Trésorier magazine - n°79 - 3ème trimestre 2012 - (Page 26)

IFRS consolidation package: was it worth it? After the financial crisis, the G-20 requested to enhance disclosures related to unconsolidated vehicles. Following this demand, IASB consolidation project was given a high priority in 2009. As a consequence IASB issued a new “consolidation package” in 2011, including 3 new standards (IFRS- 10, 11, 12) As well as a revision of IAS 27 and IAS 28. FORUM On June 1st 2012, the European Accounting Regulatory Committee (ARC) voted on a regulation requiring application of the new IFRS guidance on consolidation. The European Union endorsement is expected before the end of the year. The first application date will be for annual periods starting on or after 1 January 2014, one year later than the effective date issued by the IASB. Early adoption is permitted. This IFRS consolidation package will bring some major changes in consolidation principles. FROM “RISKS AND REWARDS” TO “ABILITY TO CONTROL” IFRS 10 enforces a single model for all entities including SPE.While SIC12 used the concept of “risks and rewards” as the basis of consolidation, and IAS-27 the concept of control (i.e.“power to govern financial and operating policies”), which could generate some confusions, IFRS 10 suppresses all inconstancies on focusing only on the “ability to control” concept. This may lead to consolidate entities previously not consolidated, and to deconsolidate others. The question is, will this model be more relevant for consolidation than the one currently in place? This does not seem so obvious and has been questioned by several stakeholders, notably the French regulator “Autorité des Normes Comptables” (ANC) which expressed doubts on IFRS 10 efficiency to have “the right entities being consolidated”. In particular, deconsolidation of certain structured entities acting as “autopilots” under the new standard does not 26

Table des matières de la publication Trésorier magazine - n°79 - 3ème trimestre 2012

EDITORIAL - Has the financial world gone mad?
INTERVIEW - Tanguy du Monceau, co-fondateur CO2logic

Trésorier magazine - n°79 - 3ème trimestre 2012