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.

Resources & Whitepapers

How to optimise your compliance lifecycle

How to optimise your compliance lifecycle

3m
The new rules of accounting

The new rules of accounting

3m
5 ways internal productivity can boost your profitability

5 ways internal productivity can boost your profitability

4m
Crushing the Four Barriers to Growth

Crushing the Four Barriers to Growth

4m

Related Articles

IFRS to bring significant changes for lessee accounting

Accounting Standards IFRS to bring significant changes for lessee accounting

6m Dom Longley, lead consultant for accounting solutions for Smith & Williamson
Sustainable cost accounting - The reality of the climate crisis requires nothing less

Accounting Standards Sustainable cost accounting - The reality of the climate crisis requires nothing less

7m Richard Murphy
IFRS 17 is an “opportunity” for accountants

Accounting Standards IFRS 17 is an “opportunity” for accountants

7m Tom Lemmon
Moody’s Analytics enhances accounting and reinsurance capabilities of RiskIntegrity IFRS 17 solution

Accounting Standards Moody’s Analytics enhances accounting and reinsurance capabilities of RiskIntegrity IFRS 17 solution

8m Tom Lemmon
What will IFRS 16 mean for 2019’s reporting season?

Accounting Standards What will IFRS 16 mean for 2019’s reporting season?

9m John Kuett, Vice president of European Lease Accounting at Lease Accelerator
Top 10 lessons learnt on the road to FASB/IASB lease accounting compliance

Accounting Standards Top 10 lessons learnt on the road to FASB/IASB lease accounting compliance

10m Sponsored | Trimble
How to Manage FASB & IFRS Lease Accounting in a Sea of Changing Standards

Accounting Standards How to Manage FASB & IFRS Lease Accounting in a Sea of Changing Standards

11m Craig Gillespie
New IASB/FASB lease accounting standards: what happens after the dust settles?

Accounting Standards New IASB/FASB lease accounting standards: what happens after the dust settles?

1y Craig Gillespie