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IFRS: a global threat to cooperatives? Rob Bryer
A Different Business Model? ,[object Object]
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Welcome to the world of ‘Mad-professor accounting’! ,[object Object],[object Object]
Globally uniform rules? “ The  … Enron collapse revealed, as perhaps never before, the  central role of financial reporting in a capitalist system .  Where doubts and lack of confidence exist money will not be invested.  Sir David Tweedie, Chairman, International Accounting Standards Board    The role of the IASB is to ensure that the worldwide accounting method for dealing with any particular transaction is the same whether the event takes place in Stuttgart, Seoul, Seattle or Sydney .  Our mission is to produce one set of high quality, global standards.  Our aim is to converge on the best possible answer ”.
Accounting is the language of business? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
We are on the road to global accounting! ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
IFRSs around the world Darker areas indicate countries that require or permit IFRSs.  Lighter areas are countries seeking convergence IASB or pursuing adoption of IFRSs.  In August 2008, the SEC announced that the US planned to adopt IFRS from 2014.  “… the triumph of IFRS as the single global accounting language” ( Financial Times , 28th August 2008).
The issue of global financial reporting ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Source:  Brenner (2006), Table 1 - 1.7 3.4 Gross capital stock/hour - 3.2 5.4 Gross capital stock 0 2.2 1.6 Real wage (mfgr) 1.8 2.5 2.1 GDP/capita 1.2 2.6 2.2 GDP/hour 2.9 4.0 4.0 GDP 1973-1996 1950-1973 1890-1913 Average % change Long Booms and Downturns
 
Source:  Brenner (2006, table 15.1, p.282).
Who are global investors? ,[object Object],[object Object],Source : Davies, et al (2006, Table 10a).
The drive to IFRSs  ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Source:  Solnik, 1988, pp.47.
Does it work? Sharpe Ratio = (Portfolio Return - Risk-Free Return) / Standard Deviation  EAFE = Europe, Australia and Far East
The distribution of world GNP ( Each county's size is relative to its share of the world's GNP in 1991.) Source:  http://www.developmenteducation.ie.
Source : Davies, et al (2006).
Two accounting languages of business? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Shareholders’ equity in German and US GAAP  “…  support[s] the conservatism and smoothing hypotheses generally linked to German GAAP in the literature” (Radebaugh, Gebhardt and Gray, 1995, p.186).  0.6880 0.6904 0.7144 German GAAP/US GAAP 29,435 26,281 27,604 According to US GAAP 20,251 18,145 19,719  According to German GAAP DM millions DM millions DM millions 1994 1993 1992
A global conceptual framework? ,[object Object],[object Object],[object Object]
Is there an ‘Anglo-Saxon’ model?
Capital markets USA UK True & fair view ‘ Present fairly in  accordance with GAAP’ Efficient capital markets Stewardship Agency problem Legal problem Auditors hired by management Auditors hired by shareholders
Stewardship (accountability) theory Principals use a mixture of all three Targets Accounts Punishments & rewards  Supervision Law Contracts Physical constraint  (e.g., buildings)  Qualifications Tests Judgement  Ideology Methods Control of unobserved behaviour  Control of observed behaviour  Dedicated, uncontrolled behaviour  Aim  Results controls  Action controls  Personnel controls
Judgements Punishments & rewards Accounts (results) Explanations Principal Agent Auditor Checks Produces Motivates Hands down Requires Hires Reports Hires Sets financial targets To audit the auditor, shareholders need a theory of accounting. To hold the agent accountable shareholders need objective accounts.
Stewardship or decision-relevance?  ,[object Object],[object Object]
Caparo v Dickman (1990) 1 All ER 568: ,[object Object],[object Object],[object Object]
Are US accounts the best? “ Because of a constitutional quirk,  the US federal reporting model does not address in enforceable law the fundamental capitalist proposition ‘do the accounts show how efficiently a company is run on its capital resources?’   …Instead the federal model poses a legally very different, and actually far more ambiguous question, ‘are the accounts consistent in showing what a company might be worth when a share is exchanged?’”  (Bush, 2005, p.2). The IASB shares the FASB’s aim:  “…  to  help participants in the various capital markets of the world and other users of the information to make economic decisions ” (Preface to IFRSs, para.6).
The distinction between debt and equity ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
The FASB’s Framework ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Proprietary theory ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
The circuit of capital after interest M Dividends Equity Debt Interest M ′ - i P  C  C '
The traditional distinction ,[object Object],[object Object],[object Object]
The proprietors Entity Creditors Profits or losses Interest Loans Equity
Entity theory The entity Ordinary shares Preference shares Bonds Derivatives Perpetual debt Redeemable shares ‘Claims’ on the entity
Capital goods Flow of services (Psychic income) Capital value (PV) Income value (cash) The farmer The banker The balance sheet The income statement C-M-C ′ M-M ′
Assets = ‘liabilities’? ,[object Object],[object Object],[object Object],[object Object]
The boards’ entity concept ,[object Object],[object Object],[object Object],William A Paton
Puttable instruments? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
International GAAP ,[object Object],[object Object]
2008 amendment to IAS32 Liability Liability Any of the instruments described above issued by a subsidiary held by non-controlling parties, in the consolidated financial statements Equity Liability Share puttable at fair value only on liquidation, that is also the most subordinate, but contains a fixed discretionary dividend and does not contain any other obligation Compound (part equity, part liability) Liability Share puttable at fair value only on liquidation, that is also the most subordinate, but contains a fixed non-discretionary dividend Liability Liability Share puttable at fair value, that is not the most subordinate Equity Liability Share puttable throughout its life at fair value, that is also the most subordinate, does not contain any other obligation, with discretionary dividends based on profits of the issuer Classification under amended IAS 32 Classification under existing IAS 32 Issued financial instrument
Could create “unexpected results”: ,[object Object],[object Object]
The FASB/IASB  is  listening? ,[object Object],[object Object],[object Object]
A ‘new approach’? ,[object Object],[object Object],[object Object]
Problem solved? ,[object Object],[object Object]
[object Object],[object Object],[object Object],[object Object],[object Object]
IFRS for SMEs? ,[object Object],[object Object],[object Object],[object Object]
Conclusions ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

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Ifrs a global threat to cooperatives

  • 1. IFRS: a global threat to cooperatives? Rob Bryer
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  • 5. Globally uniform rules? “ The … Enron collapse revealed, as perhaps never before, the central role of financial reporting in a capitalist system . Where doubts and lack of confidence exist money will not be invested. Sir David Tweedie, Chairman, International Accounting Standards Board  The role of the IASB is to ensure that the worldwide accounting method for dealing with any particular transaction is the same whether the event takes place in Stuttgart, Seoul, Seattle or Sydney . Our mission is to produce one set of high quality, global standards. Our aim is to converge on the best possible answer ”.
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  • 8. IFRSs around the world Darker areas indicate countries that require or permit IFRSs. Lighter areas are countries seeking convergence IASB or pursuing adoption of IFRSs. In August 2008, the SEC announced that the US planned to adopt IFRS from 2014. “… the triumph of IFRS as the single global accounting language” ( Financial Times , 28th August 2008).
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  • 10. Source: Brenner (2006), Table 1 - 1.7 3.4 Gross capital stock/hour - 3.2 5.4 Gross capital stock 0 2.2 1.6 Real wage (mfgr) 1.8 2.5 2.1 GDP/capita 1.2 2.6 2.2 GDP/hour 2.9 4.0 4.0 GDP 1973-1996 1950-1973 1890-1913 Average % change Long Booms and Downturns
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  • 12. Source: Brenner (2006, table 15.1, p.282).
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  • 15. Source: Solnik, 1988, pp.47.
  • 16. Does it work? Sharpe Ratio = (Portfolio Return - Risk-Free Return) / Standard Deviation EAFE = Europe, Australia and Far East
  • 17. The distribution of world GNP ( Each county's size is relative to its share of the world's GNP in 1991.) Source: http://www.developmenteducation.ie.
  • 18. Source : Davies, et al (2006).
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  • 20. Shareholders’ equity in German and US GAAP “… support[s] the conservatism and smoothing hypotheses generally linked to German GAAP in the literature” (Radebaugh, Gebhardt and Gray, 1995, p.186). 0.6880 0.6904 0.7144 German GAAP/US GAAP 29,435 26,281 27,604 According to US GAAP 20,251 18,145 19,719 According to German GAAP DM millions DM millions DM millions 1994 1993 1992
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  • 22. Is there an ‘Anglo-Saxon’ model?
  • 23. Capital markets USA UK True & fair view ‘ Present fairly in accordance with GAAP’ Efficient capital markets Stewardship Agency problem Legal problem Auditors hired by management Auditors hired by shareholders
  • 24. Stewardship (accountability) theory Principals use a mixture of all three Targets Accounts Punishments & rewards Supervision Law Contracts Physical constraint (e.g., buildings) Qualifications Tests Judgement Ideology Methods Control of unobserved behaviour Control of observed behaviour Dedicated, uncontrolled behaviour Aim Results controls Action controls Personnel controls
  • 25. Judgements Punishments & rewards Accounts (results) Explanations Principal Agent Auditor Checks Produces Motivates Hands down Requires Hires Reports Hires Sets financial targets To audit the auditor, shareholders need a theory of accounting. To hold the agent accountable shareholders need objective accounts.
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  • 28. Are US accounts the best? “ Because of a constitutional quirk, the US federal reporting model does not address in enforceable law the fundamental capitalist proposition ‘do the accounts show how efficiently a company is run on its capital resources?’ …Instead the federal model poses a legally very different, and actually far more ambiguous question, ‘are the accounts consistent in showing what a company might be worth when a share is exchanged?’” (Bush, 2005, p.2). The IASB shares the FASB’s aim: “… to help participants in the various capital markets of the world and other users of the information to make economic decisions ” (Preface to IFRSs, para.6).
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  • 32. The circuit of capital after interest M Dividends Equity Debt Interest M ′ - i P C C '
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  • 34. The proprietors Entity Creditors Profits or losses Interest Loans Equity
  • 35. Entity theory The entity Ordinary shares Preference shares Bonds Derivatives Perpetual debt Redeemable shares ‘Claims’ on the entity
  • 36. Capital goods Flow of services (Psychic income) Capital value (PV) Income value (cash) The farmer The banker The balance sheet The income statement C-M-C ′ M-M ′
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  • 41. 2008 amendment to IAS32 Liability Liability Any of the instruments described above issued by a subsidiary held by non-controlling parties, in the consolidated financial statements Equity Liability Share puttable at fair value only on liquidation, that is also the most subordinate, but contains a fixed discretionary dividend and does not contain any other obligation Compound (part equity, part liability) Liability Share puttable at fair value only on liquidation, that is also the most subordinate, but contains a fixed non-discretionary dividend Liability Liability Share puttable at fair value, that is not the most subordinate Equity Liability Share puttable throughout its life at fair value, that is also the most subordinate, does not contain any other obligation, with discretionary dividends based on profits of the issuer Classification under amended IAS 32 Classification under existing IAS 32 Issued financial instrument
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