Company law and IFRS

the relation between financial reporting and capital maintenance; ties that bind

Company law and IFRS
Producttype:
Boek
Editie:
editie deel 23
Verschijningsdatum:
3 juli 2017
Company law and IFRS
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In deze uitgave leest u alles over de wettelijke relatie tussen de jaarrekening en kapitaalbescherming. Niet alleen de ontwikkelingen op het gebied van de internationale verslaggeving (IFRS) worden besproken, maar ook die van het jaarrekeningenrecht. Dat maakt deze uitgave interessant voor de verslaggevingspraktijk (ondernemingen, accountants) én de ondernemingsrechtpraktijk (advocaten, adviseurs).
Er bestaan diverse publicaties over internationale jaarverslaggeving en wettelijke bepalingen voor jaarrekeningen. Daarnaast zijn er uitgaven over ondernemingsrecht en kapitaalbeschermingsrecht voor het eigen vermogen van ondernemingen. Maar wat is de wettelijke relatie tussen beide vakgebieden? Dit onderwerp wordt voor het eerst uitgediept in de Engelstalige uitgave Company law and IFRS, the relation between financial reporting and capital maintenance; ties that bind? Allereerst gaat de uitgave in op het ontstaan en de achtergrond van de relatie. Vervolgens wordt de invloed van het gebruik van IFRS in de jaarrekening op deze wettelijke band onderzocht. De uitgave sluit af met een voorstel voor modernisering van het jaarrekeningenrecht.
Meer lezen Verberg

Auteurs

Specificaties

Verschijningsdatum:
3 juli 2017
Editie:
deel 23
ISBN:
9789013144819
Verschijningsvorm:
Boek
Aantal pagina's:
352
Afmetingen:
15,8 x 24,0 cm
Kleur:
Zwart/Wit
Meer lezenVerberg
Bijlage
Inhoudsopgave
  1. Introduction
    13
  2. I.
    Company law on annual accounts and capital maintenance
    13
    1. i)
      Legislation on annual accounts and capital maintenance
      13
    2. ii)
      Annual Accounts: terminology
      14
    3. iii)
      Capital Maintenance: terminology
      14
    4. iv)
      Research questions
      18
    5. II.
      Specification
      19
    6. i)
      Legal functions of annual accounts
      19
    7. ii)
      Consolidated and individual annual accounts
      20
    8. iii)
      Listed and unlisted companies
      20
    9. iv)
      Concepts of financial accounting
      21
    10. v)
      Capital maintenance and accounting
      22
  3. III.
    Phases
    23
    1. i)
      Phases of company law on annual accounts (ACL)
      24
    2. ii)
      Phases of accounting methods related to capital maintenance (CCA)
      24
                                          1. iii)
                                            Comparison of phases (ACL and CCA)
                                            26
                                            1. Schedule I:
                                              Comparison of phases (ACL and CCA)
                                              27
                                        1. IV.
                                          Justification
                                          27
                                          1. i)
                                            Dutch and EU company law on accounting-based capital maintenance
                                            27
                                          2. ii)
                                            Relevant legal and accounting research
                                            28
                                          3. iii)
                                            Sources
                                            30
                                        2. V.
                                          Chapter outline
                                          30
                                        3. Chapter I:
                                          Early Dutch company law on annual accounts and capital maintenance
                                          33
                                          1. IA:
                                            Development of Dutch company law
                                            33
                                            1. I.1
                                              Early initiatives
                                              33
                                            2. I.2
                                              Bill of 1910
                                              35
                                            3. I.2.1
                                              Annual accounts
                                              36
                                            4. I.2.2
                                              Capital maintenance
                                              37
                                            5. I.3
                                              Bill of 1925
                                              38
                                            6. I.3.1
                                              Annual accounts
                                              38
                                            7. I.3.2
                                              Capital maintenance
                                              39
                                            8. I.4
                                              Reactions to the bill of 1925
                                              39
                                            9. I.4.1
                                              Annual accounts
                                              39
                                            10. I.4.2
                                              Capital maintenance
                                              41
                                            11. I.5
                                              Altering Act (Novelle) of 1929
                                              43
                                            12. I.5.1
                                              Visser committee
                                              43
                                            13. I.5.2
                                              Altering Act (Novelle)
                                              45
                                            14. I.5.3
                                              Annual accounts
                                              46
                                            15. I.5.4
                                              Capital maintenance
                                              48
                                            16. I.5.5
                                              Link between annual accounts and capital maintenance
                                              48
                                          2. IB:
                                            Act on Annual Accounts (WJO)
                                            50
                                            1. I.6
                                              Reports on annual reporting
                                              50
                                            2. I.6.1
                                              Rijkens report
                                              50
                                            3. I.6.2
                                              Hamburger report
                                              53
                                            4. I.6.3
                                              Annual accounts and accountability
                                              54
                                            5. I.6.4
                                              Capital maintenance
                                              55
                                            6. I.7
                                              Verdam report
                                              56
                                            7. I.7.1
                                              Annual accounts
                                              56
                                            8. I.7.2
                                              Capital maintenance
                                              57
                                            9. I.8
                                              Development of the Act on Annual Accounts (1971)
                                              58
                                            10. I.8.1
                                              Act on Annual Accounts (WJO)
                                              58
                                            11. I.8.2
                                              Capital maintenance
                                              60
                                            12. I.9
                                              Evaluation and concluding remarks
                                              62
                                            13. I.9.1
                                              Legislation on annual accounts and capital maintenance
                                              62
                                            14. I.9.2
                                              Replacement value method (CCA)
                                              63
                                            15. I.9.3
                                              Influence of accounting developments on legislation
                                              64
                                        4. Chapter II:
                                          EEC Company Law Directives on disclosure and capital maintenance and their consequences for Dutch company law
                                          67
                                          1. IIA:
                                            First EEC Company Law Directive (1968)
                                            67
                                            1. II.1
                                              EEC harmonisation of company law
                                              67
                                            2. II.1.1
                                              EEC Company Law Directives
                                              67
                                            3. II.2
                                              Changes to Dutch company law related to the First Directive (1971)
                                              68
                                            4. II.2.1
                                              First Directive adaptation Act
                                              68
                                            5. II.2.2
                                              BV-legislation and annual accounts
                                              70
                                          2. IIB:
                                            Second EEC Company Law Directive (1977)
                                            72
                                            1. II.3
                                              Minimum capital
                                              72
                                            2. II.3.1
                                              Minimum capital requirement for NV and BV
                                              72
                                            3. II.4
                                              Implementation in Dutch company law (1981)
                                              74
                                            4. II.4.1
                                              Second Directive adaptation Act
                                              74
                                            5. II.5
                                              Ties between capital maintenance and annual accounts
                                              76
                                            6. II.5.1
                                              Annual accounts and capital maintenance
                                              76
                                            7. II.5.2
                                              Legal reserves
                                              76
                                            8. II.5.3
                                              Balance sheet test
                                              78
                                            9. II.5.4 Capital maintenance:
                                              other aspects
                                              78
                                            10. II.6
                                              The BV Capital Act (1985)
                                              80
                                            11. II.6.1
                                              Imposing capital maintenance rules on the BV
                                              80
                                            12. II.6.2
                                              Legal reserves
                                              82
                                            13. II.6.3
                                              Dutch discussion on legal reserves and audit of annual accounts
                                              83
                                            14. II.6.4
                                              Dutch discussions on capital maintenance rules for BVs
                                              84
                                            15. II.7
                                              Evaluation and concluding remarks
                                              86
                                            16. II.7.1 Annual accounts and capital maintenance:
                                              legislative process
                                              86
                                            17. II.7.2
                                              Influence of accounting developments on legislation
                                              87
                                        5. Chapter III:
                                          The Fourth EEC Company Law Directive on annual accounts and consequences for Dutch company law
                                          89
                                          1. III.
                                            The Fourth EEC Company Law Directive (1978)
                                            89
                                            1. III.1
                                              Background of the Fourth Directive
                                              89
                                            2. III.1.1
                                              The draft Accounting Directive
                                              89
                                            3. III.1.2
                                              The Fourth Directive’s main requirement
                                              90
                                            4. III.2
                                              The Fourth Directive’s tie between annual accounts and capital maintenance
                                              93
                                            5. III.2.1
                                              Link between annual accounts and capital maintenance
                                              93
                                            6. III.2.2
                                              The Fourth Directive’s prudent valuation rules
                                              95
                                            7. III.2.3
                                              The Fourth Directive’s legal (re)valuation reserves
                                              96
                                            8. III.2.4
                                              The Fourth Directive’s accounting-based capital maintenance
                                              101
                                            9. III.3
                                              Implementation in Dutch company law (1983)
                                              103
                                            10. III.3.1
                                              Dutch discussions on the draft Directive
                                              103
                                            11. III.3.2
                                              Initial and revised Fourth Directive adaptation bill
                                              105
                                            12. III.3.3
                                              Introduction of legal revaluation reserves in Dutch company law
                                              108
                                            13. III.4
                                              Accounting-based capital maintenance
                                              111
                                            14. III.4.1
                                              Accounting-based capital maintenance from a Dutch perspective
                                              111
                                            15. III.4.2
                                              Replacement value method (CCA)
                                              113
                                            16. III.5
                                              Evaluation and concluding remarks
                                              115
                                            17. III.5.1 Annual accounts and capital maintenance:
                                              legislative process
                                              115
                                            18. III.5.2
                                              Influence of accounting developments on legislation
                                              116
                                        6. Chapter IV:
                                          Subsequent EEC/EU Company Law Directives and developments in Dutch company law
                                          119
                                          1. IVA:
                                            The Seventh EEC Company Law Directive (1983)
                                            119
                                            1. IV.1
                                              EEC Directive on consolidated annual accounts
                                              119
                                            2. IV.1.1
                                              The Seventh Directive and International Accounting Standards
                                              119
                                            3. IV.2
                                              Implementation of the Seventh Directive in Dutch company law (1988)
                                              121
                                            4. IV.2.1
                                              Consolidated annual accounts
                                              121
                                            5. IV.2.2
                                              Legal participating interest reserve
                                              125
                                            6. IV.2.3
                                              Loopholes in accounting-based capital maintenance
                                              126
                                          2. IVB:
                                            Subsequent developments in EEC/EU Directives and implementation in Dutch company law
                                            130
                                            1. IV.3
                                              Dutch Act on simplifications and clarifications on annual accounts (1990)
                                              130
                                            2. IV.3.1
                                              Background of the simplifications and clarifications bill
                                              130
                                            3. IV.3.2
                                              Legal reserves
                                              131
                                            4. IV.3.3
                                              Annual accounts and capital maintenance
                                              131
                                            5. IV.4
                                              The EEC Partnerships-Directive and SME-Directive (1993)
                                              132
                                            6. IV.4.1
                                              The Partnerships-Directive and implementation in the Netherlands
                                              132
                                            7. IV.4.2
                                              The SME-Directive and implementation in the Netherlands
                                              134
                                            8. IV.5
                                              Miscellaneous EEC Company Law Directives
                                              136
                                            9. IV.5.1
                                              Eleventh, Twelfth and Thirteenth EEC Company Law Directive
                                              136
                                            10. IV.5.2
                                              EEC Accounting Directives for financial institutions
                                              137
                                            11. IV.6
                                              Adjustments to the Second Directive (2006) and recast EU Directive (2012)
                                              138
                                            12. IV.6.1
                                              Adjusted Second Directive (2006)
                                              138
                                            13. IV.6.2
                                              Implementation in Dutch company law
                                              139
                                            14. IV.6.3
                                              Recast EU Capital Directive (2012)
                                              140
                                            15. IV.7
                                              Adjustments to the Fourth Directive (2012) and recast EU Directive (2013)
                                              141
                                            16. IV.7.1
                                              Micro-Entity Directive (2012)
                                              141
                                            17. IV.7.2
                                              Recast EU Accounting Directive (2013)
                                              144
                                            18. IV.7.3
                                              Capital maintenance and the recast EU Accounting Directive (2013)
                                              146
                                          3. IVC:
                                            Specific Dutch company law developments on annual accounts and capital maintenance
                                            148
                                            1. IV.8.1
                                              Dutch research on filing of annual accounts (2006)
                                              148
                                            2. IV.8.2
                                              Dutch Act on tax based annual accounts of small companies (2008)
                                              149
                                            3. IV.8.3
                                              Flex-BV Act and capital maintenance (2012)
                                              151
                                          4. IV.9
                                            Summary and evaluations
                                            157
                                            1. IV.9.1 Annual accounts and capital maintenance:
                                              legislative process
                                              157
                                            2. IV.9.2
                                              Legislative loopholes in accounting-based capital maintenance
                                              157
                                            3. IV.9.3
                                              Influence of accounting developments on legislation
                                              158
                                        7. Chapter V:
                                          IAS/IFRS and capital maintenance
                                          161
                                          1. V.1
                                            Conceptual background of IAS/IFRS
                                            161
                                            1. V.1.1
                                              Conceptual Framewor
                                              161
                                            2. V.1.2
                                              The Framework’s concepts of capital and capital maintenance
                                              163
                                            3. V.1.3
                                              Balance sheet approach
                                              167
                                            4. V.1.4
                                              Revaluations
                                              168
                                            5. V.1.5
                                              Equity
                                              170
                                          2. V.2
                                            Other relevant IFRS developments
                                            170
                                            1. V.2.1
                                              Distinction between equity and liabilities
                                              170
                                            2. V.2.2
                                              Performance reporting and comprehensive income
                                              172
                                            3. Schedule II:
                                              IAS I developments; from P&L to (total) Comprehensive Income
                                              176
                                            4. V.2.3
                                              Reserves and capital disclosures
                                              177
                                            5. V.2.4
                                              Measurement and fair value
                                              178
                                            6. V.2.5
                                              Stewardship and accountability
                                              181
                                          3. V.3
                                            Summary and evaluations
                                            184
                                            1. V.3.1
                                              Annual accounts and capital maintenance
                                              184
                                            2. V.3.2
                                              From CCA to FVA
                                              185
                                        8. Chapter VI:
                                          IAS/IFRS and consequences for EU and Dutch company law
                                          189
                                          1. VIA:
                                            Revised EU accounting strategy (1990-2000)
                                            189
                                            1. VI.1
                                              EC accounting harmonisation and international capital markets
                                              189
                                            2. VI.1.1
                                              EEC accounting harmonisation and international capital markets
                                              189
                                            3. VI.1.2
                                              New EC strategy on international accounting standards (1995-2000)
                                              193
                                            4. VI.1.3
                                              Annual accounts and capital maintenance
                                              196
                                          2. VIB:
                                            The EU legislative measures
                                            198
                                            1. VI.2
                                              The IAS Regulation
                                              198
                                            2. VI.2.1
                                              Regulatory framework
                                              198
                                            3. VI.2.2
                                              Comitology procedure
                                              199
                                            4. VI.2.3
                                              The IAS Regulation (2002)
                                              202
                                            5. VI.2.4
                                              Endorsement of IAS/IFRS (2003)
                                              203
                                            6. VI.2.5
                                              IAS 39 carve out (2004)
                                              204
                                            7. VI.2.6
                                              IFRS-EU and Member State options
                                              206
                                            8. Schedule III:
                                              IAS Regulation (2002); Member State options
                                              207
                                            9. VI.3
                                              Modernisation of the Accounting Directives
                                              208
                                            10. VI.3.1
                                              Interpretative Communication (1998)
                                              208
                                            11. VI.3.2
                                              Financial Instruments Directive (2001)
                                              210
                                            12. VI.3.3
                                              Fair value accounting and fair value reserve
                                              212
                                            13. VI.3.4
                                              The fair value reserve and accounting-based capital maintenance
                                              214
                                            14. VI.3.5
                                              Modernisation Directive (2003)
                                              220
                                            15. VI.3.6
                                              Corporate Governance Directive (2006)
                                              224
                                            16. VI.4
                                              Implementation in Dutch Company Law
                                              226
                                            17. VI.4.1
                                              Unsuccessful IAS bill (2000-2004)
                                              226
                                            18. VI.4.2
                                              Bill on the IAS Regulation and modernised Accounting Directives (2004)
                                              231
                                            19. VI.4.3 The ambiguous option:
                                              Dutch GAAP with IFRS-EU valuation principles
                                              233
                                            20. VI.4.4
                                              Implementation of fair value accounting
                                              234
                                            21. VI.4.5
                                              Changes to legal reserves
                                              239
                                            22. VI.4.6
                                              The ‘mixed’ legal revaluation/fair value reserve
                                              240
                                            23. VI.5
                                              Summary and evaluations
                                              245
                                            24. VI.5.1 Annual accounts and capital maintenance:
                                              legislative process
                                              245
                                            25. VI.5.2 Dutch legislative process:
                                              legal revaluation/fair value reserve
                                              247
                                            26. VI.5.3
                                              From CCA to FVA
                                              248
                                            27. VI.5.4
                                              Legal reserves in IFRS-EU individual annual accounts
                                              249
                                            28. VI.5.5
                                              Member State options of the IAS Regulation: IFRS-EU and capital maintenance
                                              250
                                        9. Chapter VII:
                                          The ties between annual accounts and capital maintenance (r)evaluated
                                          255
                                          1. VII.1
                                            Recapitulation and conclusions
                                            255
                                            1. VII.1.1
                                              Research question
                                              255
                                            2. VII.1.2
                                              The history of the link between annual accounts and capital maintenance
                                              256
                                            3. VII.1.2.1
                                              First phase
                                              256
                                            4. VII.1.2.2
                                              Second phase
                                              257
                                            5. VII.1.2.3
                                              Third phase
                                              259
                                            6. VII.1.2.4
                                              Historical research - conclusion
                                              261
                                            7. VII.1.3
                                              The adequacy of the link between annual accounts and capital maintenance
                                              261
                                            8. VII.1.3.1
                                              Lack of a set of coherent views underlying company law on annual accounts
                                              261
                                            9. VII.1.3.2
                                              Broad divergence and de-harmonisation
                                              266
                                          2. VII.2
                                            Suggested way forward
                                            269
                                          3. VII.3
                                            Suggestions for further research
                                            277
                                          4. Annex I:
                                            Recommendation: Dutch Civil Code
                                            279
                                          5. Annex II:
                                            Recommendation: EU Accounting Directive
                                            280
                                          6. Annex III:
                                            Summary of recommendations
                                            281
                                            1. Schedule IV:
                                              Legal reserves in the Dutch Civil Code (BW)
                                              282
                                        10. Summary
                                          285
                                        11. Samenvatting
                                          289
                                        12. References
                                          297
                                        13. Index
                                          345
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