By Bianca Sampaio
Glenif Social Communication
The Latin American Group of Financial Reporting Standard Issuers (Glenif) participated in the International Forum of Accounting Standard Statements (IFASS), with accounting standard setters from various countries and organizations involved in issues related to financial reporting, on September 26th and 27th, in London.
On the occasion, the president of Glenif, José Luiz Carvalho, virtually presented the first conclusions regarding the project that is being analyzed under IFRS/NIIF 15 (or CPC 47), having made an approach to revenue recognition. Professor Eduardo Flores, from the University of São Paulo (USP), and technical coordinator of the Brazilian Committee of Sustainability Pronouncements (CBPS), spoke at Glenif on the globally prominent topic “Accounting for carbon offsets and credits”, and demonstrated the Brazilian experience in preparing accounting regulations related to carbon credits and offsets (OCPC Technical Guideline 10).
The director of Glenif by the Federación Argentina de Consejos Profesionales de Ciencias Económicas (FACPCE), Hernan Casinelli, spoke on the topic “Reflections on the application of IAS 29: Financial Information in Highly Inflationary Economies (Argentina)”, which deals with the resumption of accounting adjustment for inflation, five years after the start of this process. Furthermore, he contextualized the challenges of applying IAS 29 for preparers of financial statements and the understanding of adjusted figures by investors and other users.
At the end, Hernan reported on how inflation affects companies’ operations and how this is reflected in financial statements.