation plans, and other related third party transactions, etc. by segment.Budget and Forecasting (Interim expectations) Companies need to budget and forecast operations by segment for one-to-two years in advance. Processes to budget and forecast operations by segment on an interim and annual basis will need to be developed.Reported profits may be different from perceived commercial performance as a result of the increased use of fair values and the restrictions on existing practices such as hedge accounting. Consequently, the indicators for assessing both business and executive performance will need to be revisited. This may also impact the amount of dividends that are paid out on a provisional basis or for public companies the amount of dividends availableBalance sheet focus => volatility include some examples of accounting principles and industries affected here ie. investments; therefore impact on market expectations Impact of embedded derivatives

Potential impact on covenants

*New Capital Market TransactionsCompanies contemplating new capital market transactions are already experiencing pressure from investment banks and venture capitalists to provide IFRS-based information. In theory Transparency and comparability afforded to investors can translate into Preferential rates of interestand greater success in attracting investors. To maximise this opportunity when the results under IFRS appear less favorable, companies must be able to articulate the reasons for these differences.Business RestructuringIf a business is also being restructured as part of the conversion to IFRS, it may be necessary to review and re-write at least some of the existing debt agreements.DivestituresCompanies planning to divest a significant operation may be pressured by the potential purchaser during due diligence to provide financial statements that are IFRS compliant.Fair values and valuation models will be increasingly important under IFRS much of the time it is the treasury desk that supports the determination of those values, for smaller operations it may be necessary to find other alternatives problem is that Chile is a small market and therefore the availability of information may be limited i.e. determination of value of guarentees where not developed credit insurance market Valuations of tangible and intangible assets in business combinations, valuations for impairment analyses, and valuations of share-based payment awards.Structured ProductsCompanies that are using or selling structured financial products must ensure that they have a full understanding of the accounting and financial reporting impact under IFRS, including the potential for consolidation for both existing products as well as new products under consideration.Proactively Educate market/lendersPotential impact on covenants