25/05/2018 - Symposium on different business models and consistent reporting
EFRAG and the OIC sponsor high-level panel discussion at the 41st EAA congress in Milan.
EFRAG and the Italian standard setter OIC (Organismo Italiano di Contabilità) are sponsoring a symposium on consistency in reporting under different business models as part of the European Accounting Association's (EAA) 41st Annual Congress. The congress takes place from 30 May - 1 June in Milan.
The EFRAG-OIC symposium will examine a recurrent theme in the reporting world, the consistent application of accounting standards, i.e. consistency over time and consistency between entities.
Many believe that accounting needs to reflect the business model of an entity, and difference in business models may warrant differences in accounting treatment. There are several potential sources of inconsistency including different interpretations, differences in culture, education and expertise, options and flexibility in standards as well as in accounting policy choices. The use of judgement and inherent estimation uncertainty are other important factors.
Angelo Casò, Chairman OIC and EFRAG Board member will moderate a high-level panel comprising:
- Luca Cencioni, OIC Board member and EFRAG Board member, Eni Accounting policy and Eni SpA Financial Statements
Jacques de Greling, Vice-Chair EFFAS FAC, Co-Chair SFAF Accounting Committee and EFRAG User Panel member
Sue Lloyd, Chair IFRS Interpretations Committee and Vice-Chair IASB
Ana Martínez-Pina, Vice-President of the Spanish National Securities Market Commission and Chair of the ESMA Corporate Reporting Standing Committee
Peter Pope, Professor London School of Economics
Andrew Watchman, EFRAG TEG Chairman and CEO will provide the conclusions and closing remarks.
For more information about the EFRAG-OIC symposium which takes place on Friday, 1 June: 14:00 – 15:30, please visit: http://www.eaacongress.org/r/symposia