The deterioration of the reputation of major players in financial markets (banking, insurance, financial institutions) has created a crisis of confidence without precedent with lasting consequences for all economic actors today and they are difficult to measure. In this context of high uncertainty, the implementation of a device called GRC (Governance Risk Control) is effective in restoring the confidence between the parties and appears to be a major area of work to restore stability.
The establishment of good governance is based on the operational application of clearly established principles such as reliability of financial reporting and accounting. Financial communication is a device that is essential for the proper functioning of financial markets. As a backdrop of the economic fabric, it is of growing importance and forms a crucial indicator of support for decision making for investors.
It facilitates the allocation of resources, contributes to the adjustment of positions of operators and has a say on policies adopted by companies making public offering. In recent years, it has acquired a growing importance to such an extent that it is part of the strategy of large listed companies. The disclosure may be defined as a strategic process of transmission of a representation of the economic reality of the business intended to influence the expectations of its backers positioning itself in a capital market.
Today, the transparency of financial reporting is a challenge that determines an entire economy based on an exchange of capital in order to enable companies to acquire the funds needed to promote their activities. This implies that the traditional characteristics of financial reporting have become inadequate in a context of globalization of capital markets. It is also necessary that this information is universally understandable and comparable. From this angle, the utility will include discussions on the merits of adopting international standards by national standard setters.
In Tunisia, there is an attempt to measure the benefits of a possible application of these standards by taking into account the obstacles. In this perspective, it seems more than obvious that the IAS / IFRS in Tunisia will see increased utility and the rapid development of financial markets.
The last thirty years, internationalization of financial markets and the concomitant integration of these markets have transformed the business structure. By measuring their performance capital markets are becoming more complex, as the economic activities of businesses explains the increasing complexity of financial statement presentation that reflects the effect of these activities.
Still, the phenomenon of globalization, the growing number of multinationals and the opening of financial markets to investors of all nationalities, to borrow the interest of international standards and adopting a universal accounting language is undeniable.
Another advantage is that the introduction of a new philosophy that emphasizes the accurate representation of the situation of the company.
A philosophy that is reflected in a sharp IFRS accounting with respect to legal constraints on one hand, and the transition from a patrimonial vision (where the accounts are encrypted representation of the assets of an entity and the evolution of the latter in a year), a financial representation (where the financial statements present fairly the financial position and performance of the entity) on the other.
Tags: Financial markets, financial institutions, Governance Risk Control, economic reality, internationalization
[...] This presentation led to an improved vision of the assets and liabilities. • Improved vision liabilities •Improving the vision of the active The transition to IFRS challenges The vision of the asset is also some technical balance sheet improved, particularly through management, and even some legal fair value, tested for impairment and financial arrangements used as of assets which reduces the risk substitutes for pure debt. This is of having overvalued assets and particularly the case for activation costs of research and sale-leaseback and discounted bills. [...]
[...] Hence the importance of financial information becomes more important. Its importance lies in its appropriateness and adequacy, the time of disclosure and compliance with respect to its quality criteria. To encourage the dissemination of quality information by companies, the market expects a lot from the accounting profession for his role in the certification of financial statements and financial reporting and its contribution in promoting the highest standards, given the current requirements of globalization. Seeking to project a good social image, the accounting profession is called, firstly, to raise the quality of its services by improving the training of its professionals. [...]
[...] Brazil It will abandon its national standards for the benefit of others with international recognition. The government will soon announce the details of the conversion project, but did not specify if it intends to adopt IFRS. China It is advocating adoption of IAS / IFRS. Europe EC Regulation 1606-2002 of 19 July 2002 requires listed companies to prepare, no later than 1 January 2005, their consolidated accounts by reference to international accounting standards and interpretations thereto issued by the IASB. [...]
[...] It is still necessary that this information be universally understandable and comparable. This point of view includes useful discussion on the merits of the adoption of international standards by national standard setters, as in Tunisia, where there is an effort to measure the benefits of any application of these standards taking into account the obstacles that oppose it. In this perspective, it seems obvious that the IAS / IFRS in Tunisia saw the rapid development of financial markets. Indeed, over the past thirty years, the internationalization of financial markets and the concomitant integration of these markets have transformed the business structure and the measurement of their performance. [...]
[...] A companion media against the bank resulted in a decrease of of the market price and closing bank accounts (400 MS). According to an AFP sent on 17 June 1999, a lack of market responsiveness and contradictory communication follows the discovery of 50 million cans Coca-Cola banned from sale owned by large Coca-Cola distribution in France. These have six days between the first and withdrawal discomfort, which was enough to pass the courses, WALL STREET, $ 70 June $ 61 June February (London - Reuters), shares of Britain's Huntingdon Life Sciences Group Pic Britain's collapsed on Tuesday amid speculation that some Huntingdon Life shareholders sold their shares following the Sciences Group negative publicity due to its participation of the Pic. [...]
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