5 February 2015

Gold and Money in the 21st Century

Gold will play an increasingly important role in the future as a result of intractable problems in the current monetary order.
Gold is in a multi-decade bull market, and its price therefore has much further to rise. National currencies are in a bear market compared to gold, so their purchasing power will continue to erode because of inflation and other monetary problems.
As a result, everyone who owns gold will benefit from a history-making change to the international monetary system that will also expand the opportunities for gold and silver mining companies.
This lecture focused on gold and the opportunities it presents for investors. Lecture was given by Dr. James Turk, Founder and Director of GoldMoney, Director of the GoldMoney Foundation - Jersey, United States.

 

18 December 2014

Rate-Regulated activities: is there anything missing from the balance sheet?

The Association Belge des Analystes Financiers (ABAF-BVFA) organised together with The European Financial Reporting Advisory Group (EFRAG), the European Federation of Financial Analysts Societies (EFFAS) and in cooperation with the International Accounting Standards Board (IASB), a joint outreach event on the IASB’s Rate-regulated Activities project.

Rate regulation can apply to industries where a regulator is appointed to set prices that a company can charge to customers. Companies affected by rate regulation usually provide essential services such as utilities or communications where there is little or no competition. It is argued by many that the special circumstances around rate-regulated activities should be the subject of a specific financial reporting standard.

The IASB published a Discussion Paper Reporting the Financial Effects of Rate Regulation in September 2014. Comments on this paper will impact the future direction of the Rate-regulated Activities Project.

During this joint outreach event, the parties concerned were seeking input, especially from investors and analysts, about the information they would like to see in the financial statements of companies that are involved in rate-regulated activities.

The following aspects were discussed:

  • Is there a need for a special standard for rate-regulated activities?

  • Should balances arising out of rate-regulated activities be included in the balance sheet or is note disclosure a better way forward?

  • How is the performance of rate-regulated activities best reflected?

  • What corrections/adjustments are analysts making to the financial statements of companies with rate-regulated activities?

The panel brought together amongst others Philippe Danjou, IASB Board Member, Jesùs Lopez Zaballos, Chairman of EFFAS; Françoise Flores, Chairman of EFRAG TEG and Hans Buysse, Member of EFFAS Management Committee and EFRAG Board Member.


16 October 2014
Award for Best Financial Communication 2014

In order to put less emphasis on the source of company information used by financial analysts (like the annual report or the website), the decision was taken early 2014 to group the survey questions in a different way. Under the new format, distinction is made between financial and non-financial issues.

The criteria screened have thus become:

1. Non-financial Information (like Products and Services, Strategy, Risks): max 150 points

2. Financial Information (like Press Releases, Financial Statements & Notes): max 150 points

3. Investor Relations: max 200 points

The overall Award was also renamed into Award for Best Financial Communication. Finally, we decided to give a nomination for the Best Mid & Small cap company, being the non-Bel20 member with the highest score in the overall ranking.

The Award event took place October 16 at the KBC Group Head Office in Brussels. A panel with Mrs Ilse De Witte (journalist Trends), Mr. Patrick Verelst (ex Investor Relations Solvay) and Mr. Nikolaas Faes (Financial Analyst Food & Beverage), headed by Mr. Rudy Vandorpe (ABAF-BVFA board member) held a lively discussion on the many interactions between financial analysts, investor relation managers and the financial press.

Results: Winner of the 2014 overall Award was Solvay (top-5 is shown below)

1.

SOLVAY

420 / 500

2.

ABINBEV

417 / 500

3.

KBC GROUP

410 / 500

4.

AGEAS

394 / 500

5.

UCB

379 / 500

Results: Winners of the 2014 sub-awards

1. Best Non-Financial Information: Ageas

2. Best Financial Information: Solvay

3. Best Investor Relations: Solvay

4. Best Mid & Small Cap: Kinepolis

 

7 July 2014

Reflecting dynamic Risk management through macro hedge accounting?

How accounting for macro hedging can improve analysis of banks and insurers?

The European Financial Reporting Advisory Group (EFRAG), the European Federation of Financial Analysts Societies (EFFAS) and the Association Belge des Analystes Financiers (ABAF-BVFA), in close collaboration with the International Accounting Standards Board (IASB), invited investors, analysts and other interested stakeholders to participate in a joint outreach event on Macro Hedging.

By reference to real life examples, Jean-Baptiste Bellon, Banking Analyst and Member of the EFRAG User Panel and Carsten Zielke, Insurance Analyst, Vice-Chairman of the EFRAG User Panel and former member of EFRAG Technical Expert Group gave their views on what financial statement information is most meaningful when analysing macro hedging activities, as well as what is missing today.

IASB Board Member Martin Edelmann explained the IASB’s current thinking on an accounting model for macro hedging and responded to the questions.

The event was chaired by Hans Buysse, Member of EFFAS Management Committee, and Françoise Flores, EFRAG Chairman.

 

25 June 2014

IFRS, road to better financial reporting

The Association of Certified International Investment Analysts (ACIIA), the European Federation of Financial Analysts Societies (EFFAS), the European Financial Reporting Advisory Group (EFRAG) the International Accounting Standards Board (IASB) in collaboration with Association Belge des Analystes Financiers (ABAF/BVFA) organised a round table to discuss topical issues and recent developments in relation to IFRS and the input Europe is providing to the international accounting-setting process.

The event was directed at users of financial statements to stimulate them to participate actively in the development of financial reporting.

The prominent guest speakers - amongst which Hans Hoogervorst, Chairman of the IASB, Françoise Flores, EFRAG Chairman and Jesús López Zaballos, EFFAS Chairman - interacted on :

  • financial reporting and long-term investment;

  • financial reporting post financial crisis;

  • financial reporting vis-à-vis financial stability and economic growth;

  • investors’ involvement in the development of IFRS;

  • investors’ confidence in financial reporting.

The debate was moderated by Hans Buysse, member of the EFFAS Executive Management Committee.

 

1 April 2014

Do you need better information on the accounting for Business Combinations under IFRS 3?

Association Belge des Analystes Financiers (ABAF/BVFA) together with the European Financial Reporting Advisory Group (EFRAG), the European Federation of Financial Analysts Societies (EFFAS), and in close cooperation with the International Accounting Standards Board (IASB) invited users of financial statements to participate in a joint outreach event on the Post-implementation Review of IFRS 3 Business Combinations.

On 30 January 2014, the IASB published a Request for Information as part of its post-implementation review of IFRS 3. The Request for Information was to help the IASB to understand, among other things, whether the current accounting and disclosure requirements about business combinations provided useful information to analysts and investors.

During this joint outreach event, analysts were given the chance to interact with IASB Board Member Steve Cooper who also explained the current accounting for business combinations and to provide their views on the current IFRS 3 Business Combinations standard.

The event was also an opportunity for analysts to comment on the usefulness of the information resulting from the current accounting and disclosure requirements for business combinations and to suggest which improvements were needed, if any, and why.

The event was chaired by Hans Buysse, Member of EFFAS Management Committee, and Françoise Flores, EFRAG Chairman. Serge Pattyn, EFRAG Technical Expert Group Member, also participate in the event as did Javier de Frutos, Chairman of the Financial Accounting Commission of EFFAS.


30 May 2013

China

   Short public version - Full version for members

  • by B Merlevede

 

13 November 2012

Belgium’s Public Finances and Debt Management Strategy

    Short public version  -   Full version for the members

  • by  Anne Leclercq, Director Treasury & Capital Markets - Belgian Debt Agency

 

7 June 2012 

Applying IFRS in Equity Analysis and Valuation

  • by Dennis Jullens, European Head, UBS Valuation & Accounting Research

 

22 march 2012

Financial Communication in Turbulent World

  • by Prof Dr. Didier Cossin, IMD Lausanne

 

14 october 2010

The Evolution of Shareholder Communication : Analysts and the 2008 Crisis

  • by Prof Dr. Arturo Bris, IMD Lausanne