Hoogervorst: Brazil embodies ideal IFRS adoption

Hoogervorst: Brazil embodies ideal IFRS adoption

Chief international standard setter Hans Hoogervorst calls on Latin America to follow Brazilian example

LATIN AMERICAN and Caribbean countries have been urged to adopt international financial reporting standards by IASB chairman Hans Hoogervorst.

Addressing a conference in Sao Paolo, the former Dutch finance minister used Brazil as a “textbook example” of how best to implement global accounting standards.

Hoogervorst (pictured) praised the country’s full adoption and decision not to “tweak” the standards, saying this means global investors are “entirely comfortable” Brazilian companies’ financial statements.

“The risk premium associated with unfamiliar financial reporting requirements is eliminated, this reducing the cost of capital and attracting greater inward investment,” he continued.

Stressing his affinity with the region and university Latin American studies, Hoogervorst said Brazilian moves to engage more fully with the global economy got the country “back on its feet”, drawing parallels with international accounting standards.

The conference was held over two days and offered participants technical updates and an insight into the future work plan of the IASB.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource